Publication:
Drivers of Public Debt in East Asia and Pacific Economies

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Date
2022-12-16
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2022-12-16
Abstract
Public debt in developing East Asia and Pacific (EAP) economies has increased markedly since the recession in 2020 induced by COVID-19 pandemic. This brief uses standard debt dynamic accounting decomposition to quantify the main drivers of debt accumulation in developing EAP countries since 2000. In the aftermath of the COVID-19 pandemic, larger primary deficits have been the main drivers of the increase in the ratio of public debt to GDP in most developing EAP economies. While strong GDP growth and, to a certain extent, inflation have helped deflate public-debt-to-GDP ratios during the past two decades, they have, on average, been more muted since the COVID-19 shock.
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Islamaj, Ergys; Samano, Agustin. 2022. Drivers of Public Debt in East Asia and Pacific Economies. Research & Policy Briefs;60. © World Bank, Washington, DC. http://hdl.handle.net/10986/38422 License: CC BY 3.0 IGO.
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