Scholz: Will keep public debt below 80% of GDP

Wednesday, 23. September 2020 13:24

German Minister of Finance Olaf Scholz stated on Wednesday the government would keep the country's public debt below 80% of the gross domestic product (GDP) as the national economy continues to battle the crisis propelled by the coronavirus pandemic.

Scholz previously predicted the debt would rise to 75% of GDP by the end of the year and the aforementioned 80% by the time the pandemic is over.

Earlier in the day, Chancellor Angela Merkel's cabinet approved the draft of the budget planned for 2021, which foresees debt of over €96 billion.

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Breaking the News / JR