The Federal Reserve, which acts as the central bank for the United States, the European Central Bank (ECB) and the Bank of England, raised it this month to the highest level since the start of the financial crisis. governs the interest ratethanks to the unfavorable conditions that have already appeared in many countries.
According to credit rating agencies, the problem is that rising borrowing costs exacerbate the negative impact of changes in the working-age population on growth and the overall fiscal burden of increased health and pension bills, he wrote. Canine.
All this is an increasingly topical problem in the member states of the European Union – where, according to forecasts, the proportion of the population over 65 years of age will rise from the current 20 percent to 30 percent by 2050 – as well as in Japan and other countries. United State.
According to S&P Global Ratings experts, among other things, reforms are needed that can deal with the stress of aging.
Without that, the credit rating agency estimates, a typical public budget deficit could jump to 9.1 percent of GDP by 2060 from 2.4 percent in 2025. According to the S&P, pension costs will rise at a rate of 4.5 percent of GDP. By this time, to reach 9.5%.
(Cover photo: Akos Stiller/Bloomberg/Getty Images)
This was answered by Barnabas Viraj, Vice President of MNB and Tibor Toth, State Secretary of the Ministry of Finance, as well as many high-level financial experts at the Napi.Gazdaság conference. Learn more about the conference!
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