German Finance Ministry: Debt is Expected to Rise to 71% of GDP

A German Finance Ministry document showed, Tuesday, that Germany’s debt level is likely to reach 71% of GDP, as the country spends more to mitigate the repercussions of the Coronavirus pandemic.

The document showed that the expected level next year is at 70.25% of GDP, due to the expected recovery of the economy.

Finance Minister Olaf Scholz had said earlier this year that Germany’s debt level could rise to around 75 or 80% from below 60% in 2019.