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German finance minister expects public debt to peak at 80% of GDP

·1-min read
EU finance and economy ministers hold informal meeting in Berlin
EU finance and economy ministers hold informal meeting in Berlin

BERLIN (Reuters) - Finance Minister Olaf Scholz said on Monday he expected public debt to reach around 80% of Germany's economic output by the end of the coronavirus crisis, the level it reached at the end of the global financial crisis.

Current finance ministry forecasts foresee public debt reaching 75% of gross domestic product by the end of 2021.

"We will probably see it (public debt) rise on the order of the increase we saw last time, so to around 80%, by the time this thing ends," he said in a speech to a conference on business in eastern Germany.

(Reporting by Thomas Escritt; editing by Thomas Seythal)