In the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies. For Low Income Countries, post-crisis debt sustainability analyses show an average deterioration of 5-7 percentage points in the present value of public debt-to-GDP ratio in 2009-10 compared with pre-crisis projections, and stay in the area of 30 percent until 2014. Among the LICs, 40 percent face high risk of (or are in) debt distress. In the G20 countries, government debt-to-GDP ratios are expected reach 85 percent by 2014.
The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future cris
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