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But debt to GDP ratios are the not the only alarm bell ringing in the markets.
Economies with big public spending to GDP ratios have difficulty growing.
Few will doubt the difficulties faced by the chancellor: international economic instability, inherited debt, unprecedented public spending to GDP ratios.
Lower real interest rates made it much easier to lower debt to GDP ratios.
Governments can do this by increasing tax to GDP ratios, and one of the easiest ways to do this is to stop giving away harmful tax incentives.
A recent EU paper highlighted that the UK had one of the worst household debt to GDP ratios and debt to disposable income ratios in Europe.
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Their storyline is that 90% is a cut-off line, with countries with debt-to-GDP ratios above this level seeing markedly slower growth than countries that have debt-to-GDP ratios below this level.
Growth would have been higher, debt-GDP ratios lower, and the necessary adjustment smoother and less painful.
Countries are likely to have high debt-to-GDP ratios because they are having serious economic problems.
Nice paper in Vox decomposing the rise in debt-GDP ratios for troubled European economies.
Gross government debt-to-GDP ratios rose from 74% to 101% from 2007 to 2010.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com