Interest Rates, Growth and Public Debt Sustainability

The trajectory of public debt as a percentage of GDP depends on the accumulation of annual primary public balances and the spread between interest rates and growth rates. Historically, in France and in the major advanced countries, this gap has been highly volatile, alternating between positive and negative periods. Analysis of the conditions that have enabled debt ratios to be reduced in the past... Lire la suite


Public Deficit on Target in 2022 Despite the Energy Crisis

The 2022 public deficit stood at 4.7% of GDP, which was similar to the target stipulated in the 2022 Budget Bill drafted in the third quarter of 2021. This Bill could not foresee either the scale of the 2022 energy shock nor that of the measures implemented to support households and businesses. On the other hand, the capacity to revise forecasts rapidly and determined adherence to deficit commitme... Lire la suite