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Japan’s debt will be three times the size of its economy by 2030 unless the government acts now to control spending, the International Monetary Fund has warned.
Japan’s debt is already at about 245% of its annual gross domestic product — or more than 1 quadrillion yen ($11 trillion).
“Japan’s public debt is unsustainable under current policies,” the IMF said in a report issued Thursday. “A credible medium-term fiscal consolidation plan is needed … [it] should aim to put debt on a downward path.”
The IMF has repeatedly urged Japan to control its gigantic debt. The country is still recovering from a decades-long deflationary period, during which Tokyo borrowed ambitiously to fund programs aimed at boosting growth.
Full article: IMF warns Japan over its staggering national debt (CNN Money)