Government debt management: challenges and perspectives

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The article examines the current tendencies of the government indebtedness in the world. It proves the rapid growth of the government debt in the different countries around the world after the 2008–2009 financial crisis and analyzes the reasons for government debt increase in particular countries and its consequences. The study is devoted to the research of the government debt in developed and developing countries. Particular attention is paid to the government debt of Japan, the USA, the European Union countries. In the article, the government debt of Ukraine, its tendencies, and consequences for the economy are analyzed. The state borrowings in Ukraine are often used for financing the servicing and payment of the existing debt. Government debt can be an important investment source and used for the development of the economies. But in the conditions of its rapid and unlimited growth, government indebtedness can be a burden for the economy.

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    • Figure 1. Government debt-to-GDP ratio in the world
    • Figure 2. Countries with the highest debt-to-GDP ratio in the world, 2017
    • Figure 3. Government debt of the USA, USD trillion
    • Figure 4. Countries-members of the European Union, which have the government debt-to-GDP rate higher than 60% (2017)
    • Figure 5. Government debt of Ukraine in relation to GDP, %
    • Figure 6. Government debt of Ukraine in the years 2007–2017, USD billion
    • Figure 7. Currency structure of government and state guaranteed debt of Ukraine as of December 31, 2017
    • Figure 8. State-guaranteed debt of Ukraine, USD billion
    • Figure 9. Government debt service and payment, Ukraine, UAH billion