Structural Reforms For Long-Term Development

Public Debt Trending Downwards ARDAL Public debt on a declining trajectory since 2014, with cumulative decline of 8.7% of GDP until 2020 Debt to GDP ratio decrease driven by macroeconomic growth, inflation rebound and primary surpluses Change in the Public Debt to GDP Ratio Percentage Points 9 00 3 0 -3 2013 ■Slovakia Euro area Finland ■Belgium 2014 2015 2016 2017 2018e 2019e 2020e Source: Eurostat, EC autumn forecast 2018 キ 18

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