The US has firmly settled at the top rank on the list of heavily indebted countries. The federal debt of the top global economy surpassed others by a wide margin. Less advanced and smaller economies have to deal with humongous public debts. Italy’s government debt hit another historic record of €2.79 trillion.

The Bank of Italy reported that the country’s sovereign debt soared in a mere month by €17.8 billion to a jaw-dropping €2.79 trillion. “New historic record! A worrying and alarming exponential rise given the rate hikes due to the ECB’s new restrictive monetary policy,” AgenPress cited Massimiliano Dona, president of the National Consumer Union. 

According to his estimates, if government debt were shared among the Italian population, each citizen would owe €47,405. In turn, it means that the public debt now amounts to €106,446 per household. There is also good news. In the economic forecast, the European Commission anticipates Italy’s sovereign debt to shrink relative to GDP this year. Italy’s government debt equaled 144.4% of GDP in 2022. The debt-to-GDP ratio is likely to decline to 140.4% in 2023. Experts at the European Commission believe that Italy’s public debt is likely to decrease at a slower pace.