Implementing an aggressive policy mix in 2020 to support the world economy could prove to be a “game changer” for the US dollar, since it will find itself facing three potential headwinds, the third of which is a debt increased by the major stimulus put in place by the US administration. The latest projection from the Congressional Budget Office anticipates a federal debt of 98% of GDP at the end of 2020 and 107% of GDP in 2023 against 79% at the end of 2019. The last time the US debt exceeded 100% was in 1946 after the reconstruction efforts related to the Second World War.
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