General government debt of European Union countries during the COVID-19
pandemic period Cover Image

Dług publiczny krajów Unii Europejskiej w okresie pandemii COVID-19
General government debt of European Union countries during the COVID-19 pandemic period

Author(s): Grzegorz Górniewicz
Subject(s): National Economy, Health and medicine and law
Published by: Wydawnictwo Uniwersytetu Rzeszowskiego
Keywords: general government debt; causes of debt; debt overhang hypothesis;

Summary/Abstract: As a result of the crisis caused by the COVID-19 pandemic, the public debt of the EuropeanUnion countries grew rapidly. The immediate cause was huge budget deficits, rooted in therestrictions introduced in individual countries on economic life and financial aid from states to themost affected branches. In the near future, further increases in debt are likely to be expected, whichwill be driven to a significant extent by the incurring of new financial obligations to rebuild theeconomies of EU countries after the crisis.The purpose of the study is to present the changes in the size of public debt under theCOVID-19 pandemic and to identify the implications of its rapid growth. In addition to the analysisof statistical data, attention was focused on the causes of the build-up, the Next Generation EUeconomic recovery program and the impact of debt on economic growth. The main thesis of thework proclaims that the coronavirus crisis caused a significant increase in debt in the EuropeanUnion countries. In order to realize the purpose of the work presented above and to argue the thesis,a research method known as comparative descriptive analysis was used.

  • Issue Year: 2023
  • Issue No: 73
  • Page Range: 21-38
  • Page Count: 18
  • Language: Polish