The explosion of fiscal spending plans in recent weeks will lead to more public debt than many thought imaginable just a few weeks ago. The U.S. government will need to borrow $2 to $4 trillion just to get through the crisis. Western Europe perhaps the same. Canada could add another third to public debt levels. But there’s no reason we can’t slowly grow our way out of the debt hole, especially if interest rates remain low. Eric Lascelles, Chief Economist for RBC Global Asset Management, explains how the debt burden of COVID-19 can be managed.
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