February 8, 2019 / 11:10 AM / 4 months ago

U.S. pushes borrowing in OECD to new record of $11 trillion in 2019

PARIS (Reuters) - Government borrowing in OECD countries is set to reach a new record this year mainly due to increased U.S. borrowing, the Organisation for Economic Cooperation and Development said on Friday.

The Paris-based organization said in its annual sovereign borrowing outlook that gross borrowing among member states on debt markets would top $11 trillion this year, exceeding the previous record of $10.9 trillion registered in 2010.

“While government funding needs in the wake of the financial crisis increased in most OECD countries, the recent further increase is confined to a few countries, particularly the United States,” the OECD said.

Reporting by Leigh Thomas; editing by Michel Rose

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