OECD Sovereign Borrowing Outlook 2022

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This edition of the OECD Sovereign Borrowing Outlook reviews the impact of the COVID-19 crisis for sovereign borrowing needs, funding conditions and funding strategies as well as outstanding debt for 2020 and 2021, and provides projections for 2022 for the OECD area. It discusses public debt management efforts to support government Environmental, Social and Governance (ESG) agendas through investor relations and ESG-labelled sovereign bonds, and identifies strategic challenges and key elements of good practices in light of country experiences. It also examines the recent developments and trends in debt issuance by governments of emerging market and developing economies, and presents various challenges, priorities and opportunities for sovereign debt management in these economies.



The necessary and prudent measures taken to soften the economic blow from the COVID‑19 pandemic have resulted in large fiscal deficits and a marked consequent increase in public indebtedness. Before the outbreak of the war in Ukraine, economies around the world were recovering strongly with a debt stabilising impact, and fiscal and monetary policy support measures were also gradually phasing out. Coupled with the expectation of a change in global liquidity conditions, the war has further heightened uncertainty and is posing challenges for policy makers by simultaneously threatening economic growth and exacerbating already rising inflation. Against this background, the 2022 Sovereign Borrowing Outlook analyses recent trends and possible future developments in sovereign financing requirements. It then sheds light on the implications of evolving monetary and fiscal policies and the broader government agenda including sustainability for public debt management.


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