Conditions and Possibilities of Long-Term Public Debt Management
Abstract
The socio-economic situation of many countries in a market economy environment still faces new barriers that significantly reduce economic potential and productivity, and negatively affect future development opportunities at local and national level. At present, it is still not possible to eliminate a number of factors that lead to the cyclical development of the market economy, as evidenced by the occurring crisis phenomena, a decline in the expected growth rate of gross domestic product, stagnation and even reduction of individual consumption and many other consequences. Public debt has become a serious problem in highly developed countries, and its size now raises a number of doubts about further sustainable development. From the point of view of achieving the strategic development goals, the existence of public debt may prove to be a particularly dangerous factor. The purpose of this paper is to draw attention to the real size of public debt and its impact on the economy in selected countries of the world, as well as to indicate directions for assessing the needs of effective public debt management in the long term. This problem results from the fact that the current volume of public debt in many countries of the world means that this debt cannot be significantly reduced in the short or medium term. As a result, it is necessary to adopt a long time horizon for public debt analysis and to adopt strategic management methods to reduce the negative impact of public debt on socio-economic development.
KEYWORDS: public debt, strategic management, economic development
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