Global public debt to rise ‘modestly’ after US$14 trillion spent to tackle coronavirus economic damage, IMF says

  • Global public debt is set to reach 99.5 per cent of global gross domestic product (GDP) in 2021, up slightly from 97.6 per cent at the end of 2020, says the International Monetary Fund (IMF)
  • Its Fiscal Monitor Update also estimates that gross-debt-to-GDP ratio soared to 122.7 per cent in 2020 for advanced economies on average from 104.8 per cent in 2019 Source Chinese Morning Post

More layoffs at KLM; Up to 1,000 jobs at risk

Dutch airline KLM is cutting another 800 to 1 thousand jobs. The aviation sector is not recovering and it is increasingly difficult to make ends meet, the Dutch airline announced on Thursday.

KLM is cutting 500 full-time jobs among the cabin crew, 100 jobs among pilots, and 200 to 400 jobs among the ground crew. This comes on top of the 5 thousand job cuts the airline announced last year with its reorganization plans to get through the coronavirus pandemic. Source NLTimes