US Treasury Chief Tells G20 That Growth Is the Answer to Global Debt
US Treasury Secretary Scott Bessent tells G20 finance leaders that economic growth, not austerity, is the key to escaping global debt.
US Treasury Secretary Scott Bessent has delivered a clear message to finance leaders gathered for the Group of 20 (G20) summit in Asheville, North Carolina: growth is the only sustainable path out of the world's mounting debt.
Speaking as the two-day meeting of finance ministers and central bank governors got underway on Monday, Bessent argued that the global economy is "awash in debt" — a situation worsened by the financial crisis of 2008 and the COVID-19 pandemic. He said the only realistic way for nations to reduce their debt burdens is to expand their economies rather than rely solely on austerity or restructuring.
"The only way for us to get out of this is to grow our way out of this," Bessent said, expressing confidence that many of the leaders present were receptive to this approach.
The remarks set the tone for the summit, where discussions are expected to focus on fiscal sustainability, inflation, and the uneven global recovery. Bessent's emphasis on growth-oriented policies signals a push for coordinated action to stimulate investment and productivity across major economies.