World Bank and IFC (2012), Doing Business 2013: Smarter Regulations for Small and Medium Enterprises, Washington, The World Bank  BIS central bankers’ speeches  9
Under the reasonable projection mentioned above, the debt-to-GDP ratio will remain roughly stable until 2020 before rising significantly in the next decade.8 That’s not a favorable longer-term forecast, all the more so because it is importantly the result of demographic changes that have been expected for decades.