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  "notes": "The diagonal line represents the break-even point where GDP growth equals real interest rates.",
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      "text": "On a ten-year time horizon, however, it is expected that this will not apply across all economies equally: In Italy in particular, GDP growth is no longer sufficient to beat cost of interest.",
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      "text": "In principle, debt is a fundamental part of any functioning economy... On a ten-year time horizon, however, it is expected that this will not apply across all economies equally: In Italy in particular, GDP growth is no longer sufficient to beat cost of interest",
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      "text": "1) Based on Apr 2024 consensus forecasts for growth, 10-yr treasury bond yields and inflation for 2034; 2) The calculation of real interest rates is derived from the Fisher equation; Source: Consensus Economics; Roland Berger",
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      "text": "Taking on (new) debt is not inherently harmful if funds raised are put to productive use – Growth generated thereof must exceed real interest rates",
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