Mumbai, June 30 -- Bank of International Settlements or BIS has stated in its latest Annual Report that public debt in many economies has risen to near post-World War II highs and, with large current fiscal deficits, it is expected to stay elevated in the coming years. The high level of debt largely reflects a series of major global shocks over the past two decades. In the wake of the global financial crisis, the deep and prolonged recession eroded tax revenues and lifted cyclical spending. At the same time, governments enacted sizeable discretionary stimuli to support demand and facilitate private sector deleveraging. It noted that looking ahead, fiscal pressures are set to persist. Ageing populations will continue to exert upward pressu...