The world's top economies, including the United States, need to rein in public indebtedness, says an International Monetary Fund official.

The New York Times has reported that speaking at the China Development Forum in Beijing Sunday, the IMF's No. 2 official, Deputy Managing Director John Lipsky, had a grim prognosis for the world's wealthiest economies, which have a level of public indebtedness not seen since the end of World War II.

For the United States, "a higher public savings rate will be required to ensure long-term fiscal responsibility," Lipsky said.

The average ratio of debt to gross domestic product in advanced economies was expected to reach 1950 levels this year, even assuming stimulus programs are withdrawn over the next few years, The Times reported Lipsky as saying.

The Times also said that from 75 percent at the end of 2007, the ratio of debt to GDP is expected to rise to 110 percent by the end of 2014.

It was further added by the report that the ratio is expected to be near or to exceed 100 percent for five of the Group of 7 countries, with the exceptions of Canada and Germany, by 2014.

Lipsky also said that maintaining public debt at post-crisis levels could retard potential growth in advanced economies by as much as half a percentage point each year, compared with projections before the crisis.

The Times reported that Lipsky said it makes sense for the world's largest economies to keep up stimulus spending through this year, but "fiscal consolidation should begin in 2011, if the recovery occurs at the projected pace." (With Inputs from Agencies)