WASHINGTON: Total public debt of all countries is expected to exceed $100 trillion this year, which will amount to around 93% of global G...
WASHINGTON: Total public debt of all countries is expected to exceed $100 trillion this year, which will amount to around 93% of global GDP, the International Monetary Fund (IMF) said in a report.
"Global public debt is very high. It is expected to exceed $100 trillion (93% of global GDP) in 2024 and to keep rising through the end of the decade (approaching 100% of GDP by 2030). Although debt is projected to stabilize or decline in about two-thirds of countries, it will remain well above levels foreseen before the pandemic," the report said.
"Countries where debt is not projected to stabilize account for more than half of global debt and about two-thirds of global GDP. There are good reasons to believe that future debt levels could be higher than currently projected. The political discourse on fiscal issues has increasingly tilted toward higher government spending in recent decades," the IMF noted.
The Fund’s experts said in April that total public debt of all countries rose by around 2 percentage points in 2023 to 93.2% of global GDP, with the US and China having become the growth leaders as their debts added more than 2 and 6 percentage points of GDP, respectively. The IMF projected then that Russia’s public debt would grow to 20.8% of the country’s GDP in 2024 and to 24% in 2029.
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