New York, Tuesday, October 22, 2024-The International Monetary Fund (IMF) projects that global public debt will surpass $100 trillion by the end of this year, amounting to 93% of the world’s gross domestic product (GDP).
This forecast signals a growing concern as major economies like the US and China continue to see rising debt levels, driven in part by pandemic-era spending.
The IMF warns that without urgent fiscal reforms, global debt could approach 100% of GDP by 2030.
In its latest Fiscal Monitor Report published October 15, the IMF emphasizes the urgent need for fiscal adjustments to stabilize borrowing and reduce the long-term impact of debt.
Countries such as the UK, Brazil, and South Africa are also expected to experience rising debt levels in the coming years.
The report highlights several risk factors, including inflation, geopolitical tensions, and climate disasters, all of which could trigger financial market instability and further slow global economic growth.
The IMF Fiscal Monitor Report can be reached here.
Also see WEF report here
