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In 2021, global debt reached a record $303 trillion, a further jump from what was record global debt in 2020 of $226 trillion, as reported by the International Monetary Fund (IMF) in its Global Debt Database. This was the biggest one-year debt surge since the Second World War, according to the IMF. Now it has not only reached a new record, but ...
Visit the Great Reset microsite here. Hear Klaus Schwab on these podcast episodes: the Great Reset launch and his book. We can emerge from this crisis a better world, if we act quickly and jointly, writes Schwab. The changes we have already seen in response to COVID-19 prove that a reset of our economic and social foundations is possible.
Image: IMF, World Bank. Ballooning debt. Since then, government borrowing has soared as countries battle to keep their economies afloat during global lockdowns. In November 2020, the Institute of International Finance predicted that global debt would surge to $277 trillion by the end of that year, representing a debt-to-GDP ratio of 365%.
At the end of 2023, total debt (public and private) in developing economies stood at 206% of GDP—nearly double the average in 2010. Financing costs for governments and businesses will remain higher than before the pandemic: real U.S. interest rates are expected to average 1.5% in 2025 and 2026, a huge swing from negative 1.2% between 2010 and ...
Top economy stories: IMF projects global debt will surpass $100 trillion this year; China posts weakest GDP growth since 2023; Fall in UK inflation clears path for rate cuts. 1. IMF predicts global public debt will be at 93% of GDP by end of 2024. Global public debt will exceed $100 trillion by the end of this year unless major economies step ...
Belgium, at $58,134, is above the OECD average of $50,245. Austria, France and Greece all have higher per capita debts than the UK, and their citizens would have to find almost $50,000 each ($49,975, $49,652 and $47,869 respectively). Per capita debt among OECD countries has increased at an average annual rate of 5.9% since 2007.
High government debt isn’t the only concern. The amount of money owed by private businesses and individuals is also surging in some countries, pushing global debt to new heights. That has prompted the IMF to warn that governments need to act together to tackle spiralling borrowing and safeguard security and prosperity across the world.
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests.
The nominal value of global debt declined by $4 trillion in 2022, bringing it fractionally back under the $300 trillion threshold breached in 2021, according to a report from global banking trade group the Institute of International Finance (IIF). But the fall was driven entirely by wealthier countries, whose total debt declined by roughly $6 ...
The U.S. is a prime example of “debt creep” – the country hasn’t posted an annual budget surplus since 2001, when the federal debt was only $6.9 trillion (54% of GDP). Fast forward to today, and the debt has ballooned to roughly $20 trillion (107% of GDP), which is equal to 31.8% of the world’s sovereign debt nominally. The world debt ...