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Global debt will exceed USD 100 trillion. Why is this increase according to the IMF?

2024-10-16 12:56:24Biznes SHKRUAR NGA REDAKSIA VOX

Global debt will exceed USD 100 trillion. Why is this increase according to the

The world's total public debt will exceed $100 trillion this year for the first time and could rise faster than expected as political sentiment favors higher spending and sluggish growth raises borrowing needs and costs, the International Monetary Fund said. .

The latest IMF Fiscal Monitor report showed that global public debt will reach 93% of global Gross Domestic Product by the end of 2024 and will approach 100% by 2030. This will to exceed the peak of 99% during COVID-19. It will also rise 10 percentage points from 2019, before the pandemic significantly increased government spending.

Released a week before the IMF and World Bank hold annual meetings in Washington, the Fiscal Monitor said there are good reasons to believe future debt levels could be much higher than currently projected, including the desire to spend more in the US, the world's largest economy. The report states that spending pressures to address green transitions, aging populations, security concerns and long-standing development challenges are increasing.

The IMF's concerns about rising debt levels come three weeks before the US presidential election, in which both candidates have promised new tax cuts and spending that could add trillions of dollars to federal deficits.

Debt projections tend to underestimate actual results by significant margins, with realized debt-to-GDP ratios five years ahead averaging 10% higher than originally projected.

The report includes a "very adverse scenario" that shows global public debt could reach 115% in just three years, 20 percentage points higher than currently projected.


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