Sunday, December 5, 2021

World debt hits record high of $184trn – IMF

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The International Monetary Fund, IMF, has said that the world debt has hit an all-time record of $184 trillion, an upward review from the $182 trillion it reported last week.

The figure represents an average of $86,000 debt owed per person, according to a statement by Ting Yan, Press Officer at IMF, on ‘Global Debt Database, GDD, Update’.

“Today, the International Monetary Fund updated its publicly available Global Debt Database, GDD, – a comprehensive dataset covering public and private debt for virtually the entire world (190 countries) dating back to the 1950s.

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“Today’s update of the GDD offers for the first time a glimpse of global debt developments up to 2017.

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“By including both the sovereign and private sides of borrowing for the entire world, the GDD offers an unprecedented picture of global debt in the post-World War II era”.

According to the update, global debt has reached an all-time high of $184 trillion in nominal terms or the equivalent of 225 per cent of Gross Domestic Product in 2017.

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The $184 trillion is $2 trillion higher than the estimated number released during Fiscal Monitor press conference in October 2018, because it includes end-2017 data and the debts of several countries who had not previously reported their updated data.

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“On average, the world’s debt now exceeds $86,000 per person – more than two and half times the average income per-capita.

“The top three borrowers in the world (United States, China, and Japan) account for more than half of global debt, exceeding their share of global output,” the IMF stated.

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The Fund had put the global debt at $182 trillion on December 1, warning highly indebted emerging-markets and low-income countries against what it termed pro-cyclical fiscal policies.

IMF Managing Director, Christine Lagarde, disclosed the figure in a statement issued at the conclusion of the Group of 20 (G-20) Summit in Buenos Aires.

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