Global Public Debt to Surpass $100 Trillion by 2024, Says IMF
The International Monetary Fund (IMF) has estimated that global public debt will exceed $100 trillion (93% of global GDP) for the first time in 2024 and continue to rise until the end of the decade, reaching nearly 100% of global GDP by 2030.
During a recent press conference held in conjunction with the 2024 annual meetings of the IMF and the World Bank Group, the fund warned that debt levels worldwide could be even higher than projected. This represents a significant increase of 10 percentage points of GDP compared to 2019.
In its report titled "Public Finance Monitor," the IMF explained that countries will need to spend more to address aging and healthcare, master the ecological transition and adapt to climate change, and ensure energy security and defense in the face of rising geopolitical tensions.
The 2024 annual meetings of the International Monetary Fund and the World Bank Group are taking place from October 21 to 26 in Washington, with the participation of 191 countries. The event brings together around 10,000 participants, including finance and economy ministers, government representatives, central bank governors, economists, and academics.
