The world reached new record levels in 2023 debt, as reported by the Institute of International Finance (IIF) with the size exceeding 307 trillion. dollars.
Economists have strongly expressed their concerns taking into account the IMF data: in 2020 it was at 226 trillion, in 2021 at 303 trillion – an increase that has been recorded since the Second World War. In absolute terms, compared to a decade earlier, global debt has increased by $100 trillion. At the same time, there are fears that some countries may not be able to service their debts in the future.
The US, UK, Japan and France accounted for more than 80% of the debt build-up in 2023, while strong emerging economies such as China, India and Brazil recorded the sharpest increases.
At least 100 countries are being asked to cut spending in areas such as health, education and social protection, the IMF reports.
For its part, the World Bank report notes that in 2022, low- and middle-income countries were forced to pay an unprecedented capital of $443.5 billion to service their external public debt. “Record levels of debt and high interest rates have put many countries on a crisis path,” said Intermit Gill, chief economist and vice president of the World Bank.
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