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According to the International Monetary Fund (IMF), the global debt to GDP ratio will experience its biggest decline in 70 years in 2021. The debt increased further to $235 trillion in dollars. According to Reuters, citing an IMF report posted on its blog, global public and private debt is significantly higher than before the pandemic.
The overall global public and private debt has decreased by 10 percentage points from its peak of 257% of the global GDP in 2020 to 247% of the global GDP in 2021, according to the report. Prior to the global financial crisis, in 2007, it accounted for over 195% of the global GDP. Global debt grew in dollars, but at a considerably slower rate, and reached a record $235 trillion in 2021.
IMF Director of Financial Affairs Vitor Gaspar, one of the report's co-authors, forecasts that given nominal GDP growth in 2022, debt ratios will decline in the majority of nations. Despite the anticipated economic slowdown in many nations and the increased cost of debt payment, the forecast for the following year is more promising, he notes.
source: imf.org
The overall global public and private debt has decreased by 10 percentage points from its peak of 257% of the global GDP in 2020 to 247% of the global GDP in 2021, according to the report. Prior to the global financial crisis, in 2007, it accounted for over 195% of the global GDP. Global debt grew in dollars, but at a considerably slower rate, and reached a record $235 trillion in 2021.
IMF Director of Financial Affairs Vitor Gaspar, one of the report's co-authors, forecasts that given nominal GDP growth in 2022, debt ratios will decline in the majority of nations. Despite the anticipated economic slowdown in many nations and the increased cost of debt payment, the forecast for the following year is more promising, he notes.
source: imf.org
