The Epoch Times Global debt is at such a high level that a worldwide cooperative approach is needed to tackle the danger, according to Vitor Gaspar, director of the International Monetary Fund’s (IMF) fiscal affairs department, and Ceyla Pazarbasioglu, the organization’s strategy chief.
Data from the IMF’s Global Debt Database shows that borrowing rose by 28 percentage points to 256 percent of gross domestic product (GDP) in 2020, Gaspar and Pazarbasioglu wrote in an IMF blog post on April 11. Roughly half the debt was accounted for by governments, with households and nonfinancial corporations making up the rest.
Public debt is now roughly 40 percent of total worldwide debt, the highest such level in about 60 years. Debt accumulation and deficits rose at a greater speed during the pandemic than in the early days of the global financial crisis of 2007–2009 and the Great Depression, they said…
