IMF says global debt well above pre-COVID levels despite steep 2021 drop
- Date: 13-Dec-2022
- Source: Al Arabiya
- Sector:Financial Services
- Country:Saudi Arabia
IMF says global debt well above pre-COVID levels despite steep 2021 drop
Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, but overall remained well above pre-pandemic levels, the International Monetary Fund said on Monday. In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247 percent of global gross domestic product (GDP) in 2021 from its peak of 257 percent in 2020. That compares to around 195 percent of GDP in 2007, before the global financial crisis.
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In dollar terms, global debt continued to rise, although at a much slower rate, reaching a record $235 trillion last year. Debt ratios are expected to drop further in most countries in 2022 given nominal GDP growth, but 2023 would usher in a much flatter profile given forecast economic declines in many economies and the rising costs of servicing debt, IMF fiscal affairs director Vitor Gaspar told
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