The International Monetary Fund has issued another gloomy forecast that reads like a disaster movie script: by the end of 2024, global public debt could exceed a staggering $100 trillion.
According to the IMF, global public debt continues to swell and is expected to reach 93% of global gross domestic product by the end of this year. By 2030, this figure could potentially equal global GDP, meaning that if the planet were a corporation, all of its shares would be in the red. However, that is not the limit. In a a severely adverse scenario, debt could even rise to as much as 115% of global GDP, adding to global economic headaches.
The IMF warns that this towering debt burden could deal a crippling blow to the global economy, potentially leading to a sharp slowdown in its growth.
Bloomberg has already dubbed this fiscal scenario a "ticking time bomb." As debt levels continue to escalate, so do the associated risks, casting an increasingly ominous shadow over the global economy, experts argue, calling for governments to reassess their perspective on budget figures.
