Amid the Covid-19 pandemic outbreak, the global debt rose to a record high at $226 trillion in 2020, according to the International Monetary Fund (IMF). With $226 trillion debt, this is the highest year-long debt recorded since World War II, said IMF. Global debt rose by 28 percentage points to 256 percent of GDP, in 2020, Vitor Gaspar, director of the IMF's Fiscal Affairs Department, wrote in a blog on Wednesday.
Key Points:
1. The private debts from non-financial corporations and households also reached new highs, said IMF. Debt increases are particularly striking in advanced economies, where public debt rose from around 70 percent of GDP, in 2007, to 124 percent of GDP, in 2020, it added.
2. As public debt rose from around 70 per cent of GDP in 2007 to 124 per cent of GDP in 2020, the IMF data reveals that the debt increases are particularly striking in advanced economies. The blog report also said that the public debt accounts for around 40 percent of total global debt, the highest since mid - 1960s.
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3. The data also said that private debt rose at a more moderate pace from 164 to 178 per cent of GDP in the same period.
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