Global debt recorded in 2020 stood at its highest, settling at $256 trillion, the International Monetary Fund (IMF) said.
IMF’s Director, Fiscal Affairs Department, Victor Gaspar, disclosed this in a virtual press conference at the World Bank/ IMF Annual Meetings, in Washington.
He said that the debt figure rose by $27 trillion from 2019, attributing the rise to COVID-19 and containment policies introduced by world governments.
Gaspar explained, “Because of COVID-19 and policies put in place to respond to it, debt levels increased to high levels. High and rising level s of public and private debts are associated with risks, financial stability and public finances.
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“I want to start with global debt. Given that we now have preliminary data for global debt for 2020. Global debt has risen to 256 trillion in 2020. That is $27 trillion above the level in 2019. This increase is by far the largest on record.
“Advanced Economies and China contributed more than 90 per cent to the accumulation of the worldwide debt in 2020. The remaining Emerging markets and Low-Income , developing countries contributed only around 10 percent.”
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