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Global debt, record 312 trillion USD. Growth will continue until 2050

2024-09-27 13:24:11Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Global debt, record 312 trillion USD. Growth will continue until 2050

Global debt hit a record $312 trillion at the end of the second quarter, boosted by borrowing in the United States and China, data from a banking trade group showed.

The Institute of International Finance, a financial services trade group, announced that global debt rose by 2.1 trillion in the first half, to $312 trillion. This marked a new high after the previous data had been lower.

The institute warned of the trend of ever-increasing government borrowing in the latest Global Debt Monitor report. It predicts that global government borrowing will rise from the current level of $92 trillion to $145 trillion by 2030 and reach $440 trillion by 2050.

"With the Federal Reserve's new easing cycle expected to accelerate the pace of global debt growth, a key concern is the apparent lack of political will to address rising sovereign debt levels," the report said.

Much of the borrowing was driven by the energy transition in the face of climate change, which was expected to account for over a third of projected growth by 2050.

The increase of $2.1 trillion this year to June compares with $8.4 trillion in the first half of 2023. In addition to China and the US, India, Russia and Sweden also increased their debt. Other European countries and Japan saw a marked decline, the report said.

The global debt-to-Gross Domestic Product ratio, an indicator of the ability to repay debt compared to what is produced, has stabilized around 328%, with output numbers supported in part by above-target inflation in major economies. In contrast, emerging markets saw their debt ratio reach a new high of over 245% of output, more than 25 percentage points higher than before the COVID-related problems.


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