IMF Warns of Soaring Global Debt, Urges Nations to Strengthen Economic Defenses

The International Monetary Fund warns that global public debt could exceed 100% of gross domestic product by 2029, emphasizing the need for nations to bolster economic defenses.

• The International Monetary Fund projects that global public debt will rise to 123% of gross domestic product by 2029 under a plausible adverse scenario, signaling economic strain.
• Vitor Gaspar, head of the International Monetary Funds fiscal affairs department, urged countries to strengthen their economic defenses to mitigate risks associated with soaring government debt.
• This increase in government debt levels marks the highest debt-to-GDP ratio since 1948, highlighting growing financial vulnerabilities worldwide.