Total global public debt rises to 93.2% of GDP

“ In 2023, global government debt rose by approximately 2%, to 93.2% of GDP. This figure remains 9% higher than pre-pandemic levels ,” the IMF stated.

According to the IMF, the leading growth countries are the two largest economies - the US and China, where public debt has increased by more than 2% and 6% of GDP, respectively.

The IMF forecasts that China's public debt will reach 88.6% of GDP this year, 101.8% of GDP in 2027, and 110.1% of GDP in 2029.

Meanwhile, the US national debt is projected to reach 123.3% of GDP this year and rise to 133.9% of GDP by 2029.

Global public debt has risen to 93.2% of GDP.

At the same time, the IMF also projects that Russia's government debt will rise to 20.8% of GDP by 2024 and to 24% by 2029. Ukraine's national debt will reach 94% of GDP this year, 96.7% in 2025, and decrease to 88.2% by 2029.

However, the IMF notes that by 2029, global public debt will reach 99% of GDP, driven by rising public debt in China and the US, where current policies will lead to continued increases, exceeding historical highs.

Earlier, the IMF released an updated report on the global economic outlook, offering optimistic assessments of global economic growth this year.

Accordingly, not only in 2024, the IMF also has an optimistic assessment of global economic growth in the following years, but this growth will not be uniform across countries and regions.

The IMF estimates that the global economy will essentially continue to grow at 3.2% this year and in 2025. Developed economies are expected to perform better this year, rising from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025.

Conversely, emerging economies experienced a slight slowdown, falling from 4.3% growth in 2023 to 4.2% in both 2024 and 2025. China's economy, which grew by 5.2% in 2023, is projected to grow by 4.6% in 2024 and 4.1% in 2025.

Over the next five years, the global economy is projected to grow at only 3.1%, the most modest rate in decades.

According to the IMF, the US is on track for 2.7% growth this year, an estimate higher than the 2.5% growth projected for 2023 and 0.6% higher than the IMF's previous calculations.

However, the IMF also warned that while the recent economic performance of the US is "impressive" and a major driver of global growth, it stems in part from fiscal policies that are "incompatible with long-term fiscal sustainability."

Source: https://congthuong.vn/tong-no-cong-toan-cau-tang-len-932-gdp-315350.html