The world and debt

The International monetary Fund said the world debt is $152 trillion.

It said that new research in its half-yearly fiscal monitor covering 113 countries had shown that debt was currently 225% of global GDP, with the private sector responsible for two-thirds of the total.

IMF said in its semi-annual Fiscal Monitor, noting that about two-thirds of the liabilities reside in the private sector. The rest of it is public debt, which has increased to 85 percent of GDP last year from below 70 percent.

Vitor Gaspar, the director of the IMF’s fiscal affairs department said: “$152tn is a record high. In places around the world we have excessive debt. In some places we have debt, in particular non-financial corporations’ debt, growing very fast.

“Excessive private debt is a major headwind against the global recovery and a risk to financial stability,” said Mr Gaspar. “The Fiscal Monitor shows that rapid increases in private debt often end up in financial crises. Financial recessions are longer and deeper than normal recessions.”

Countries where people owe the most
Japan: $85,694.87 per person

Ireland: $67,147.59 per person

Singapore: $56,112.75 per person

Belgium: $44,202.75 per person

United States: $42,503.98 per person

Canada: $42,142.61 per person

Italy: $40,461.11 per person

Iceland: $39,731.65 per person

Australia: $23,356.08 per person

United Kingdom: $36,206.11 per person

 

 

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