Click button to open menu

Data reveals global debt reached 322% of GDP in 2019

09 Apr 2020

Data published by the Institute of International Finance (IIF) has revealed that global debt reached 322% of Gross Domestic Product (GDP) last year.

Global debt is now 40 percentage points higher than at the onset of the 2008 financial crisis, the data revealed.

The IIF warned that a global recession is looming, and that such a recession would begin with $87 trillion more in global debt than at the onset of the 2008 financial crisis.

If net government borrowing doubles from its 2019 level and global economic activity experiences a 3% contraction, the world's debt level will surge from 322% of GDP to more than 342% of GDP in 2020.

Commenting on the figures, Emre Tiftik, Director of the IIF, said: 'With the COVID-19 fiscal response in full swing, the global debt burden is set to rise dramatically in 2020.

'Remarkable uncertainty around the scale and duration of the pandemic makes point estimates challenging. A sharp upward trajectory in debt levels looks all but certain.'

Registered to carry out work in England and Wales and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

Details about our audit registration can be viewed at www.auditregister.org.uk for the UK under reference number C006856925

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2024 Greenaway Chartered Accountants. All rights reserved.

Greenaway Chartered Accountants, 150 High Street, Sevenoaks, Kent TN13 1XE

We use cookies on this website, you can find more information about cookies here.