By the end of 2020, global debt will reach $ 277 trillion, or 365% of global GDP, amid the COVID-19 pandemic. This was reported in a survey by the Washington Institute of International Finance.
The economic fallout from the pandemic has pushed global debt up by $ 15 trillion since the end of last year. This led to a new record of over $ 272 trillion in the third quarter of 2020. “As financial measures to combat the pandemic continue to be applied, we expect that by the end of 2020, global debt will reach $ 277 trillion (365% of GDP),” the report says (quoted by TASS).
Also in 2020, the level of debt outside the financial sector in the world will reach $ 210 trillion, experts say. In 2019, it was $ 194 trillion. Moreover, this year the debt of developing countries is approaching 210% of their total GDP, up from 185% last year. “The sharp drop in revenues has made debt servicing much more onerous for governments in developing countries, despite low borrowing costs,” the report says.
– .
