In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247% of global gross domestic product in 2021
Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, but overall remained well above pre-pandemic levels, the International Monetary Fund said on Monday.
The global lender said private debt, which includes non-financial corporate and household obligations, drove the overall reduction, decreasing by 6 percentage points to 153 per cent of GDP, citing data for 190 countries. Debt dynamics varied widely across country groups. Advanced economies saw the biggest drop in debt, with both public and private debt dropping 5 per cent of GDP last year, followed by similar results in emerging markets, excluding China.
IMF fiscal affairs chief Vitor Gaspar and two other senior IMF economists said in a blog also released on Monday that it would become increasingly difficult to manage the high levels of debt if the economic outlook continued to deteriorate and borrowing costs rose further.
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