Now Reading
E&M Magazine: Global Debt Exceeds $100 Trillion

E&M Magazine: Global Debt Exceeds $100 Trillion

In 2024, the global public debt reached 102 trillion dollars (‘trillion’ in the numbering used in the US), with the United States and China contributing significantly to the increase in debt levels.

This represents an increase of US$ 5 trillion over last year and a bad sign for the future, where debt levels are expected to rise faster than previously forecast, as government policies fail to deal with the risks associated with it, and against a backdrop of an ageing population and rising healthcare costs. In addition, geopolitical tensions in various parts of the world could lead to higher defence spending, adding further pressure to government budgets.

This graph shows public debt by country in 2024, based on data from the IMF’s October 2024 World Economic Outlook.

Ranking: Public Debt by Country

As the world’s largest economy, US debt continues to grow, accounting for 34.6 per cent of the world’s total public debt. Overall, net interest payments on the national debt skyrocketed to 892 billion dollars in fiscal year 2024. By 2034, these costs are expected to reach 1.7 trillion dollars, with total net interest costs totalling 12.9 trillion over the next decade. A growing mountain of debt and higher interest rates are among the main factors driving up net interest costs.

SUBSCRIBE TO GET OUR NEWSLETTERS:

See Also

SUBSCRIBE TO GET OUR NEWSLETTERS:

Scroll To Top

We have detected that you are using AdBlock Plus or other adblocking software which is causing you to not be able to view 360 Mozambique in its entirety.

Please add www.360mozambique.com to your adblocker’s whitelist or disable it by refreshing afterwards so you can view the site.