The International Monetary Fund (IMF) has expressed serious concerns regarding the swift increase in global public debt, calling for immediate measures to control its growth. During a press briefing on the October 2024 Fiscal Monitor report at the ongoing IMF/World Bank Annual Meetings in Washington, D.C., Victor Gaspar, Director of the IMF’s Fiscal Affairs Department, revealed that public debt is expected to exceed $100 trillion by the end of this year. This figure is projected to reach 115 percent of global Gross Domestic Product (GDP).
Gaspar highlighted, “Global public debt is very high and continues to rise. It is projected to exceed US$100 trillion by year-end, and global public debt will approach 100 percent of GDP by the end of this decade, even surpassing the peak seen during the pandemic.”
Emphasizing the urgency of the situation, he stated, “The bottom line is that public debt is very high, rising, and risky. The time is now to pivot toward gradual, sustained fiscal adjustments—it’s time to put a lid on it.” The IMF’s warnings come amid increasing worries that unsustainable debt levels could hinder economic recovery and stability worldwide.