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Jan 31, 2021
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Public debt of all countries of the world reached 97.6% of world GDP by the end of 2020

The total national debt of all countries at the end of last year amounted to 97.6% of world GDP, Interfax reports.

This is evidenced by data from the report of the International Monetary Fund.

In terms of US dollars, the total debt was $ 89.6 trillion. At the same time, in 2021 this indicator is forecast to rise to 99.5% of world GDP.

IMF officials note that last year, $ 14 trillion in international financial assistance “helped save lives and also eased the impact of the pandemic on consumption and production.”

As noted in the report, along with the economic downturn that caused a decrease in income, this support led to an increase in government debt and budget deficits.

It is known that the largest growth in deficit and debt was recorded in developed countries, which can attract funds at low interest rates. They are followed by emerging market countries, middle income countries and low income developing countries.

Also, the IMF experts declare the need to balance support for short-term demand in order to restore the economy with economic stability in the medium term.

Earlier, the head of the Ministry of Finance of the Russian Federation Anton Siluanov expressed the opinion that the volume of Russia’s public debt in 2021-2022 will grow to the level of 20% of GDP.

The head of the Accounts Chamber, Alexei Kudrin, in turn, said that other countries of the world are jealous of the level of the Russian national debt.

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