The total amount of public debt in the world will exceed the $100 trillion mark for the first time in history this year, and its growth may be faster than previously expected. According to the IMF report, the political mood in the world tends to increase government spending, and slow economic growth increases the need for borrowing. According to IMF forecasts, by the end of 2024, global debt will amount to 93% of global GDP, approaching 100% by 2030. This will exceed the peak reached during the COVID-19 pandemic and will be 10 percentage points higher than in 2019. The IMF notes that future debt levels may be higher than predicted, especially in the United States, the world's largest economy. The increasing pressure on spending caused by the need to switch to «green» technologies, an aging population, security problems and other factors, combined with political «red lines» in the field of taxation, can lead to an increase in debt. The IMF is particularly concerned about the upcoming US presidential elections, where both candidates have promised new tax breaks and spending that could significantly increase the budget deficit. Experts note that debt forecasts often underestimate real figures, and perhaps global debt will reach 115% of GDP in three years.
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