INTHEBLACK October 2021 - Magazine - Page 34
F E AT U R E
// D E B T A N D E C O N O M I C F U T U R E
AT A G L A N C E
In 2020, businesses
and governments
borrowed close
to US$19.5 trillion
(A$26.4 trillion),
taking the world’s
total debt to more
than US$281 trillion
(A$382 trillion).
World debt
represents more
than 355 per cent
of global GDP, and
the International
Monetary Fund (IMF)
recommends early
action by
policymakers.
The IMF warns that
if the current
vulnerabilities are not
addressed quickly,
they could evolve
into significant
structural problems
within the global
financial system.
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34 ITB October 2021