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The global debt increased by 14% in 2020 and reached a record high of $226 trillion (public and non-financial private sector). The global public debt alone stood at $88 trillion, a value close to 100% of the world's GDP.

The global economy is projected to grow 5.9% in 2021 and 4.9% in 2022, slightly lower than the July 2021 forecast. The pandemic has left a lasting mark on inequality, poverty, and government finances.

All the major economies in the world are expected to see elevated gross debt levels (% of GDP) in 2021: Japan (257%), USA (133.9%), UK (108.5%), Brazil (90.6%), India (90.6%), Germany (72.5) and China (68.6%).

(Gross Debt: All liabilities that require future payment of interest and/or principal by the debtor to the creditor. This includes debt liabilities in the form of special drawing rights, currency, and deposits; debt securities; loans; insurance, pension, and standardized guarantee schemes; and other accounts payable

 

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