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IMF says global public debt to top $100tn, growth may accelerate

The world's total public debt is set to exceed $100 trillion this year for the first time and may grow more quickly than forecast as political sentiment favours higher spending and slow growth amplifies borrowing needs and costs, the International Monetary Fund said on Tuesday.

The IMF's latest Fiscal Monitor report showed global public debt will reach 93% of global gross domestic product by the end of 2024 and approach 100% by 2030.

That would exceed its 99% peak during COVID-19. It would also be up 10 percentage points from 2019 before the pandemic exploded government spending.

Released a week before the IMF and World Bank hold annual meetings in Washington, the Fiscal Monitor said there are good reasons to believe future debt levels could be well higher than currently projected, including a desire to spend more in the U.S., the world's largest economy.