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Global public debt is projected to exceed $100 trillion by the end of 2024, with the U.S. and China significantly contributing to this rise. The IMF warns of an "optimism bias" in government debt calculations, highlighting a fiscal policy trilemma faced by nations, particularly in sub-Saharan Africa, where the need for spending clashes with limited tax capabilities. Unsustainable debt levels could trigger market sell-offs, affecting borrowing costs globally, as evidenced by the U.S. budget deficit reaching $1.833 trillion, the highest outside the pandemic era.
The US is facing an unsustainable increase in debt, which has surged significantly since the pandemic, according to Vitor Gaspar, head of the IMF's fiscal department. He urged the country to leverage its current economic conditions to address this growing financial challenge.
The UK urgently needs to increase public investment to address its sluggish economic growth, according to IMF official Vitor Gaspar. He highlighted that while interest rates in the UK are comparable to those in the US, the growth rates are significantly lower, emphasizing the necessity for enhanced public spending.
Vitor Gaspar
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global public debt projected to exceed 100 trillion dollars by 2024
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Vitor Gaspar
18:41 23.10.2024
us urged to address rising debt before it becomes unmanageable
16:04 23.10.2024
IMF official calls for increased public investment to boost UK economic growth
15:48 23.10.2024
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