The excessive spending policies of the administration of US President Joe Biden could lead to a fiscal "train wreck" as soon as 2025, former World Bank President David Malpass warned in May, adding that ballooning government debt was draining global resources into a narrow set of US government priorities and beneficiaries.
Skyrocketing global public debt is set to reach $100 trillion by the end of this year, driven foremost by the US borrowing binge, a new analysis by the International Monetary Fund (IMF) has revealed. This staggering sum represents around 93% of global gross domestic product (GDP).
If the current trend of borrowing outpacing economic growth persists, debt is expected to approach 100% of GDP by 2030, the IMF warned in its Fiscal Monitor overview.
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