The International Monetary Fund has announced that that global debt has reached an all-time high of 184 trillion US dollars with the United States, China and Japan accounting for more than half of it. According to the IMF report, the amount in nominal terms, is the equivalent of 225% of the world GDP in 2017.
On average, the world’s debt now exceeds 86,000 dollars per person, which is more than two and half times the average income per-capita. Since the beginning of the millennium, China’s share in global debt has gone up from less than 3% to over 15%.
- MD of International Monetary Fund- Christine Lagarde, Headquarters in- Washington DC, USA.