In 2023, global consolidated public debt exceeded $100 trillion and is growing at a faster rate than the world economy, according to Sputnik‘s analysis of data from the World Bank and the International Monetary Fund (IMF).
The analysis covers data from 178 economies that had released GDP reports by mid-2023, encompassing the debt of central governments, regions, and municipalities.
Global public debt rose by 5.8% in 2023, reaching $101 trillion, while global GDP grew more slowly, at a rate of 4.2%, amounting to $105.4 trillion. As a result, global public debt climbed to 95.8% of global GDP, up from 94.5% the previous year.
The United States had the highest national debt, at $37.5 trillion, accounting for 35.6% of the global economy. China followed with $14.9 trillion in debt, or 14.1% of global GDP. The national debts of these two countries increased by 6% and 8%, respectively, last year.
Japan ranked third, with its national debt decreasing by 3% to $10.6 trillion in 2023. Consequently, Japan’s debt as a share of global GDP fell to 10.1% from 10.8% year-on-year.
Other countries with public debt exceeding 1% of the global economy in 2023 included the United Kingdom, France, Italy, India, Germany, Canada, Brazil, and Spain.
Russia ranked 28th, with its public debt decreasing by 12% to $321.3 billion, representing 0.3% of the global economy.
While many policymakers and business leaders remain cautious in discussing the effects of artificial intelligence (AI) tools on the global labour market, the head of the IMF is sounding the alarm.
Kristalina Georgieva, speaking at an event in Zurich, warned that AI is poised to impact a significant portion of jobs worldwide within the next two years.
She emphasized the urgent need to prepare both people and businesses for this impending shift, highlighting the potential for increased productivity alongside challenges such as misinformation and inequality.
Georgieva echoed the IMF’s earlier report, which outlined the potential for job displacement and complementation by AI.
