Global public debt could exceed $100 trillion – equivalent to 93 percent of global gross domestic product (GDP) – in 2024 and reach 100 percent of GDP in 2030, warned the International Monetary Fund (IMF).
The organization pointed out that the debit follows a clearly upward trend and to have opportunities to reduce it, it will be necessary to make much more severe fiscal adjustments than expected.
He argued that replenishing fiscal reserves is essential to contain debt, as well as guarantee the sustainability of public finances and financial stability.
In chapter 1, Put a stop to public debt
from the document Monitor fiscal, Published in the context of its joint meeting with the World Bank in Washington, the IMF stated that although debt is expected to stabilize or decrease in approximately two-thirds of countries, it will remain well above the levels expected before the pandemic .
Countries where debt stabilization is not expected concentrate more than half of global liabilities and around two-thirds of global GDP.
He explained that in recent decades the political discourse on fiscal issues has increasingly leaned toward increasing public spending.
▲ The World Bank warned that in the next decade only a third of the jobs required by young people who will join the labor market will be created.Photo The Day
Uncertainty regarding fiscal policy has increased. Pressures on spending to address the green transition, aging populations, security concerns and long-standing development challenges continue to grow.
He mentioned that historical experience shows that projections tend to undervalue liabilities and that the three-year debt/GDP ratio exceeds projections by 6 percentage points of gross domestic product, on average.
WB foresees labor crisis
Over the next decade, 1.2 billion young people in emerging and developing countries will reach working age, but only 400 million jobs will be created, so it is necessary to promote entrepreneurship, commented Ajay Banga, president of the World Bank. .
He commented that All jobs are good because they give us dignity and the ability to earn money. Some jobs are better. On a ladder, one has to hold on to climb
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However, he recognized that countries need to create an environment that encourages the creation of human capital and infrastructure so that the private sector, mainly small and medium-sized companies, generate more employment.
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