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It is common for a state to borrow money when its revenues are not sufficient to meet its budgetary needs, creating a debt that must be paid down in order to pay it off and access further borrowing.
The increase in debt in 2024 is mainly attributed to the extraordinary financial measures implemented by governments to support the economy during the Covid 19 crisis and the recent global geopolitical crises.
However, these measures have also highlighted financial vulnerabilities, as rising interest rates are increasing borrowing costs and putting pressure on public finances.
Although some governments have begun to lower interest rates as inflation declines, overall debt levels are expected to remain significant in all regions of the world.
By 2028, the IMF predicts that global public debt will exceed 100% of GDP, reaching levels only seen during the pandemic.
Translated by: A.M