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Covid pushed the world into recession increasing the world debt!
By: Tupaki Desk | 17 Dec 2021 12:28 PM GMT
The international financial institution International Monetary Fund (IMF) held the novel Coronavirus responsible for the rise in global debt. The international organisation said that as of 2020, the global debt rose to a shopping amount and opined that the debts taken by the respective governments were used to deal with the Covid impact.
According to the Database of the IMF, in 2020 the global debts mounted to $226 trillion. The firm said the rise in the debt is so high that after World War II, the world witnessed record debts in one year in the previous year due to the Covid impact.
The Coronavirus had pushed the world into a recession and to deal with the crisis, the nations borrowed money in big numbers which translates to 256 percent of gross domestic product (GDP). The amount is the highest recorded in a single year, the database said.
The findings had found that the developed countries are accountable for the lion share of debts as the public debt saw record numbers and witnessed a big jump. The private debts in the country also went up in unprecedented numbers.
The officials at the International Monetary Fund (IMF) opined that the policymakers will face a big challenge in balancing the fiscal policies and the monetary policies as the inflation rate is soaring up. They sought coordination among the developed nations to help the underdeveloped countries.
According to the Database of the IMF, in 2020 the global debts mounted to $226 trillion. The firm said the rise in the debt is so high that after World War II, the world witnessed record debts in one year in the previous year due to the Covid impact.
The Coronavirus had pushed the world into a recession and to deal with the crisis, the nations borrowed money in big numbers which translates to 256 percent of gross domestic product (GDP). The amount is the highest recorded in a single year, the database said.
The findings had found that the developed countries are accountable for the lion share of debts as the public debt saw record numbers and witnessed a big jump. The private debts in the country also went up in unprecedented numbers.
The officials at the International Monetary Fund (IMF) opined that the policymakers will face a big challenge in balancing the fiscal policies and the monetary policies as the inflation rate is soaring up. They sought coordination among the developed nations to help the underdeveloped countries.
