Coronavirus will drive global debt to $200 TRILLION by end of 2020, S&P projects
5 Dec, 2020 06:15 / Updated 13 hours ago
Follow RT onRT
The world’s appetite for borrowing is growing with global debt expected to reach the next milestone of $200 trillion as early as this year, according to ratings agency S&P Global.
That will reportedly account for 265 percent of the world’s annual economic output, amounting to a 14-point rise as a percentage of world GDP. The dramatic surge was triggered by both the economic plunge due to the coronavirus pandemic, and the extra borrowing that governments, firms and households have had to fall back upon, the New York-based agency said.
“Global debt-to-GDP has been trending up for many years; the pandemic simply exacerbated the rise,” the report reads.
Pakistan calls for debt relief for poor countries struggling with Covid-19 pandemic