Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>
In 2024, global public debt is forecast to reach $102 trillion, with the U.S. and China largely contributing to rising levels of debt.
This marks a $5 trillion increase since 2023 alone. Looking ahead, debt levels are projected to increase faster than previously expected as government policies fail to address debt risks amid aging populations and increasing healthcare costs. Going further, rising geopolitical tensions could lead to higher spending on defense, adding strain to government budgets.
This graphic, via Visual Capitalist’s Dorothy Neufeld, shows government debt by country in 2024, based on data from the IMF’s October 2024 World Economic Outlook.
Ranked: Government Debt by Country
As the world’s largest economy, the U.S. debt pile continues to balloon, accounting for 34.6% of the world’s total government debt.
Overall, net interest payments on the national debt soared to $892 billion in the 2024 fiscal year. By 2034, these costs are forecast to reach $1.7 trillion, with total net interest costs amounting to $12.9 trillion over the next decade. A rising mountain of debt and higher interest rates are among the primary factors driving up net interest costs.
Below, we…
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