Cover Fiscal Monitor, October 2024
Fiscal Monitor, October 2024
Putting a Lid on Public Debt
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Abstract

Global public debt is elevated. It is projected to exceed US$100 trillion in 2024 and will rise over the medium term. This chapter shows that risks to the debt outlook are heavily tilted to the upside. In a severely adverse scenario, global debt is estimated to be nearly 20 percentage points of GDP higher three years ahead than the baseline projection, reaching 115 percent of GDP. Much larger fiscal adjustments than currently planned are required to stabilize (or reduce) debt with high probability. Now is an opportune time for rebuilding fiscal buffers and delaying is costly. Rebuilding fiscal buffers in a growth-friendly manner and strengthening fiscal governance is essential to ensure sustainable public finances and financial stability.

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Author:
International Monetary Fund. Fiscal Affairs Dept.
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Series:
Fiscal Monitor
Publisher:
International Monetary Fund
Language:
English
Publication Date:
23 Oct 2024
DOI:
https://doi.org/10.5089/9798400281266.089
ISBN:
9798400281266
ISSN:
2219-276X
Pages:
103
Keywords:
public debt; debt-at-risk; sovereign yields; fiscal adjustment; fiscal framework; fiscal governance; unidentified debt; contingent liabilities; economy abbreviation; debt restructuring process; inflation expectation; growth resilience; debt vulnerability; emerging market economy; Fiscal consolidation; Fiscal stance; Government finance statistics; Public sector; Global; Caribbean; Asia and Pacific; North Africa; Middle East
Legal-disclaimer:
The views expressed in this publication are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Directors or their national authorities.
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