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What 2020 Revealed About International Debt BY April 19, 2021 Rapidly rising global public and private debt are changing how economists think about the impact of debt loads on national economies. . T otal public and private global debt rose by a record $24 trillion in 2020, according to the Institute of International Finance. Driven by the COVID-19 pandemic and accompanying recession, international debt rose to $281 trillion and the debt-to-GDP ratio is at 355%. From Angola to Zambia, many nations are already struggling under the weight of their existing debts and struggling not to default on loans. In the pandemic economy, they’ve had to compete for financial relief from international organizations like the IMF and World Bank. The trajectory risks stalling years of economic growth and has already forced countries to cut spending at a time when domestic markets need stimulus and healthcare needs vaccine funds. Economists say that the IMF, World Bank, and US have not done eno

Janet yellenKristalina georgievaOlivier blanchardInstitute of internationalEconomic policy instituteWorld bankDebt service suspension initiativeUs congressional budget officeSpecial drawing rightsSecretary janet yellenService suspension initiativeDirector kristalina georgievaBudget officeFormer chief economistGreat recessionWorld economics report