With global debt currently at a record high, the International Monetary Fund is launching a database of public and private borrowing across 190 countries – virtually the entire world – dating back to the 1950s. In April the fund said the global economy was more indebted than before the financial crisis and immediate action needed to be taken before the next downturn. Announcing the new breakdown of global debt, which will be unveiled in Washington on Monday, the IMF noted that debt continues to hit new peaks almost a decade after the collapse of Lehman Brothers. The IMF said last month that China was responsible for much of the increase in global debt over the past decade – around 40% – with a surge in lending by its commercial banks. For the US, the IMF forecast government debt would rise from 107.2% of GDP in 2016 to 116.9% by 2023.

Source: The Guardian May 13, 2018 12:56 UTC