US and China are sending global debt to record, IMF warns

The IMF forecast the world’s ratio of debt to gross domestic product will climb to 99.6% by 2028. — Reuters

WASHINGTON: The United States, China and other major economies need to do more to address debt levels that are set to rise to near-record highs in five years, limiting nations’ ability to respond to future crises, the International Monetary Fund (IMF) warns.

The IMF forecast the world’s ratio of debt to gross domestic product will climb to 99.6% by 2028.