Global debt soars to $86,000 per person, says IMF

Last Updated: Fri, Dec 14, 2018 19:21 hrs
File photo of commuters walking past a bank sign along a road in New Delhi

The International Monetary Fund's latest data reveals that global debt has reached to an all-time high of $184 trillion.

On average, the world's debt now exceeds $ 86,000 per person, this is 2 times more than the average income per-capita.

In 2018, the World's debt has increased by $ 2 trillion, with global debt estimated at $182 trillion at the start of the year. The updated amount, in nominal terms, is the equivalent of 225% of the world GDP in 2017.

Three countries- United States, China and Japan account for half of the World's $184 trillion debt, said the International Monetary Fund. The IMF said that it is nonetheless striking that the most indebted economies in the world are also the richer ones.

The emergence of China among the top ranking is, however, a relatively new development, it added.

Since the beginning of the millennium, China's share in global debt has gone up from less than three per cent to over 15%, underscoring the rapid credit surge in the aftermath of the global financial crisis.

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