By Dr Mohamed Z M Aazim, Adviser, Debt Management Unit, Commonwealth Secretariat.
Today, global public debt is approaching an astonishing $100 trillion. According to the International Monetary Fund (IMF), if current trends continue, by 2029 the total amount of public debt could exceed the size of the entire global economy—a level not seen since the aftermath of World War II.
This isn’t just a problem for a few nations. Major economies such as the United States of America, China, Japan, the United Kingdom, France, and Italy already have debt levels that match or surpass their annual economic output.
Debt isn’t just a problem for poor countries
In a recent blog post, Lagging Growth, Surging Debt: A…