WEF 2022: What does 'global debt' mean and how high is it at present?

The current debt wave is the world's fourth since 1970, the World Bank says

Borrowing was already surging before the pandemic – but Covid-19 and now the war in Ukraine have pushed global debt to new highs.

Countries need to work together to tackle this debt mountain in order to safeguard global stability and prosperity, the International Monetary Fund (IMF) warns.

“In the end, the impact will be most sharply felt by those households that can least afford it,” it adds.

What is global debt?

Global debt is borrowing by governments, businesses and people, and it’s at dangerously high levels.

In 2021, global debt reached a record $303 trillion, according to the Institute of International Finance, a global financial