Japan's debt may be three times the size of its economy by 2030, warns IMF

The International Monetary Fund (IMF) has warned that Japan's debt will be thrice the size of its economy by 2030 if the government does not act to control spending.

According to CNN, Japan's debt, at present, is around 245 percent of its annual gross domestic product or more than 11 trillion dollars.

The IMF on Thursday said in a report that Japan's public debt, under current policies, is unsustainable.

The IMF has frequently called upon Japan to control its debt.

Japan needs to strike a balance between growth and debt reduction, the IMF said.