- Falling revenues combined with costly pandemic relief measures have increased global debt by $20 trillion since the third quarter of 2019.
- By the end of the year, economists expect global debt to reach $277 trillion, or 365% of world GDP.
- Excluding the financial sector, Canada’s debt-to-GDP ratio increased by nearly 80%, the highest of any developed country.
With vaccines slowly obtaining approval in various countries, the world may finally be on the path to overcoming the COVID-19 pandemic.
The economic situation, on the other hand, is unlikely to improve anytime soon. Falling revenues combined with costly pandemic relief measures have increased global debt by $20 trillion since the third quarter of 2019. By the end of 2020, economists expect global debt to reach $277 trillion, or 365% of world GDP.
