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United States, China, Japan top list of borrowers as world debt hits records $184trn

- International Monetary Fund has revealed that world debt has hit a record $184 trillion

- IMF also revealed that countries like United States, China and Japan are leading the borrowers' list

- IMF also added that on average, the world’s debt now exceeds $86,000 per person

The International Monetary Fund (IMF) has said that the world debt has hit an all-time record of $184 trillion, an upward review from the $182 trillion it reported last week, News Agency of Nigeria (NAN) reports.

Legit.ng gathers that the figure represents an average of $86,000 debt owed per person, according to a statement by Ting Yan, a press officer at IMF, on Global Debt Database (GDD) update.

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Yan said: “Today, the International Monetary Fund updated its publicly available Global Debt Database (GDD) – a comprehensive dataset covering public and private debt for virtually the entire world (190 countries) dating back to the 1950s.

“Today’s update of the GDD offers for the first time a glimpse of global debt developments up to 2017.

“By including both the sovereign and private sides of borrowing for the entire world, the GDD offers an unprecedented picture of global debt in the post-World War II era.”

According to the update, global debt has reached an all-time high of $184 trillion in nominal terms or the equivalent of 225 % of Gross Domestic Product in 2017.

The $184 trillion is $2 trillion higher than the estimated number released during Fiscal Monitor press conference in October 2018, because it includes end-2017 data and the debts of several countries who had not previously reported their updated data.

IMF stated: “On average, the world’s debt now exceeds $86,000 per person, more than two and half times the average income per capital.

“The top three borrowers in the world (United States, China, and Japan) account for more than half of global debt, exceeding their share of global output."

The Fund had put the global debt at $182 trillion on December 1, warning highly indebted emerging-markets and low-income countries against what it termed pro-cyclical fiscal policies.

IMF Managing Director, Christine Lagarde, disclosed the figure in a statement issued at the conclusion of the group of 20 (G-20) summit in Buenos Aires.

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Meanwhile, Legit.ng previously reported that the International Monetary Fund (IMF) on Tuesday, October 9, said the growing debt profile of Nigerian and Sub-Saharan African economies could face crisis and needed to be carefully managed.

Nigeria’s debt profile was N22.3 trillion as at June 30, 2018. About two-thirds of the government’s revenues went into servicing interest payments, with the principal still waiting for redemption at maturity.

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Source: Legit.ng



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