FiscalAffairsDepartment|InternationalMonetaryFund|September20231GLOBALDEBTMONITOR2023RecentDevelopments1Totalglobaldebt(publicplusprivatedebtstocks)fell10percentagepointsofGDPin2022to238percentofGDP(Figure1andTable1).InUSdollarterms,debtamountedtoUSD235trillion,orUSD200billionaboveitslevelin2021.Thedeclineinthelasttwoyearsamountedto20percentagepointsofGDP,supportedbythereboundineconomicactivity,afterasharpcontractionintheearlystagesofthepandemic,andhigher-than-expectedinflation.Nevertheless,thereductioncorrectedabout2/3ofthemassiveincreaseinglobaldebtduringthepandemicin2020.Theworld’spublicdebtdeclined3.6percentagepointsto92percentofGDPin2022(Table2),orjustaboveUSD91trillion.The8percentagepointsdeclineinthelasttwoyearsoffsetonlyaboutahalfofitspandemic-1PreparedbyMarcosPoplawski-Ribeiro(teamleader),JiaeYoo(teamco-leader),VictoriaHaver,YoussoufKiendrebeogo,RobertoPerrelli,ZhonghaoWei,andChenluZhang,withassistancefromMeronHaile,andrelatedsurge,asglobalpublicdebtremained7.5percentagepointsaboveits2019level.Privatedebt,whichincludeshouseholdandnon-financialcorporatedebtstocks,drovetheoverallreduction(Table3).Itdropped6.4percentagepointsto146percentofGDPin2022(orclosetoUSD144trillion).Thefallinglobalprivatedebtoverthelasttwoyears,12percentagepointsincumulativeterms,almostoffsetsthe14-percentagepointssurgein2020,bringingitcloseto2019levels.Thedebtdevelopments,however,variedacrosscountrygroupsandtypesofdebts(Figure2):•Advancedeconomies(AEs)ledtheoverallreduction,astheiraveragedebtfell12.2percentagepointsto278percentofGDPin2022.Thefallinprivatedebtaccelerated,in2022,asprivatecreditundertheguidanceofEraDabla-NorrisandVitorGaspar.Highlights•Globaldebtdeclined10percentagepointsofGDPandreached238percentofGDPin2022.InU.S.dollars,globaldebtremainedstableatUSD235trillion.•Thefallinpublicdebtslowedcomparedtothepreviousyear,asitfell3.6percentagepointsofGDPto92percentofGDPin2022.Thefalloverthelasttwoyearsreversedaboutahalfofthesurgeduringthepandemic.•Privatedebtbyhouseholdsand...
