The World Economic Forum Annual Meeting, or Davos Summit, was planned for January 15-19, 2024 this year. A study prepared for this remarkable summit and updated in December 2023 included detailed research findings on the global economic situation. The most striking among these findings was that the Institute of International Finance reported that global debt reached a record level of $ 307 trillion in 2023. So, when we say global debt, do we know what it includes?
Global debts include the borrowing of governments, businesses, and households. In this context, we can say that the fact that 6 out of 10 chief economists of the World Economic Forum expect the global economy to weaken this year is among the consequences of this situation. This increase in debt seems to be due to the sudden increase in inflation. However, the economic classification of countries is another critical parameter. In this context, it is stated that global debt in the second quarter of 2023 was recorded as 307 trillion dollars, largely due to the influence of developed countries such as the USA, Japan, England, and France.
The global debt situation is reported to be at dangerously high levels, according to recent reports. According to the situation reported by the International Monetary Fund (IMF) in its Global Debt Database, the global debt of 226 trillion dollars, which was a record in 2020, reached a record of 303 trillion dollars in 2021. The IMF reports that with these data, the largest one-year debt increase since the Second World War was recorded.
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WEF Davos 2024
