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World's $100 trillion fiscal timebomb keeps ticking
By Craig Stirling
Bloomberg News
Saturday, October 19, 2024
Even before global finance chiefs fly into Washington over the next few days, they’ve been urged in advance by the International Monetary Fund to tighten their belts.
Two weeks ahead of a potentially era-defining U.S. election, and with the world's recent inflation crisis barely behind it, ministers and central bankers gathering in the nation's capital face intensifying calls to get their fiscal houses in order while they still can.
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The fund, whose annual meetings begin there on Monday, has already pointed to some of the themes it hopes to press home with a barrage of projections and studies on the global economy in coming days.
The IMF's Fiscal Monitor on Wednesday will feature a warning that public debt levels are set to reach $100 trillion this year, driven by China and the U.S. Managing Director Kristalina Georgieva, in a speech on Thursday, stressed how that mountain of borrowing is weighing on the world. ...
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