How Much Do You Owe? See Why IMF Is Worried
The world is sinking into so much debt, and the International Monetary Fund, IMF is worried.
Think about how much you owe right now. It may not amount to much but when added together, it amounts to a scary sum that is now giving IMF headaches.
According to the Fund, the world’s debt has hit a record of $184 trillion, an upward swing from the $182 trillion reported last week.
If you are wondering how much this could be in Naira, try punching the figures into your calculator.
And in case you are wondering also, how much debt is too much, the new debt figure represents an average of $86,000, about 31-million-naira debt owed per person, according to a statement issued by Ting Yan, press officer at IMF, on ‘Global Debt Database (GDD) Update’.
“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,” the statement read.
“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.”
The Fund says the $184 trillion is $2 trillion higher than the estimated number released during the fiscal monitor press conference in October 2018, because it includes end-2017 data and includes the debts of several countries who had not previously reported their updated data.
“On average, the world’s debt now exceeds $86,000 per person – more than two and half times the average income per-capita,” the IMF said.
Don’t deceive yourself that you don’t owe anyone, or that at least it is not running in millions.
The government borrows on your behalf, and in millions and the more they borrow, the higher your share of the debt rises.
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