USD63trn is just how much debt is there in the world...
According to the United Nations of Debt publication, there exists $USD63trillion worth of global debt. Ideally, governments should be borrowing money to cover short-term budget deficits or to finance mission critical projects however this hasn’t been the case. Nations are running constant fiscal deficits as the normal course of business, and are accumulating more debt plus interest that ultimately then erodes the value of local and the global economies over time.
“Debt Creep” is best illustrated by the major powers, namely the US, China, Japan, France and Italy especially when one assesses two major measures namely:
1.) Share of global debt (%) as a percentage. And;
2.) Debt-to- GDP ratio’s. Combined, these five (5) countries together hold 66% of the world’s debt in nominal terms; a total of $USD41.6trillion.
Japan leads the Debt-to- GDP ratio at a staggering 239% followed by Greece, Lebanon, Italy and Portugal. See below a breakdown as per visual.