The world is in debt – level 2

22-09-2023 07:00

Global debt reached a new record of 307 trillion dollars in the second quarter of 2023.

It happened although interest rates were going up and banks lent less money. A report by The Institute of International Finance says that the debt keeps rising. In the first half of 2023, global debt in US dollars went up by 10 trillion. In the past ten years, it went up by 100 trillion.

The report said that slower growth and lower price increases caused this increase. Most of the new debt came from developed countries like the US, Japan, Britain, and France. In emerging markets, China, India, and Brazil saw the biggest increases.

The IIF said that as rates go up and debt levels get higher, it will put more pressure on governments and people.

Difficult words: interest rate (the part of a loan which the lender charges a borrower), emerging market (a country with a fast-growing economy), pressure (when a situation gets more difficult).

You can watch the original video in the Level 3 section.

What kinds of economic policies can governments use to address the increasing global debt?


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