In 2021, global debt reached a record $303 trillion, according to the Institute of International Finance, a global financial industry association. Debt on countries has been rising in recent decades and it has accumulated much faster than it did in the recessions, including the largest Great Depression (between 1929 and 1939) and the Global Financial Crisis (between mid-2007 and early 2009).
Let’s understand the effects of debt on countries and how it is influencing the world. Please dive into the post to find out more!
Credits: Prathmesh Deshmukh and Sanket Shinde