The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo
LONDON (Reuters) - Global debt is set to reach $200 trillion, or 265% of the world’s annual economic output, by the end of the year, S&P Global has forecast - although it doesn’t expect a crisis any time soon.
The credit ratings giant said it amounted to a 14-point rise as a percentage of world GDP, having been amplified by both the economic plunge caused by COVID and the extra borrowing that governments, firms and households have had to resort to.
“Global debt-to-GDP has been trending up for many years; the pandemic simply exacerbated the rise,” S&P’s report said.
Yet, despite the big jump and an expected wave of defaults over the coming year, the firm does not expect a major crisis at this stage.
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WNU Editor: Now we are talking real money.
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