The global debt in 2022 amounted to 238 percent of the world’s gross domestic product and stood at an incredible 235 trillion (thousand billion) dollars, according to the latest report of the International Monetary Fund.
Countries’ cumulative debt, or public debt, amounted to 91 trillion dollars, or 92 percent of GDP, which is a 3.6 percent drop compared to the previous year. Last year, the public debt was reduced by around 8 percent, which is only half of the increase from the pandemic year.
At the same time, private debt was reduced by 6.4 percentage points to an incredible 146 percent of GDP, or about 144 trillion dollars.
It is interesting that the debt-to-GDP ratio of developed countries is twice as high as that of developing countries, excluding China. While developed countries owed 278 percent of GDP, the debt of developing countries amounted to 124 percent of GDP. While the public debt of developed economies amounted to 114 percent of GDP, the public debt of developing countries amounted to 55 percent of GDP.
Serbia’s public debt amounts to 33.2 billion euros, according to July 2023 data, or 50.7 percent of the gross domestic product.
However, not much has been said about the country’s external debt. Serbia’s external debt, according to data from the National Bank of Serbia for the first quarter, amounted to 43.6 billion euros. That is about 70 percent of Serbia’s gross domestic product.
Most of our foreign debt is related to the state’s debt, that is public debt. Of the 35 billion euros of public debt, 24.5 billion euros refer to external debt and the remaining 10.5 billion euros to internal public debt.
The second part of the external debt is owed by the private sector, primarily banks and companies.
According to NBS data, banks owed 4.2 billion euros at the end of March, of which 1.5 billion is short-term debt.
Companies owe 14.7 billion euros abroad. Furthermore, companies owe about 255 million euros to the EBRD, 135 million euros to the European Investment Bank and another 73 million to development banks and agencies from other countries.
Banks also owe the most money to other banks abroad, but their biggest creditors are the EBRD with 623 million euros and the EIB with 434 million euros.
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