Earth sure owes Earth a lot of money 😂

In 2024, we're looking at a world where public debt is expected to hit an astonishing $102 trillion, with the U.S. and China shouldering the brunt of this increase.

• Debt Growth: Since last year, global debt has jumped by $5 trillion, signaling that we're on a fast track to even more debt in the coming years. The reasons? Aging populations, skyrocketing healthcare expenses, and governments not quite hitting the mark on managing these financial risks.

• Geopolitical Pressures: With tensions heating up around the world, there's a real chance we'll see defense budgets swell, putting even more strain on national finances.

United States - The Debt Leader

The U.S., being the economic powerhouse it is, has seen its debt balloon to 34.6% of the world's total government debt. This year alone, the interest on this debt has hit $892 billion. If current trends hold, we're looking at interest payments climbing to $1.7 trillion by 2034, adding up to a staggering $12.9 trillion over the next decade. With debt piling up and interest rates climbing, the cost of servicing this debt is going to keep growing.

China - Following Close Behind

China isn't far behind, with 16.1% of the world's government debt under its belt. Their debt to GDP ratio is expected to jump from 90.1% this year to 111.1% in five years. There's talk from Chinese officials about using more economic stimulus if there are significant new tariffs from Trump, which could push their debt even higher than we're predicting.

India - The Up-and-Comer

India has seen its debt soar to $3.2 trillion, which is 74% more than it was back in 2019. But here's where it gets interesting - due to robust economic growth and smart fiscal policies, their debt as a percentage of GDP is actually set to decrease slightly from 83.1% in 2024 to 80.5% by 2028.

Europe - Particularly the UK

Over in Europe, the UK stands out with about $3.65 trillion in debt, which is 101.8% of its GDP. This is well above the European average of 77.4%. Although Europe's debt to GDP ratio is lower than that of North America or Asia-Pacific, the continent isn't out of the woods. With slow growth, trade tensions, and an aging populace, European budgets are set for some tough times ahead.

So, as we navigate through 2024 and beyond, these debt levels are not just numbers but a reflection of the complex interplay of economics, politics, and society on a global scale.

https://www.visualcapitalist.com/102-trillion-of-global-debt-in-2024/