World debt hits record high

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World debt hits record high

 

Arab and international Economy News _ Baghdad World debt levels hit a record $ 182 trillion in 2017, up 50 percent from the previous 10 years, the International Monetary Fund said on Wednesday, but the picture looks bleaker when the value of public assets is taken into account.  The IMF said a new database in its semi-annual financial monitoring report showed a huge net worth of assets in 31 countries contributing 61 percent of global economic output. The assets of these countries amounted to about $ 101 trillion, equivalent to twice their gross domestic product. Public companies accounted for just over half of these assets, while natural resources such as oil or mineral wealth accounted for just under half. "Once governments understand the size and nature of public assets, they can begin to manage them more efficiently," the IMF report said. "The potential gains from improved asset management are huge." Revenue gains from nonfinancial public corporations and government financial assets could reach 3 percent of GDP per year, equivalent to annual corporate tax revenues in developed economies, the IMF said. The report said Australia, New Zealand and Britain as countries are taking positive steps to improve asset management in anticipation of future financial commitments. The more efficient use of government-owned buildings, for example, could help reduce rental costs. Views 19   Date Added 10/10/2018