OREANDA-NEWS Over the past 50 years, the level of public debt in many countries of the world has grown at a record pace. This circumstance is a serious problem for the global economy, said Antonio Spilimbergo, Deputy Director of the Research Department of the International Monetary Fund (IMF). His words are quoted by Prime.

Another challenge for the global community is the growth of poverty. The key to solving this problem, as Spilimbergo clarified, may be an increase in social spending by the authorities of a number of countries.

He also added that currently the most vulnerable segments of the population in many states face additional challenges. This includes demographic, financial and climatic difficulties. Against this background, the authorities of a number of countries need to provide these citizens with the necessary social support.

Earlier, Russian Finance Minister Anton Siluanov called the debt crisis a key risk for the global economy. At the same time, not only developing countries, but also developed countries, faced high levels of debt obligations. The situation has noticeably worsened recently, he stressed.

The United States, in particular, faced the problem of rising public debt. In early February, the US Congress predicted that the volume of government obligations by the end of 2034 could reach a record high of 116 percent of GDP. By the end of the 12 months of this year, according to the calculations of the Budget Office, the level of public debt in relation to gross product will reach 99 percent.