In 2024, the world faces an unprecedented financial challenge. Global debt has soared to a staggering $310tn, catapulting the global debt-to-gross domestic product ratio to an alarming 340%. This colossal debt burden has proven to be a formidable obstacle, with debt risks looming large. The current situation is critical and incomplete.
If debt is an economys lifeblood, then liabilities are its pulse. A complete picture of a countrys debt plus other liabilities will become accurate only after including hidden liabilities such as undisclosed debts, opaque financial obligations, unhedged exposures and economic leverage. Some other financial commitments include pension obligations, deferred tax liabilities and non-contractual obligations to …
Read the full article at: https://www.omfif.org/2024/05/invisible-puppeteer-a-call-for-debt-management-reform/