Could soaring global debt trigger the next financial crisis? | Business and Economy

Governments around the world now owe nearly $100 trillion in public debt. That’s almost double what they owed just a decade ago.

The International Monetary Fund warns that by 2029, global debt will surpass 100 percent of the world’s gross domestic product, meaning the world’s borrowing could soon exceed the size of the entire global economy.

But there is a stark contrast: Richer nations can – for now – still borrow at lower costs and keep spending while many poorer nations are running out of room to take on more debt.

When borrowing becomes too big who pays the price?