S&P Global Rating said Thursday that if governments borrow again, global sovereign debt will reach $50 trillion (trillion) this year.
The credit rating agency expects sovereign countries to borrow the equivalent of $7.78 trillion this year, an increase of 3.2% over 2018.
"About 70% of that, or $5.5 trillion, will be used to refinance maturing long-term debt, with an estimated net borrowing demand of about $2.3 trillion, equivalent to 2.6% of the rated sovereign gross domestic product (GDP)," said Karen Vartapetov, S&P's global rating credit analyst.
Total liabilities will grow to $500 billion, up 6% from last year, partly due to exchange rate fluctuations.
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