Where is the global finance heading as it increases by nearly 7 billion dollars a day?

The global financial system is approaching its most dangerous historical peak since the Second World War. Speaking at a major economic forum held in Singapore, International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned that total public debt worldwide will soon exceed 100 percent of global gross domestic product (GDP).

Georgieva emphasized that artificially inflated budget deficits and a sharp increase in spending on interest payments are becoming the main factors destabilizing the entire planetary economy.

The 40 trillion dollar leap in the US: 6.8 billion dollars of debt per day

According to IMF conclusions, the main debt burden falls not on developing countries, but precisely on leading Western nations, first and foremost the USA:

• Equal to five major economies: According to data presented by the influential analytical center Peter G. Peterson Foundation, the sovereign national debt of the USA has officially crossed the historical mark of 40 trillion dollars;

• Comparison: This figure means it is equal to the combined annual gross domestic products of China, Germany, Japan, Great Britain, and India;

• Debt growth rate: Currently, the US national debt is growing by an average of 6.8 billion dollars every day.

"Cannot rely solely on economic growth": The IMF solution

The IMF head urged leaders of the world's leading nations to properly assess the true scale of the problem:

• Politicians must stop illusions that the debt problem can simply be covered by future economic growth;

• It has become a vital necessity for the world's leading centers to immediately launch strict and painful medium-term fiscal consolidation (sharp spending cuts) programs.

Situation in Europe and Russia: What is the proportion?

The situation regarding the debt-to-GDP ratio varies across different regions:

• Eurozone indicators: In the eurozone, average public debt has risen to 81.7 percent of GDP. However, in countries with high debt pressure such as Greece, this figure stands at 146 percent, in Italy at 137 percent, and in France at 115 percent;

• Russia's indicator: For comparison, according to official Russian data, the country's public debt remains at a much lower level of 16.4 percent relative to gross domestic product.

International analysts warn that such uncontrolled expansion of global debt pressure could trigger another powerful wave of global crises and currency devaluation in world financial markets in the near future.