‘We have a huge fiscal problem': Banking group IIF sounds the alarm on record global debt

IIF CEO Tim Adams warns of rising global debt levels and calls for swift action. Adams expressed concern about the highest debt levels in modern history, affecting corporate, household, sovereign, and sub-sovereign sectors. He specifically notes the fiscal problem in the US, where deficit is at 7% of GDP. Adams highlights the need for sobriety and fiscal discipline to address the issue. The global banking industry’s trade group predicts global debt to reach $310 trillion by the end of 2023, with potential for higher levels due to upcoming elections. Demographics and aging populations further complicate the situation.