G20 Finance Ministers and Central Bank Governors Meet in South Africa Amidst Rising Global Debt

Cape Town, South Africa hosted the G20 Finance Ministers and Central Bank Governors meeting this week. President Ramaphosa welcomed attendees to the inaugural South African meeting, which will address the global economy, debt, infrastructure, joint finance and health task force, international taxation, finance sector issues, and sustainable finance. Global debt increased by approximately $7 trillion in 2024, reaching a record $318 trillion. The Institute of International Finance reported that this rise, coupled with slowing economic growth, caused total debt as a share of GDP to increase for the first time in four years. High borrowing is projected to continue, particularly in the US, France, China, India, and Brazil.