IMF: Global public debt to hit record high in 2020

The International Monetary Fund predicts that global public debt will hit a record high this year, as governments ramp up stimulus spending amid the pandemic.

The forecast is in the IMF's Fiscal Monitor report released on Wednesday. It says the debt will surge to 98.7 percent of the world's gross domestic product.

Japan's figure amounts to 266.2 percent of GDP, the highest among advanced economies. The ratio is 131.2 percent for the United States, 101.1 percent for the eurozone, and 61.7 percent for China.

The IMF says it's a similar situation with developing countries.

It adds that excessive repayment costs will put a drag on their economic recovery.

The IMF appreciates fiscal spending to address the health crisis. But it argues that "governments with limited financial resources face competing spending priorities."