The U.S. budget deficit is $1.8 trillion...World Public Debt Forecasts $100 Trillion

The size of the U.S. federal budget deficit in fiscal year 2024 (October 2023-September 2024) was the largest on record, except in fiscal year 2020 and 2021, when COVID-19 spread.

According to Bloomberg and Reuters, the U.S. Treasury Department reported a fiscal deficit of $1.83 trillion (about 2,510 trillion won) in fiscal 2024, which is 8% higher than the previous year's $1.695 trillion (about 2,321 trillion won).

The fiscal deficit in the U.S. was below $1 trillion before the spread of COVID-19, but surged to $3.132 trillion (about 4,289 trillion won) in 2020 and $2.77 trillion (about 3,793 trillion won) in 2021.

Since then, it has decreased to $1.37 trillion (about 1,876 trillion won) in 2022, but has continued to increase again since then.

The fiscal deficit for fiscal 2023 and 2024 amounts to 6.2% and 6.4% of GDP, respectively.Increased interest costs due to

high interest rates and spending on government programs led to the expansion of the fiscal deficit.

Interest expenses on debt also increased by about $254 billion (about 347 trillion won) compared to the previous year, exceeding $1 trillion for the first time ever to reach about $1.133 trillion (about 1,551 trillion won).

This is 3.93% of GDP, the highest level since 1998 (4.01%).The announcement by the U.S. Treasury Department
comes as the International Monetary Fund and the IMF recently fear that public debt around the world, including the U.S., China, will surpass 100 trillion dollars (13,695 trillion won) for the first time by the end of this year.

In a recent report ahead of the IMF and World Bank (WB) annual meeting in Washington, D.C. on the 21st, the IMF predicted that the share of public debt to GDP would hit 93% by the end of the year and 100% by 2030.