Dhaka, March 17 -- Global debt has been continuing to rise and the World Bank (WB) has reported that the debt of developing countries is at crisis levels. According to the Institute of International Finance (IIF) global debt has already hit a record US$307 trillion in 2023. This debt includes borrowing by governments, businesses and households and it is now at dangerously high levels. And it is equivalent to almost US$40,000 for every single person on the planet.

According to the International Monetary Fund's (IMF) Global Data Base, global debt went up from US$226 trillion in 2020 to US$303 trillion in 2021. This was the biggest one-year debt surge since the second world war. With the rising global debt levels, the global debt to GDP rat...