The U.S. accounts for the highest share with $28.95 trillion, followed by Japan at $15.14 trillion and China with $8.26 trillion.
The cumulative national debts of the United States, China and Japan have risen by 11.6 per cent to $52.35 trillion in November 2021, a report by Finbold says.
“The cumulative national debt of the United States, Japan, and China have hit $52.35 trillion as of November 2021.
“Over the past year, the debt has surged 11.6% from the November 2020 figure of $46.87 trillion.
“Therefore, the cumulative national debt has grown by a whopping $5.48 trillion in the last 12 months,” Finbold said in the report released on Tuesday.
Finbold warned that the debt situation was heading to a crisis situation, adding that the economic impact of the COVID-19 pandemic had worsened the situation.
According to the report, the U.S. accounts for the highest national debt in 2021 with a $28.95 trillion debt profile a growth of 6.35 per cent from 2020.
Japan’s debt grew by 23.39 per cent to $15.14 trillion in November 2021, while China accounts for $8.26 trillion of the $52.35 trillion cumulative national debt.
Finbold said the COVID-19 outbreak led to a reduction in tax revenue for most nations, increasing automatic stabilizer spending for unemployment insurance.
Suggesting that the debt crisis could force countries to print money which could eventually result in inflation, Finbold advised countries to restructure their economic policies and put efforts towards lowering their debts.