The global economy has already accumulated a debt of 243 trillion dollars.

Sputnik - Economists warn that when this multi-trillion dollar bomb planted in the global economy explodes, the crisis will be worse than in 2008. This is a record amount three times greater than the world's GDP, that is, the value of all goods and services on the planet.

According to a report by the Institute of International Finance, global debt increased by $3,3 trillion (R$13 trillion) last year, to $243 trillion (R$955 trillion).

In developed countries, the debt ratio, which was extremely high, reached 390% of GDP, while in emerging markets the effect was the opposite—the increase in debt slowed, reaching its lowest level since 2001.

According to analysts, this uncontrollable and gigantic debt is the result of the irresponsible policies of Western central banks, which have become addicted to printing money and issuing loans.

"Central banks worldwide are creating debt without worrying about what will happen to them in the future," says investment analyst John Moldin.

At the end of last year, economists at the International Monetary Fund (IMF) identified unsustainable global debt as the main threat to the world economy.

The IMF stated that the governments of most countries failed to implement almost all the necessary reforms to protect the banking system from the risky actions of financiers, which caused a powerful chain reaction and the 2008 collapse.

According to Sputnik columnist Natalya Dembinskaya, the real debt machine is the US, whose deficit has almost tripled since 2000 and now exceeds $73,6 trillion, representing 106% of GDP.

Non-financial corporate debt in the US is near pre-2008 crisis highs. Another record — $22 trillion — has been broken by the US due to its worrying public debt.

In two years, the government contracted nearly 2 trillion dollars, and according to Bloomberg, this amount will increase by another 4,4 trillion in the next two years.

Financial analysts believe that, no matter how much the Trump administration tries to get rid of the excessive debt burden "by the end of his second presidential term," if he is re-elected, the trend will not be reversed, as the budgetary situation only worsens.

The U.S. federal budget deficit increased by 17% in fiscal year 2018, reaching $779 billion. In the short term, this trend will continue due to reduced tax revenues and increased defense spending.

The Congressional Budget Office forecasts this year's deficit will be 15,1% — up to $897 billion — and that it will exceed the trillion-dollar mark in 2022.

Investment banks believe that US public debt will reach 140% of GDP by 2024. The government will have to borrow trillions more to support the financial bubble and economic growth. As a result, the structural deficit creates so-called "path dependence" (institutional inertia that keeps the country on a certain trajectory) and the economy will eventually fall into the abyss.

Experts speculate that Washington has little time to reverse the situation and the country will face a large-scale crisis comparable to the Great Depression of the 30s.

If the global economy is unable to absorb this enormous debt, the ensuing crisis will lead to mass poverty, powerful geopolitical instability, unrest, and wars, Bloomberg analysts note.