The International Monetary Fund (IMF) has predicted that global public debt will rise to 99.6% of GDP by 2028, returning to the record levels reached in 2020. An official from the fund revealed that "global public debt is higher and growing faster than previously expected before COVID-19," noting that "financial sector instability could pressure the public sector's balance." On Tuesday, the IMF slightly lowered its growth forecasts for the global economy in 2023 due to the slowing pace of interest rate hikes but warned that severe financial system disruptions could reduce output to levels close to recession.