Governments around the world are borrowing more, paying more to service that debt, and running out of room to manoeuvre - that was the central message delivered by Davide Furceri, Division Chief at the IMF's Fiscal Affairs Department, when he spoke to TCD economists of the IM-TCD research unit on Tuesday.
Furceri's presentation drew on the IMF's April 2026 Fiscal Monitor, painting a sobering picture of the global fiscal landscape. Global gross debt is on course to exceed 100% of world GDP by the end of the decade, interest payments are crowding out public investment, and the Middle East conflict is adding new layers of uncertainty. These risks are amplified for energy-importing countries like Ireland. Meanwhile, low-income nations face a double squeeze: high borrowing costs at home and shrinking foreign aid from abroad.
The IM-TCD research unit continues to bring world-leading policy economists to Trinity, giving students and researchers direct engagement with the analysis shaping global economic governance. Furceri's visit is a reminder of both the value of that partnership and the urgency of the fiscal challenges now confronting policymakers from Washington to Beijing.