Review of the Major Debt Crisis the World Has Seen and Chances of a Global Debt Crisis in the Future

Taking debt in order to fund initiatives of a state is customary to mostnations of the world. In consonance with this, there have been waves of global debt accumulation. In 2020 amidst the fourth wave of global debt, the worldwide debt stood at $254 trillion roughly about three times the global GDP. Every nation has an external debt some have exceeded it far beyond their means while others are in the process, but the result is the global debt becoming so immense that it is paving the way for another imminent crisis. The Corona pandemic instigated another wave of increase of global debt due to big revival packages and majority of these packages being financed through debt. Therefore the paper discusses the major debt crisis occurred during the three waves and a probable global debt crisis due to the fourth wave, which can impactour future in every sense