Italy's National Debt Reaches Record €3 Trillion

rome - Italy's national debt has reached a record high of over €3 trillion, making it one of the highest in the world.

Italy's national debt has soared to a record high of over €3 trillion in November, according to the country's central bank, the Banca d'Italia, on Wednesday. Compared to October, the national debt increased by nearly €24 billion.

Italy has one of the highest national debts in the world. Prime Minister Giorgia Meloni aims to reduce government debts. However, since taking office in 2022, there have been no signs of improvement.

In October, the International Monetary Fund (IMF) warned that the total sum of all national debts worldwide is expected to reach a record level of $100 trillion by the end of 2024. The IMF predicted that Italy's national debt, among others, would increase and urged countries with rising government debts to keep their debts in check. The Washington-based lender stated that the rise in government debts is mainly driven by the United States and China.