Is a Global Debt Crisis Looming?

Global debt reached $313 trillion in 2023 – an historic high. Countries around the world find themselves grappling with mounting debt burdens, whether from unsustainable borrowing practices, fiscal mismanagement, economic downturns, or external shocks. Countries in the Global South are particularly vulnerable as debt repayment forces hard domestic spending decisions. Is a global debt crisis unavoidable—or are we already there?  

Join the World Affairs Council for a conversation with Sonja Gibbs, head of sustainable finance at the Institute of International Finance and Skyler Brown from Goldman Sachs, as we discuss the current state of global debt, how the crisis got so acute, its extensive implications on economies, and potential approaches to navigate through the challenging financial landscape. 

About The Speaker

Sonja Gibbs leads the IIF’s work on sustainable finance and sovereign debt policy, focusing on research and advocacy for the Institute’s global membership across the financial services industry. Her research interests include the economic impact and financial market pricing of climate and ESG risks, sustainable investment and capital markets development in emerging markets. She oversees the IIF Weekly Insight, which offers a concise perspective on global financial markets with an ESG lens, and the IIF Global Debt Monitor, which looks across mature and emerging economies for debt-related vulnerabilities such as the rapid buildup in EM corporate debt levels. Her policy work on behalf of the IIF includes outreach and liaison efforts vis-à-vis the G20/G7, the multilaterals, global regulators and standard setters, and the Central Banks and Supervisors Network for Greening the Financial System (NGFS), as well as the Glasgow Financial Alliance for Net Zero (GFANZ). She also serves on the boards of the Integrity Council for the Voluntary Carbon Market (IC-VCM), and of Egypt’s Regional Center for Sustainable Finance (RCSF). Sonja has spent over 20 years in banking and financial markets, most recently with Nomura International in London, where she was Chief Equity Strategist. Earlier positions include stints as a U.S. economist and bank credit analyst in New York and Los Angeles. She is a Chartered Financial Analyst (CFA) and has an MBA and BA from the University of California, Berkeley. Sonja’s work is widely cited in the financial press; she is a regular speaker on sustainable finance and global debt issues at industry conferences and in the media. She and her team also host the popular series of IIF Transition Finance Workshops and ESG Webinars. 

About The Moderator

Skyler Brown is a high net worth wealth manager at Goldman Sachs. Skyler earned an MBA (with International Business Certificate) from the University of Washington’s Foster School of Business where he focused on behavioral finance and portfolio management. Previously, he received a B.S. in Law and Legal Studies from the United States Military Academy at West Point before commissioning as a high altitude missile defense officer in the U.S. Army. While in the Army, Skyler completed the Army Special Forces (Green Beret) Qualification course with a Persian Farsi language specialty. He then led a team of Green Berets on two deployments, and at one point helped a group of Afghan entrepreneurs pitch their business ideas to the US State Department.