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Borxhi global u ngjit n\u00eb nj\u00eb rekord prej 348 trilion\u00eb dollar\u00ebsh n\u00eb fund t\u00eb vitit 2025, pasi u shtuan afro 29 trilion\u00eb dollar\u00eb gjat\u00eb vitit n\u00eb akumulimin m\u00eb t\u00eb shpejt\u00eb vjetor q\u00eb nga rritja e periudh\u00ebs s\u00eb pandemis\u00eb, raportoi t\u00eb m\u00ebrkur\u00ebn nj\u00eb grup tregtar bankar.<\/span><\/p>\n Rritja u nxit kryesisht nga qeverit\u00eb, t\u00eb cilat llogarit\u00ebn m\u00eb shum\u00eb se 10 trilion\u00eb dollar\u00eb t\u00eb rritjes, ku Shtetet e Bashkuara, Kina dhe eurozona ishin p\u00ebrgjegj\u00ebse p\u00ebr rreth tre t\u00eb kat\u00ebrtat e k\u00ebtij k\u00ebrcimi, tha Instituti i Financave Nd\u00ebrkomb\u00ebtare (IIF) n\u00eb Monitorin e tij t\u00eb fundit t\u00eb Borxhit Global.<\/span><\/p>\n T\u00eb dh\u00ebnat tregojn\u00eb p\u00ebr nj\u00eb cik\u00ebl global t\u00eb borxhit q\u00eb tani udh\u00ebhiqet m\u00eb pak nga familjet ose kompanit\u00eb dhe m\u00eb shum\u00eb nga deficitet fiskale t\u00eb vazhdueshme n\u00eb ekonomit\u00eb kryesore, pasi tregjet e obligacioneve kan\u00eb thithur shitje rekord t\u00eb borxhit n\u00eb fillim t\u00eb vitit.<\/span><\/p>\n Me rritjen globale q\u00eb pritet t\u00eb mbetet e q\u00ebndrueshme por e moderuar, pyetja p\u00ebr investitor\u00ebt \u00ebsht\u00eb n\u00ebse huamarrja mund t\u00eb vazhdoj\u00eb t\u00eb p\u00ebrshpejtohet pa i shtyr\u00eb p\u00ebrs\u00ebri lart raportet e borxhit ose pa testuar k\u00ebrkes\u00ebn p\u00ebr letra me vler\u00eb sovrane.<\/span><\/p>\n Si pjes\u00eb e prodhimit, borxhi global ra leht\u00eb n\u00eb rreth 308% t\u00eb PBB-s\u00eb (GDP) n\u00eb vitin 2025, thuhet n\u00eb raport, i nxitur kryesisht nga ekonomit\u00eb e zhvilluara. Raportet e borxhit n\u00eb tregjet n\u00eb zhvillim vazhduan t\u00eb rriten, duke arritur nj\u00eb rekord mbi 235% t\u00eb PBB-s\u00eb.<\/span><\/p>\n “Nj\u00eb p\u00ebrzierje e fuqishme e zgjerimit fiskal, politik\u00ebs monetare akomoduese dhe thjeshtimit rregullator ‘m\u00eb t\u00eb leht\u00eb’ mund t\u00eb nxis\u00eb akumulimin e m\u00ebtejsh\u00ebm t\u00eb borxhit \u2014 duke rritur shqet\u00ebsimet p\u00ebr rritjen e lev\u00ebs financiare (leverage) dhe mbinxehjen n\u00eb pjes\u00eb t\u00eb tregut,” tha IIF, duke v\u00ebn\u00eb n\u00eb dukje deficitet fiskale k\u00ebmb\u00ebngul\u00ebse n\u00eb t\u00eb gjith\u00eb ekonomit\u00eb kryesore.<\/span><\/p>\n SOVRAN\u00cbT DOMINOJN\u00cb MES EMETIMEVE REKORD<\/span><\/p>\n Borxhi qeveritar n\u00eb nivel global q\u00ebndronte n\u00eb rreth 106.7 trilion\u00eb dollar\u00eb n\u00eb fund t\u00eb vitit, nga 96.3 trilion\u00eb dollar\u00eb n\u00eb fund t\u00eb vitit 2024, nd\u00ebrsa borxhi korporativ jofinanciar arriti n\u00eb rreth 100.6 trilion\u00eb dollar\u00eb. Detyrimet e familjeve u rrit\u00ebn m\u00eb moderuar n\u00eb 64.6 trilion\u00eb dollar\u00eb, treguan t\u00eb dh\u00ebnat.<\/span><\/p>\n N\u00eb tregjet e maturuara, borxhi total u ngjit n\u00eb rreth 231.7 trilion\u00eb dollar\u00eb, nd\u00ebrsa tregjet n\u00eb zhvillim arrit\u00ebn n\u00eb rreth 116.6 trilion\u00eb dollar\u00eb, t\u00eb dyja nivele t\u00eb reja rekord.<\/span><\/p>\n Ndryshimi i p\u00ebrb\u00ebrjes \u00ebsht\u00eb i duksh\u00ebm: raportet e borxhit t\u00eb sektorit privat kan\u00eb r\u00ebn\u00eb nga kulmet e pandemis\u00eb, nd\u00ebrsa borxhi publik vazhdon t\u00eb zgjerohet. Kjo prirje strukturore drejt lev\u00ebs sovrane i l\u00eb bilancet globale m\u00eb t\u00eb ekspozuara ndaj ndryshimeve n\u00eb normat e interesit dhe besimit t\u00eb investitor\u00ebve.<\/span><\/p>\n Janari pa nj\u00eb nga fillimet m\u00eb t\u00eb ngarkuara t\u00eb vitit n\u00eb histori p\u00ebr emetimin e obligacioneve sovrane globalisht, pasi qeverit\u00eb nxituan t\u00eb para-financonin nevojat buxhetore nd\u00ebrsa k\u00ebrkesa e investitor\u00ebve mbeti e fort\u00eb.<\/span><\/p>\n Huamarr\u00ebsit korporativ\u00eb kan\u00eb qen\u00eb gjithashtu aktiv\u00eb. Emetimi i kategoris\u00eb “investment-grade” n\u00eb SHBA \u00ebsht\u00eb n\u00eb rrug\u00eb t\u00eb mbar\u00eb p\u00ebr nj\u00eb tjet\u00ebr vit t\u00eb fort\u00eb pas nj\u00eb janari t\u00eb shpejt\u00eb, i ndihmuar nga emetuesit e m\u00ebdhenj teknologjik\u00eb dhe industrial\u00eb.<\/span><\/p>\n “Kushtet m\u00eb t\u00eb lehta financiare duhet t\u00eb mb\u00ebshtesin p\u00ebrpjekjet p\u00ebr t\u00eb mobilizuar kapitalin shum\u00eb t\u00eb nevojsh\u00ebm p\u00ebr prioritetet komb\u00ebtare, p\u00ebrfshir\u00eb financimin e mbrojtjes,” tha raporti i IIF. “Nj\u00eb val\u00eb e re e fuqishme e ‘super-cikleve’ t\u00eb shpenzimeve kapitale globale pritet t\u00eb p\u00ebrforcoj\u00eb k\u00ebt\u00eb momentum, me investime n\u00eb shkall\u00eb t\u00eb gjer\u00eb n\u00eb qendrat e t\u00eb dh\u00ebnave t\u00eb drejtuara nga inteligjenca artificiale (AI), sigurin\u00eb dhe tranzicionin energjetik, dhe infrastruktur\u00ebn rezistente q\u00eb po shfaqen si nj\u00eb motor kryesor rritjeje p\u00ebr tregjet globale t\u00eb borxhit.”<\/span><\/p>\n IIF vuri n\u00eb dukje se kushtet m\u00eb t\u00eb lehta t\u00eb financimit dhe oreksi i fort\u00eb p\u00ebr rrezik kan\u00eb mb\u00ebshtetur gjithashtu emetimin n\u00eb obligacionet me rendiment t\u00eb lart\u00eb (high-yield), huat\u00eb e lev\u00ebs (leveraged loans) dhe tregjet e IPO-ve (ofertave publike fillestare).<\/span><\/p>\n Ky sfond mund ta mbaj\u00eb borxhin global n\u00eb rritje n\u00eb vitin 2026 n\u00ebse deficitet fiskale mbeten t\u00eb gjer\u00eb dhe kompanit\u00eb vazhdojn\u00eb t\u00eb financojn\u00eb shpenzimet kapitale p\u00ebrmes tregjeve t\u00eb obligacioneve, tha ai.<\/span><\/p>\n AMORTIZIM I KUFIZUAR NGA RRITJA<\/span><\/p>\n FMN (IMF) n\u00eb p\u00ebrdit\u00ebsimin e tij t\u00eb Perspektiv\u00ebs Ekonomike Bot\u00ebrore t\u00eb janarit 2026 parashikoi nj\u00eb rritje globale prej rreth 3.3% n\u00eb vitin 2026, me ekonomit\u00eb e zhvilluara q\u00eb zgjerohen rreth 1.8% dhe tregjet n\u00eb zhvillim pak mbi 4%.<\/span><\/p>\n K\u00ebto norma jan\u00eb t\u00eb q\u00ebndrueshme sipas standardeve t\u00eb fundit, por jo aq t\u00eb forta sa p\u00ebr t\u00eb holluar me shpejt\u00ebsi stokun n\u00eb rritje t\u00eb borxhit. N\u00ebse huamarrja vazhdon me ritmin e vitit 2025, raportet borxh-ndaj-PBB mund t\u00eb fillojn\u00eb t\u00eb ngjiten p\u00ebrs\u00ebri, ve\u00e7an\u00ebrisht n\u00eb tregjet n\u00eb zhvillim ku leva financiare \u00ebsht\u00eb tashm\u00eb n\u00eb nivele rekord.<\/span><\/p>\n IIF vler\u00ebsoi se tregjet n\u00eb zhvillim p\u00ebrballen me m\u00eb shum\u00eb se 9 trilion\u00eb dollar\u00eb shlyerje borxhi (redemptions) n\u00eb vitin 2026, nj\u00eb barr\u00eb rekord rifinancimi, nd\u00ebrsa tregjet e maturuara p\u00ebrballen me mbi 20 trilion\u00eb dollar\u00eb n\u00eb obligacione dhe hua q\u00eb maturohen.<\/span><\/p>\n Tani p\u00ebr tani, k\u00ebrkesa e fort\u00eb ka ndihmuar n\u00eb mbajtjen e financimit t\u00eb rregullt, tha ai. Por kombinimi i huamarrjes s\u00eb lart\u00eb publike, nevojave t\u00eb r\u00ebnda p\u00ebr rifillim (rollover) dhe emetimeve rekord t\u00eb fillim-vitit do t\u00eb thot\u00eb se nivelet e borxhit global ka t\u00eb ngjar\u00eb t\u00eb mbeten pran\u00eb kulmeve historike, me zgjedhjet e politikave fiskale q\u00eb p\u00ebrcaktojn\u00eb gjithnj\u00eb e m\u00eb shum\u00eb drejtimin e bilancit t\u00eb bot\u00ebs, shkruan Reuters<\/a>.<\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":" Borxhi global u ngjit n\u00eb nj\u00eb rekord prej 348 trilion\u00eb dollar\u00ebsh n\u00eb fund t\u00eb vitit 2025, pasi u shtuan afro 29 trilion\u00eb dollar\u00eb gjat\u00eb vitit n\u00eb akumulimin m\u00eb t\u00eb shpejt\u00eb vjetor q\u00eb nga rritja e periudh\u00ebs s\u00eb pandemis\u00eb, raportoi t\u00eb m\u00ebrkur\u00ebn nj\u00eb grup tregtar bankar. Rritja u nxit kryesisht nga qeverit\u00eb, t\u00eb cilat llogarit\u00ebn m\u00eb […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":51,"featured_media":788214,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":["post-788213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fast-foodi"],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/788213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/comments?post=788213"}],"version-history":[{"count":99999,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/788213\/revisions"}],"predecessor-version":[{"id":788215,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/788213\/revisions\/788215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media\/788214"}],"wp:attachment":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media?parent=788213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/categories?post=788213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/tags?post=788213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}