The world’s two great economic rivals, China and the U.S., will drive much of the increase in global public debt over the next five years, with American spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said.

"In both economies, public debt is projected under current policies to nearly double by 2053,” the IMF said in its Fiscal Monitor, an overview of global public finance developments. "How these two economies manage their fiscal policies could, therefore, have profound effects on the global economy and pose significant risks for baseline fiscal projections in other economies.”

Higher interest rates in the U.S. make life difficult for many countries by strengthening the value of the U.S dollar against other currencies, making dollar-priced commodities more expensive and increasing debt burdens for countries that have borrowed in the U.S. currency.