The International Monetary Fund (IMF) said on Wednesday that public debt of the advanced economies hit the highest level since World War II.

"Public debt now exceeds the level observed during the Great Depression and is approaching the level immediately after World War II," the IMF said.

The lender noted that public debt of the advanced economies rose to over 107% of gross domestic product (GDP).

"Advanced economies are facing the triple threat of low growth, low inflation, and high public debt. This combination of factors could create self-reinforcing downward spirals," the IMF added.