Global debt climbs to new record high at $313 trillion -IIF declares

A report by the Institute of International Finance, IIF, says the global debt as jumped to a record 313 trillion US Dollar as of last year. The total debt of developed countries reached $208.3 trillion last year, while the combined debt profile of developing countries rose to $104.6 trillion…

The Institute of International Finance (IIF) has declared that the global debt has reached a record high of $313 trillion last year.

A report by the institute stated that “Over $15 trillion was added to the global debt mountain last year, bringing the total to a new record high of $313 trillion.”

It added that “the global debt-to-GDP ratio declined for a third consecutive year, largely driven by mature markets.”

According to the figures, global debt declined approximately $7 trillion in 2022, showing an increase of more than $15 trillion in 2023.

Developed markets, such as the US, France, and Germany had the most debt; while China, India and Brazil also showed a rise in debt among developing nations.

So far, the total debt of developed countries reached $208.3 trillion last year, while the combined debt profile of developing countries rose to $104.6 trillion.

The IIF added that global economy is proving “resilient” to the volatility in borrowing costs, leading to a rebound in investor sentiment.

The IIF, however, expressed worries over a possible revival of inflationary pressures, which could result in higher borrowing costs.

The Institute of International Finance (IIF) is the global association of the financial industry, with about 400 members from more than 60 countries.

IIF members include commercial and investment banks, asset managers, insurance companies, professional services firms, exchanges, sovereign wealth funds, hedge funds, central banks and development banks.