The world’s debt has surged to a record high level in the second quarter, according to the Institute of International Finance (IIF). The increase has also helped lift the global debt-to-GDP ratio which had been declining for seven quarters but is now projected to reach 337% by the end of this year.
Major Markets Behind Latest Surge in Global Debt, Slower Growth and Inflation Cause Debt Ratio Rise
Global debt has hit a record $307 trillion in Q2 of 2023, jumping by $10 trillion in the first half of the year despite rising interest rates that have been curbing bank credit, Reuters and Bloomberg informed, quoting a report by the IIF.
On Tuesday, the financial services trade group, which represents the world’s largest international banks and financial institutions, further pointed out that world debt has ballooned by a “staggering” $100 trillion over the past decade.
Debt has also resumed its increase as a share of the global gross domestic product (GDP), climbing to 336% from 334%
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