<\/p>\n
Nearly $7T added to global debt last year, says Institute of International Finance.<\/p>\n
The amount of global debt rose to a record high of $318 trillion last year, according to a report released by the Institute of International Finance (IIF) on Tuesday.<\/p>\n
“Nearly $7 trillion was added to global debt in 2024, marking a new record annual high of $318 trillion,” said the report. “Total global debt-to-GDP rose for the first time in four years, as GDP growth slowed down, and inflation pressures eased.”<\/p>\n
While global debt soared approximately $15 trillion in 2023, it continued the upward trend in 2024, with a $7 trillion increase.<\/p>\n
The global debt-to-GDP ratio climbed over 1.5% compared to 2023, reaching nearly 328% of GDP, which marked the first annual increase in debt ratios since 2020, according to the report.<\/p>\n
Around 65% of the 2024 rise in global debt came from emerging markets, primarily China, India, Saudi Arabia, and T\u00fcrkiye.<\/p>\n
Meanwhile, developed markets’ debt accumulation was mostly concentrated in the US, Britain, Canada, and Sweden.<\/p>\n
Total debt of developed countries climbed to $214.3 trillion last year, and the combined debt of developing countries was $103.7 trillion.<\/p>\n
Household debt amounted to $60.1 trillion last year, while public sector debts were $95.3 trillion.<\/p>\n
Debts of non-financial companies came in at $91.3 trillion and debts of financial institutions were $71.4 trillion, according to the IIF.<\/p>\n
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