The Institute of International Finance (IIF) said on Wednesday that global debt climbed by $15 trillion in the previous year, bringing the overall debt amount to a new record high of $313 trillion.
"The global debt-to-GDP[gross domestic product] ratio declined for a third consecutive year, largely driven by mature markets," the institute pointed out in its latest report.
Last November, the group said that global debt rose by $9.5 trillion in the first three quarters of 2023, surpassing $307 trillion. The institute previously said the biggest debt buildup was registered in the government sectors "with fiscal budget deficits remaining above pre-pandemic levels" in the United States, Japan, France, Britain, Brazil, China, India, and Mexico.
