Global debt surges to unprecedented level, reaching USD313T in 2023


(MENAFN) According to a report released by the Institute of International Finance (IIF) on Wednesday, the global debt surged to an unprecedented level, reaching a record high of USD313 trillion last year.

"Over USD15 trillion was added to the global debt mountain last year, bringing the total to a new record high of USD313 trillion," the report mentioned. "The global debt-to-GDP ratio declined for a third consecutive year, largely driven by mature markets."

While global debt experienced a decline of approximately USD7 trillion in 2022, recent figures indicate a substantial increase of over USD15 trillion in 2023, as reported by the Institute of International Finance (IIF).

A decade ago, total global debt stood at around USD210 trillion, marking a significant surge to the current record high of USD313 trillion. This escalation underscores the pervasive nature of debt accumulation across various sectors and regions, reflecting the evolving dynamics of the global financial landscape.

Developed markets, including the US, France, and Germany, accounted for approximately 55 percent of the total debt, while developing nations such as China, India, and Brazil also witnessed a notable rise in debt levels.

In detail, the total debt of developed countries surged to USD208.3 trillion in 2023, while the combined debt of developing countries reached USD104.6 trillion.

Within the realm of debt composition, household debt amounted to USD59.3 trillion, while public sector debts totaled USD89.9 trillion in the same period. Additionally, non-financial companies accumulated debts amounting to USD94.4 trillion, while financial institutions carried debts totaling USD69.4 trillion, according to data provided by the IIF.

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