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Global debt climbs to record high of $313T in 2023




ISTANBUL, February 25 ------ The amount of global debt climbed to a record high of USD313 trillion last year, according to a report by the Institute of International Finance (IIF).  

  

"Over USD15 trillion was added to the global debt mountain last year, bringing the total to a new record high of USD313 trillion," said the report. "The global debt-to-GDP ratio declined for a third consecutive year, largely driven by mature markets." While global debt declined by approximately USD7 trillion in 2022, it showed an increase of more than USD15 trillion in 2023, according to the figures. Total debt stood around USD210 trillion almost a decade ago, according to IIF. 

  

Around 55 percent of the total debt came from developed markets, such as US, France, and Germany. China, India and Brazil, on the other hand, showed a rise in debt among developing nations. The total debt of developed countries climbed to USD208.3 trillion last year, and the combined debt of developing countries rose to USD104.6 trillion. Household debt amounted to USD59.3 trillion, while public sector debts were USD89.9 trillion last year. Debts of non-financial companies came in at USD94.4 trillion and debts of financial institutions were USD69.4 trillion, according to the IIF.    

  

Source: pna.gov.ph  

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