Global debt hits record $346 trillion in Q3
Global debt climbed to a record level of nearly $346 trillion in the third quarter of this year, driven mainly by government borrowing, according to a report released by the Institute of International Finance (IIF).
The document shows that total global debt increased by more than $26.4 trillion in the first nine months of the year, compared with $327.5 trillion during the same period last year, News.Az reports, citing foreign media.
Over this timeframe, the ratio of total debt to global gross domestic product (GDP) rose to 310%.
Although debt accumulation remained concentrated in the U.S. and China, most of the overall increase came from developed economies, where debt has accelerated this year due to monetary policy easing by major central banks.
Debt in advanced economies reached an estimated $230.6 trillion in the third quarter, while developing countries recorded $115.1 trillion in total debt. Significant increases were seen in the U.S., as well as France, Germany, and the U.K.
Among emerging economies, after China, the biggest rises were seen in Brazil, Russia, South Korea, Poland, and Mexico.
Global debt growth was particularly concentrated in the public sector, with China and the U.S. recording the largest increases, followed by France, Italy, and Brazil.
By category, household debt reached $64 trillion in the third quarter, debt held by non-financial corporations climbed to $99.3 trillion, public debt hit $105.8 trillion, and debt owed by financial companies such as banks reached $76.6 trillion.
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