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).

Global debt has surged by nearly 50% over the past decade, significantly outpacing the 46% increase in global gross domestic product (GDP).

Global debt reached an all-time high of $318 trillion last year, according to a report released by the Institute of International Finance (IIF) on Tuesday.