Data from the Institute of International Finance (IIF) shows that global debt increased by $10 trillion in the first half of 2023, resuming an upward trend as a share of the world economy after falling in the past two years due to soaring inflation.
Total global debt has reached a record $307 trillion, an increase of a "staggering" $100 trillion over the past decade, the organization said in a report released on Tuesday. The largest increases were seen in the United States, Japan, the United Kingdom and France.
Global debt has climbed to 336% of GDP from 334% at the end of last year, and the IIF expects it to reach 337% by the end of 2023, driven mainly by large government budget deficits. But this is still lower than the 362% achieved in the first quarter of 2021.