Global debt reaches $315 trillion

by ian


Global debt soared to a whopping $315 trillion this year.

That’s according to the latest May report by the Institute of International Finance. Business debt made up most of the debt pile, clocking in at over $164 trillion. That was followed by public debt at $91 trillion and household debt at $59 trillion.

According to CNBC, “This global debt wave has been the biggest, fastest and most wide-ranging rise in debt since World War II, coinciding with the Covid-19 pandemic.” Inflation and geopolitical tensions are currently listed as the biggest risks to the global debt dynamics.

Roughly two-thirds of the debt belongs to mature economies, with the United States and Japan making up the largest share.