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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.