Global debt climbs to record $313T in 2023

By Ovunc Kutlu

ISTANBUL (AA) - The amount of global debt climbed to a record high of $313 trillion last year, according to a report by the Institute of International Finance (IIF) on Wednesday.

"Over $15 trillion was added to the global debt mountain last year, bringing the total to a new record high of $313 trillion," said the report. "The global debt-to-GDP ratio declined for a third consecutive year, largely driven by mature markets."

While global debt declined approximately $7 trillion in 2022, it showed an increase of more than $15 trillion in 2023, according to the figures.

Total debt stood around $210 trillion almost a decade ago, according to IIF.

Around 55% of total debt came from developed markets, such as the US, France, and Germany; while China, India and Brazil also showed a rise in debt among developing nations.

Total debt of developed countries climbed to $208.3 trillion last year, and the combined debt of developing countries rose to $104.6 trillion.

Household debt amounted to $59.3 trillion, while public sector debts were $89.9 trillion last year.

Debts of non-financial companies came in at $94.4 trillion and debts of financial institutions were $69.4 trillion, according to the IIF.