The world owes nearly $305 trillion.

In the first quarter, global debt increased by $8.3 trillion compared to the end of 2022, reaching $304.9 trillion. Global debt is now $45 trillion higher than before the Covid-19 pandemic and is expected to continue rising rapidly. The debt-to-GDP ratio reached a record high of 360% in 2021 and then stabilized at 335%, higher than pre-pandemic levels.

Investors at the New York Stock Exchange (USA)

IIF experts argue that an aging population and rising healthcare costs continue to put pressure on spending in countries, while "rising geopolitical tensions are also expected to drive up medium-term defense spending." The report is partly based on the impact of last year's rapid interest rate hikes on the balance sheets of some banks. The IIF expressed concern that tightening lending by smaller banks would affect some businesses and households. In mature markets, debt levels have risen more sharply in countries such as Japan, the US, France, and the UK.

Notably, the report shows that 75% of emerging markets saw an increase in US dollar-denominated debt in the first quarter, with the overall figure exceeding $100 trillion for the first time. The debt level of $100.7 trillion, equivalent to 250% of GDP, is up from $75 trillion in 2019. Data indicates that China, Mexico, Brazil, India, and Türkiye experienced the largest increases.

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