Money

Global debt hits new record of $305T in Q1

Led by China, US, global debt rises by $3.3T year-on-year

Global debt hit a new record of $305 trillion in the first quarter of 2022, around 348% of gross domestic product (GDP), the Institute of International Finance (IIF) reported Wednesday.

The figure rose $3.3 trillion from a year ago,largely driven by China (up $2.5 trillion) and the US (up $1.8 trillion), the IIF said in a statement.

Emerging Market (EM) debt is nearing a record $100 trillion in the first three months of 2022, it said.

Reflecting the surge in inflation, global debt-to-GDP ratio declined for a fourth consecutive quarter in the first quarter by 15 percentage points year-on-year to 348%.

The institution highlighted that the surge in EM government debt levels has put debt transparency in the spotlight.

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