ISTANBUL

Global debt rose to a record high of nearly $346 trillion in the third quarter of this year, driven largely by government borrowing, according to a report by the Institute of International Finance released on Tuesday.

According to the report, total global debt climbed more than $26.4 trillion in the first three quarters of the year from $327.5 trillion in the same period last year.

The ratio of total debt to global gross domestic product (GDP) during this period reached 310%.

While debt growth remained concentrated in the US and China, most of the overall increase came from developed markets, where debt accumulation has accelerated this year due to policy easing by major central banks.

The total debt of advanced economies was estimated at $230.6 trillion in the third quarter of the year, while the total debt in developing countries reached $115.1 trillion.

Significant debt increases were also seen in the US, as well as in France, Germany, and the UK.

Among developing countries, the largest debt increases after China were seen in Brazil, Russia, South Korea, Poland, and Mexico.

Global debt growth was concentrated in the public sector, with the largest increases seen in China and the US, followed by France, Italy, and Brazil.

By category, household debt rose to $64 trillion in the third quarter of this year, while debt to non-financial corporations climbed to $99.3 trillion, public debt to $105.8 trillion, and debt to financial companies like banks to $76.6 trillion.