Economy

Global debt hits all-time high with $253T: Report

Institute of International Finance report shows global debt jumped $9.6T as of third quarter of 2019

Gokhan Ergocun  | 13.01.2020 - Update : 14.01.2020
Global debt hits all-time high with $253T: Report

ISTANBUL

Global debt jumped $9.6 trillion to reach $252.6 trillion year-on-year in the third quarter of 2019 -- an all-time high -- the Institute of International Finance said on Monday.

Total debt totaled more than threefold (322%) the global GDP, the U.S.-based institute announced.

Institute data showed that mature market debt constituted 71.3% of the total global debt with $180.1 billion.

Emerging market debt also reached $72.5 billion or 220% of their GDP in the third quarter of last year.

"Spurred by low interest rates and loose financial conditions, we estimate that total global debt will exceed $257 trillion in Q1 2020," the institute said.

Non-financial sector debt totaled $74.4 billion (up 4.3%), while government debt totaled $69.2 billion (up 6.1%), the financial sector racked up $61.5 billion (up 1.3%), and household debt totaled $47.5 billion (up 3.7%).

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