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, AA reports.
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.
