BUSINESS

2013 saw a $313 trillion increase in global debt, with China and India leading the increase

In a study released on Wednesday by the Institute of International Finance (IIF), the amount of debt in the world reached a new high of $313 trillion last year, up more than $15 trillion from 2022.

“Over $15 trillion was added to the global debt mountain last year, bringing the total to a new record high of $313 trillion,” the research said. According to a study citing IIF, “the global debt-to-GDP ratio declined for a third consecutive year, largely driven by mature markets.”

IIF estimates that the total debt was around $210 trillion roughly ten years ago.

According to Anadolu Agency, established markets like the US, France, and Germany accounted for almost 55% of the overall debt, with emerging countries like China, India, and Brazil also exhibiting an increase in debt.

The cumulative debt of emerging and developed nations increased to $104.6 trillion and $208.3 trillion, respectively, in the previous year.

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