Global debt levels soared by $8.3 trillion in the first quarter, climbing to a near-record high of $305 trillion, according to new Institute of International Finance (IIF) data.
The record was set in the first quarter of 2022 at $306.5 trillion.
The Washington, D.C.-based global association of the financial industry published its latest Global Debt Monitor report, reporting that the world continues to take on more debt, from governments to households.
IIF figures found that worldwide government debt surged $2.2 trillion, household debt swelled $1.1 trillion, financial corporate debt jumped $2.1 trillion, and non-financial corporate debt advanced $3.1 trillion. These numbers are up considerably from before the coronavirus pandemic, as the total global debt was $260.3 trillion in the fourth quarter of 2019, representing a more than 17 percent increase….