Global debt reaches new record high according to IIF research

World-wide debt reached an all-time record high of $253 trillion as of the end of September 2019, according to research from the financial advocacy and research group the Institute of International Finance (IIF).

In the IIF report it states: “Spurred by low interest rates and loose financial conditions, we estimate that total global debt will exceed $257 trillion in the first quarter of 2020, driven mainly by non-financial sector debt.”

Economists believe that the drastic world-wide debt increase can be attributed to record-low interest rates in nations across the globe. The historically low interest rates have caused consumers, corporations, and governments to borrow more – which leads to increased debt levels.

The report also noted that the governments of the United States and Australia hit all-time debt highs in the 3rd quarter of 2019. The IIF report also shows that the global-debt-to-global-GDP ratio reached an all-time high of 322% as of the 3rd quarter of 2019.

Sources:

Global debt hits new record of $253 trillion and is set to grow even more this year by Silvia Amaro. CNBC.com. January 14, 2020. https://www.cnbc.com/2020/01/14/global-debt-hits-all-time-high-of-nearly-253-dollars--iif-says.html

Could the global debt balloon pop? It’s hardly impossible by Robert J. Samuelson. The Washington Post. January 15, 2020. https://www.washingtonpost.com/opinions/2020/01/15/how-much-global-debt-is-too-much/

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