International debt hits historic high of USD 303,000,000

(MENAFN) The Institute of International Finance said on Wednesday that global debt hit an all-time high of $303 trillion the previous year, due to strong growth in developing countries.

According to the institute’s Global Debt Monitor report, the amount has increased by more than $10 trillion compared to 2020, when global debt was $292.6 trillion, largely due to the influence of the coronavirus on the economy of all countries without exception.

On the other hand, global debt-to-GDP ratios fell to around 350% last year from an all-time high of 360% in 2020.

At the end of 2021, household debt stood at $56.9 trillion, non-financial corporate debt at $88.8 trillion, government debt at $88.1 trillion, and financial corporate debt at 69. $800 billion.

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