Global Debt Soars to $313 Trillion; U.S., Europe Drive Surge While Emerging Markets Face Uncertainty
• Global debt reached a record $313 trillion in 2023, up $15 trillion from the previous year, marking tremendous growth over the last decade from around $210 trillion • The U.S., France and Germany were the primary contributors to the debt surge, accounting for 55% of the increase • India, Argentina, China, Russia, Malaysia and South Africa saw notable rises in debt-to-GDP ratios, raising repayment concerns • Uncertainty around U.S. policy rates and the dollar may increase emerging market volatility and borrowing costs • Sovereign bond issuances rebounded in early 2024, but inflation and geopolitical fragmentation risks remain