Global debt exceeds $ 272 trillion, breaking a record
According to the “Global Debt Monitor” report published by the International Finance Institute (IIF), the global debt amount increased by 15 trillion dollars in three quarters to over 272 trillion dollars. It reached 364 percent of GDP.
In the report of the IIF, it was stated that global debt is expected to reach 277 trillion dollars at the end of the year with a sharp increase in public and corporate debts in the COVID-19 outbreak and reach 365 percent of the world GDP. According to the Institute’s report, when considering their ratio to total GDP, household debt increased to 49.2 percent (47.1 percent in 2019) and non-financial corporate debt to 79.6 percent (in 2019) in the third quarter of the year. 73.7) rose. In the same period, public debt was 77.6 percent (69.1 in 2019) and debts belonging to financial companies such as banks were 65.6 percent (62.8 in 2019).
Developing countries’ debt exceeds 76 trillion dollars
Rising report IIF made emphasis on debt levels with an increase in the debt of non-financial companies in the emerging markets, India, China, South Africa, the total debt including Brazil and Turkey as emerging economies household and the debts of the company was reported to exceed 76 trillion dollars in the third quarter of this year. According to the report, the ratio of emerging markets debt to GDP also increased from 222 percent to 248 percent. In the report of the IIF, it was emphasized that the ratio of debt to GDP in developed markets was 380 percent at the end of 2019, and this ratio increased to 432 percent in the third quarter of the year.
China’s debt exceeds 3 times its GDP
In the report, which includes the increase in the debt of the USA, it was stated that the total debt of the country, which was 71 trillion dollars at the end of 2019, reached 80 trillion dollars this year. In the debt report of the IIF, it was stated that the total debt of the Euro Area increased by 1.5 trillion dollars to 53 trillion dollars. Including the increase in China’s debt level, it was stated in the report that the total debt of the country in 2011 amounted to 200 percent of GDP, which exceeded three times the GDP in the third quarter of the year and reached 335 percent.