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Abbas Ganbay

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The latest report from the International Institute of Finance (IIF) said that the amount of global debt exceeded $307 trillion in the third quarter of this year, and the figure is expected to reach $310 trillion by the end of the year, Azernews reports.

The amount of global debt in the same period last year was $289 trillion, IIF said, citing the report. The countries with the most debt are the US, Japan, France, the UK, China, India, Brazil, and Mexico. On a sectoral basis, public debt is on the rise this year. And global debt as a share of GDP was 333 percent.

The report emphasises that the amount of global debt will continue to move upward against the backdrop of weak global economic growth and easing inflationary pressures. As for the details of the sectoral base, during the reporting period, personal debts totaled $57.9 trillion, debts of non-financial companies were $91.1 trillion, public sector debts were $88.1 trillion, and debts of financial institutions were $70.3 trillion. The debts of developed countries rose to $206 trillion and those of developing countries to $101.3 trillion. Of the latter, the debt-to-GDP ratio was 255 percent.

The IIF stressed that the populist behaviour of politicians in some countries could further increase debt levels.

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