Global debt has officially passed a record high of $313 trillion and according to a new study, a group of nations appear to be increasingly at risk of not being able to pay it back.
Global debt soared $15 trillion from Q4 2022 to Q4 2023, says the Institute of International Finance (IIF), as reported by Reuters.
When zoomed out, global debt totaled $210 trillion just a decade ago.
The IIF says 55% of that surge came from “mature markets” led by the US, France and Germany.
And although developed nations triggered a 2% drop in the global debt-to-GDP ratio in the last year, the study says an ominous signal in the data is now flashing for a number of nations.
“…Some emerging markets saw fresh highs in the reading that indicates a country’s ability to pay back debts.
India, Argentina, China, Russia, Malaysia and South Africa registered the largest increases, signalling potential growing challenges in debt repayments.”
Debt sales in emerging markets are on the rise, hitting an all-time high of $47 billion in January of this year.
The IIF believes it’s a precursor to more borrowing and investment activities in Europe and among companies outside the financial sector that drive the economy.
The organization also warns geopolitical tensions remain a “structural market risk” with government deficits remaining “well above” pre-pandemic levels.
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