World (The Times Groupe)- The Institute of International Finance (IIF) reported that global debt hit a new high of $305 trillion in the first quarter of 2022, equal to 348% of gross domestic product (GDP).
The figure increased $3.3 trillion from a year ago, largely driven by China (up $2.5 trillion) and the United States (up $1.8 trillion), the IIF said in a statement.
In the first three months of 2022, emerging market (EM) debt is nearing a record $100 trillion, according to the report.
Global debt-to-GDP ratio declined by 15 percentage points year-on-year to 348% in the first quarter due to inflation.
A surge in EM government debt levels has brought debt transparency to the forefront, according to the institution.