RE:Financial Crises Global Debt Monitor_May2024_vf.pdf (iif.com) Excerpt:
GLOBAL DEBT HIT $315 TRILLION IN Q1 2024 Global debt increased by $1.3 trillion in the first quarter of 2024, reaching a new record high of over $315 trillion— 333% of GDP. This increase marks the second consecutive quarterly rise and was primarily driven by emerging markets, where debt surged to an unprecedented high of over $105 trillion—$55 trillion more than a decade ago. The bulk of the EM debt buildup came from China, India, and Mexico in Q1 2024. Conversely, Korea, Thailand, and Brazil saw the most significant declines in the USD value of their total debt. Total debt levels in mature markets remained broadly stable in Q1, as a reduction in debt by households and non-financial corporations offset the continued rise in government and financial sector indebtedness. The overall increase was primarily concentrated in the U.S. and Japan, followed by Ireland and Canada while the most significant declines were observed in Switzerland and Germany.
, government budget deficits are still higher than pre-pandemic levels and are projected to contribute around $5.3 trillion to global debt accumulation this year.