Euro, Hong Kong dollar, US dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration. Wealthy countries as a group saw total debt decline roughly US$6 trillion to US$200 trillion. – Reuterspic: The post-Covid-19 pandemic rebound in world growth and inflation last year meant the amount of debt sloshing around the global economy saw its first annual fall in dollar terms since 2015, a widely tracked study has shown.
In contrast, the amount of developing world debt hit a new record high of US$98 trillion with Russia, Singapore, India, Mexico, and Vietnam seeing the largest individual rises. Breaking the numbers down further, the IIF, a global banking trade group, estimated that the emerging market government debt-to-GDP ratio climbed to almost 65% of GDP in 2022 from just under 64%.
JPMorgan calculated that developed market public sector debt as a share of GDP has surged to 122% from 73% just before the crash and by over 30 percentage points of GDP in 13 of 21 major economies and over 45%-pts in nine of them.
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