Global debt grew by $8.3 trillion in the first quarter of 2023 to a near-record high of $305 trillion.
The IIF said the combination of such high debt levels and rising interest rates has driven up the cost of servicing that debt, triggering concerns about leverage in the financial system.
"At close to $305 trillion, global debt is now $45 trillion higher than its pre-pandemic level and is expected to continue increasing rapidly," the IIF said. HIROSHIMA, JAPAN - MAY 17: People walk beneath a banner promoting the Group of 7 summit at a shopping street on May 17, 2023 in Hiroshima, Japan. The G7 summit will be held in Hiroshima from 19-22 May. The global debt pile grew by $8.
The finance industry body said the combination of such high debt levels and rising interest rates has driven up the cost of servicing that debt, triggering concerns about leverage in the financial system. Central banks around the world have been hiking interest rates for over a year in a bid to rein in sky-high inflation. The
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