NEW YORK: The world's two largest economies borrowed the most in the first quarter as global debt rose to a record above US$305 trillion, while the overall debt-to-output ratio declined, data from the Institute of International Finance showed on Wednesday .
"As central banks move ahead with policy tightening to curb inflationary pressures, higher borrowing costs will exacerbate debt vulnerabilities," the IIF report said. Government debt has risen more slowly in the same period, but as borrowing costs rise sovereign balance sheets remain under pressure.
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