Global debt hits new record

Global debt hits new record

Total worldwide debt sat close to a record $253 trillion by the end of 2019, the Institute of International Finance estimated.

This represented an increase from $250.9 trillion at the end of the second quarter of 2019.

"Spurred by low interest rates and loose financial conditions, we estimate that total global debt will exceed $257 trillion in the first quarter of 2020, driven mainly by non-financial sector debt," the IIF said in the report. 

The amount works out at around $32,500 for each of the 7.7 billion people on planet and more than 3.2 times the world’s annual economic output, but the staggering numbers don’t stop there, Reuters reported.

According to the Institute of International Finance, global debt is expected to climb to a new all-time high of more than $257 trillion in the coming months.

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