Global debt balloons by $15 trn this yr, may hit all time high of $227 trn

The estimate is based on a report from the Institute of International Finance whose members include over 400 banks and financial institutions across the globe

Global debt is expected to soar to a record $277 trillion by the end of the year as governments and companies continue to spend in response to the Covid-19 pandemic, the Institute of International Finance said in a report on Wednesday.

The IIF, whose members include over 400 banks and financial institutions across the globe, said debt ballooned already by $15 trillion this year to $272 trillion through September. Governments - mostly from developed markets - accounted for nearly half of the increase.

Developed markets’ overall debt jumped to 432% of GDP in the third quarter, from a ratio of