Global debt jumps to $348 trillion.. Who are the largest borrowers?
The volume of global debt has risen to a record level of 348 trillion Dollarsby the end of 2025, after adding debt of about $29 trillion that year, recording the fastest annual borrowing pace since the peak of the Corona pandemic, according to a report issued by the Institute of International Finance.
The Institute indicated in its latest report on the state of global debt that governments were the main driver of this rise, as they contributed more than $10 trillion, and were The United States, China and the Eurozone are responsible for about 75% of this increase.
The data indicate that the global debt cycle has become driven less by households or companies, and more by persistent fiscal deficits in major economies, as bond markets absorbed record debt sales at the beginning of the year.
The report stated that global debt, as a proportion of GDP, declined slightly to about 308% of GDP in 2025, driven mainly by growth. Advanced economies.
On the other hand, debt ratios in emerging markets continued to rise, reaching a record level exceeding 235% of GDP.
It is expected that The International Monetary Fund, in its January 2026 World Economic Outlook update, estimated global growth at about 3.3% in 2026, with advanced economies growing at about 1.8%, and emerging markets at more than 4%.
The Institute of International Finance estimated that emerging markets face more than $9 trillion in debt recoveries in 2026, a record burden, while major markets face more than $20 trillion in maturities. Bonds and loans.
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