In 2020, the coronavirus pandemic drove global debt up by $24.1 trillion, or 9.4%, to $281.5 trillion as of January 1 this year, Report informs, citing the Global Debt Monitor record of the Institute of International Finance (IIF).
According to the document, the annual growth covers 61 countries and is more than ¼ of the $88 trillion increase in global debt over the past ten years.
Last year, the ratio of global debt to the value of world gross domestic product (GDP) increased by 35 percentage points and exceeded 355%. This year, the dynamics are expected to slow down.
As of the reporting date, states were responsible for $82.3 trillion of global debt, non-financial companies for $80.6 trillion, financial companies for $67.5 trillion, and households for $51.1 trillion.
Moreover, developed countries accounted for $203.7 trillion (+11.4%) in global debt, while developing countries - for $77.7 trillion (+4.2%).