The total amount of global debt has skyrocketed to a staggering $315 trillion during the first quarter of 2024, as reported by the Institute of International Finance (IIF). This figure is nearly triple the anticipated worldwide Gross Domestic Product (GDP) of $109 trillion for the year 2024. Such levels of indebtedness have not been observed since the historical period of the Napoleonic Wars. If this colossal debt were distributed evenly across the global population, it would imply a debt burden of approximately $39,000 per person. Within this vast sum, household debts, including mortgages, credit card balances, and student loans, total $59.1 trillion. Corporate entities are carrying $164.5 trillion in debt, utilized to fund various business activities, with the financial sector alone bearing $70.4 trillion of that amount. The public debt, which funds government services and infrastructure projects, stands at $91.4 trillion. A considerable majority, being 66% or $210 trillion, of the world’s debt is attributed to advanced economies, with Japan and the United States holding the lion’s share. Emerging market debt accounts for the remaining $105 trillion, with nations such as China, India, and Mexico leading the way in the growth of this debt segment.
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FAQ Section
What is the global debt as of the first quarter of 2024?
The global debt has reached an unprecedented level of $315 trillion as reported by the Institute of International Finance (IIF).
How does the global debt compare to the anticipated global GDP?
The debt is nearly three times the anticipated global GDP for 2024, which stands at $109 trillion.
If the global debt were divided among the global population, what would be the debt per person?
Each individual would have a debt equivalent of around $39,000.
Which countries are the biggest contributors to emerging market debts?
China, India, and Mexico are the primary contributors to the increasing debt levels among emerging market economies.
Which sectors form a significant part of the global corporate debt?
The financial sector is responsible for a substantial segment, accounting for $70.4 trillion of the overall $164.5 trillion in corporate debt.