Global debt hits record $337.7 trln in Q2, IIF says

Global debt reached an all-time high of $337.7 trillion at the end of the second quarter, rising by more than $21 trillion in the first half of 2025, the Institute of International Finance (IIF) said.

The surge was driven by easier global financial conditions, a weaker U.S. dollar and a more accommodative stance by major central banks, IIF noted.

China, France, the United States, Germany, the United Kingdom and Japan recorded the largest increases in dollar terms, partly due to the depreciation of the U.S. currency. The dollar has fallen 9.75% this year against a basket of major trading partner currencies.

Debt in emerging markets rose by $3.4 trillion to a record $109 trillion, largely fueled by government borrowing, particularly in the G7 and China.