Global Debt Surges 50% in a Decade, Outpacing GDP Growth

Global debt has soared by nearly 50% over the past decade, surpassing $318 trillion by the end of 2024, according to the International Institute of Finance (IIF). This increase outpaced global GDP growth, which rose by 46% to $110 trillion, based on International Monetary Fund (IMF) data, CE Report quotes Anadolu Agency

Debt now stands at nearly three times the world’s GDP, with government borrowing seeing the largest jump—up 67.7% to $95.3 trillion. Household debt increased by 50%, while corporate debt climbed 45%. Financial sector debt saw a more moderate rise of 33.4%.

The economic impact of the COVID-19 pandemic played a key role in the debt surge. While global GDP shrank by 2.5% in 2020, debt spiked by 13% that year and has since grown by 23.2%, reaching $318.4 trillion.

Debt Trends Across Major Economies

• United States: Debt surged by 62.5% to $97.8 trillion, accounting for nearly a third of global debt, while GDP grew by 58.4%.
• Eurozone: Debt increased by 22% to $54.5 trillion, with GDP rising faster at 38.5%.
• China: Debt more than doubled, climbing 123.4% to $62.4 trillion, while GDP expanded by 64.5%.
• Russia: Debt rose by 67.7% to $2.6 trillion, with a 60.3% GDP growth.

Emerging markets experienced the steepest rise in borrowing, with total debt jumping 92.7% to $103.7 trillion, while mature economies saw a more moderate 34.3% increase.

Despite a booming global trade environment—doubling from $16 trillion to $33 trillion over the past decade—debt accumulation continues to outpace economic expansion, raising concerns over long-term financial stability.