Mature markets push global debt to record near $346 trillion, says IIF

By Rodrigo Campos

NEW YORK, Dec 9 (Reuters) – Developed markets led a borrowing push that lifted global debt to near $346 trillion at the end of the third quarter, while a pending ruling on the legality of U.S. tariffs could force even more U.S. issuance, a banking trade group said.

The ‍Institute of International Finance said total debt reached $345.7 trillion by the end of September, equivalent to about 310% of global GDP, a relatively steady ratio since mid-2022. A softer U.S. greenback helped inflate the value of most local-currency liabilities when translated into dollar terms.

“Most of the overall rise came from mature markets, where debt accumulation has accelerated rapidly this year as key central banks ease policy,” said the report co-authored by Emre Tiftik, director of sustai