Global debt surged to record $258 trillion in first quarter of 2020

The IIF said the first-quarter debt-to-GDP ratio jumped by over 10 percentage points, the biggest quarterly surge, to reach a record 331%

Global debt surged to a record $258 trillion in the first quarter of 2020 as economies around the world shut down to contain the coronavirus pandemic, the Institute for International Finance (IIF) said in a report. Debt levels are continuing to rise, it further said.

The IIF, which represents global banks and financial institutions, said the first-quarter debt-to-GDP ratio jumped by over 10 percentage points, the biggest quarterly surge, to reach a record 331 per cent. While the rise in debt levels was well below average quarterly gains seen from 2015 to 2019, the pace of global debt build-up by governments,