Global debt scale climbed to a record 348 trillion dollars by the end of 2025

Odaily According to a report released by the Institute of International Finance (IIF) on Wednesday, global debt climbed to a record $348 trillion by the end of 2025. Of this, nearly $29 trillion was added in the past year alone, marking the fastest annual growth rate since the early stages of the pandemic. The data shows that the current global debt cycle is no longer primarily driven by households or businesses, but is mainly fueled by persistent fiscal deficits in major economies.

The Institute of International Finance noted in its latest "Global Debt Monitor" report that this growth was primarily government-driven, with government debt accounting for over $10 trillion of last year's increase.

The report pointed out that the global debt-to-GDP ratio slightly declined to about 308% in 2025, a move primarily driven by developed economies. Meanwhile, the debt-to-GDP ratio for emerging markets continued to climb, reaching a new historical high of over 235%.