The world’s two largest economies were the heaviest borrowers in the first three months of this year as global debt climbed to above $305 trillion, the Institute of International Finance (IIF) reported on Wednesday.
Its data showed that China’s debt increased by $2.5 trillion over the first quarter and the United States added $1.5 trillion. The total debt in the Eurozone declined for a third consecutive quarter, the IIF said.
According to the analysis, many countries, both emerging and developed, are entering a monetary tightening cycle with high levels of dollar-denominated debt.
“As central banks move ahead with policy tightening to curb inflationary pressures, higher borrowing costs will exacerbate debt vulnerabilities,” the IIF report said. “The impact could be more severe for those emerging market borrowers that have a less diversified investor base,” it added.
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