Global debt is expected to soar to a record $277 trillion by the end of the year as governments and companies continue to spend in response to the COVID-19 pandemic, the Institute of International Finance said in a report on Wednesday. The IIF, whose members include over 400 banks and financial institutions across the globe, said debt ballooned already by $15 trillion this year to $272 trillion through September. Total US debt is on track to hit $80 trillion in 2020, the IIF report said, up from $71 trillion in 2019. In the Euro area, debt rose by $1.5 trillion to $53 trillion through September. Emerging market governments' declining revenues have made paying down debt "much more onerous" even amid record low borrowing costs across the globe.

Source: Mint November 18, 2020 15:00 UTC