(Worthy News) – The Institute of International Finance (IIF) has announced that global debt reached a new record high of $296 trillion in the second quarter of 2021, with total debt rising by $36 trillion in the 18 months since the pandemic began, Zero Hedge reports. Global debt includes government, household, corporate, and bank debt but not derivatives and other exotic products.
The increase in global debt was the steepest in emerging markets, Zero Hedge reports. China’s debt rose by $3.5 trillion in the second quarter to nearly $92 trillion. The emerging-market aside from China saw its debt rising to a new record high $36 trillion in the second quarter; the spike is a result of government borrowing.