On Tuesday, the Institute of International Finance (IIF) issued a report showing that the global debt pile soared by $10 trillion, hitting a record high of $307 trillion in the first half of 2023. The report pointed out that among the markets driving the increase were the US, the UK, and Japan.

According to the IIF, high interest rates now found in most economies has sent the figure surging, making the present debt stock $100 trillion higher than it had been one decade ago.

The report said “After witnessing declines of seven consecutive quarters, the global debt-to-GDP ratio has resumed its upward trajectory in the first two quarters of this year, now hovering around 336% – up from 334% in Q4 2022.”

The report noted that more than 80% of the buildup of debt came from mature markets, with the largest increases registering from the US, Japan, the UK, and France. The IIF went on to note that in emerging markets, the most pronounced rise was seen in China, India, and Brazil.

The report warned that in many emerging market countries, domestic government debt is at “alarming levels.” At the same time, the report said, “consumer debt burdens remain largely manageable in mature markets, allowing additional room for further central bank tightening should inflationary pressures persist.”