Global Debt Jumped to Record $237 Trillion Last Year

Norway, Canada, Sweden, China exceed pre-crisis debt levels
Debt as a percentage of GDP fell thanks to strong growth

Euro, yen, and U.S. dollar banknotes of various denominations are arranged for a photograph in Soka City, Saitama Prefecture, Japan, on Wednesday, Aug. 29, 2012. The dollar headed for a monthly advance versus the yen before U.S. data forecast to show consumer spending rose the most since February.Photographer: Bloomberg/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Alexandre Tanzi

April 10, 2018 at 1:13 AM UTC

Updated on

April 10, 2018 at 2:56 PM UTC

This article is for subscribers only.

Global debt rose to a record $237 trillion in the fourth quarter of 2017, more than $70 trillion higher from a decade earlier, according to an analysis by the Institute of International Finance.

Among mature markets, household debt as a percentage of GDP hit all-time highs in Belgium, Canada, France, Luxembourg, Norway, Sweden and Switzerland. That’s a worrying signal, with interest rates beginning to rise globally. Ireland and Italy are the only major countries where household debt as a percentage of GDP is below 50 percent.