LONDON — Global debt is on course to end 2019 at a record high of more than $255 trillion, the Institute of International Finance estimated on Friday -- nearly $32,500 for each of the 7.7 billion people on planet. The amount, which is also more than three times the world's annual economic output, has been driven by a $7.5 trillion surge in the first half of the year that shows no signs of slowing. Around 60% of that jump came from the United States and China. Government debt alone is set to top $70 trillion this year, as will overall debt (government, corporate and financial sector) of emerging-market countries. "With few signs of slowdown in the pace of debt accumulation, we estimate that global debt will surpass $255 trillion this year," the IIF said in a report.

Source: International New York Times November 15, 2019 19:31 UTC