The coronavirus crisis has caused global debt to rise at an unprecedented pace. In the first nine months of the year governments and companies have embarked on a ‘debt tsunami’, according to new research.
The total level of global indebtedness has increased by $15tn this year, leaving it on track to exceed $277tn in 2020.
The Institute of International Finance expects total debt to reach 365% of global gross domestic product by the end of the year, surging from 320% at the end of 2019.