🚨The global debt bubble continues rising

World debt hit another record in Q1 2025

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Global debt spiked $7.5 trillion in Q1 2025, to a record $324 trillion, according to the latest IIF data. China, France, and Germany were the largest contributors to the rise, while debt fell in Canada, the UAE, and Turkey.

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Emerging markets accounted for 50% of the increase, and their debt reached an all-time high of $106 trillion.

It was driven by China, whose debt soared by ~$2 trillion. At the same time, China's government debt-to-GDP ratio hit 93% and is expected to hit 100% before the end of the year.

Meanwhile, the global debt-to-GDP ratio leveled to 325%, the lowest since 2020.

However, the ratio for emerging markets hit a record 245%.

The debt would have been even higher if not for the weakened US Dollar last quarter.

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