The apparent resilience of the global economy in the face of a series of shocks comes amid dangerously high debt levels
The rising level of international debt has been commented on and cautioned about for some time by official bodies such as the International Monetary Fund (IMF). Even so, warnings have reached a new pitch recently, including in a report from the Institute of International Finance (IIF).
The report, titled “Seismic Shifts in Global Debt Markets”, comes from a financial industry body that is not given to hyperbole. It notes that global debt rose by more than US$21 trillion to a record US$338 trillion in the first half of 2025, its sharpest rise since emergency fiscal reactions to the Covid-19 pandemic led to an unprecedented build-up in global debt five years ago.
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