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6.2 Debt
The world’s debt has already exceeded $315T and continues to grow. According to the Institute of International Finance (IIF), global debt reached $315T in the first quarter of 2024, almost three times more than the expected global GDP of $109T in 2024. The world has not seen debt of this size since the Napoleonic Wars. If the world’s debt were divided among everyone on the planet, each person would owe about $39,000. Global household debt, which includes mortgage, credit card, and student debt, is $59.1T. Corporate debt, which corporations use to finance their operations, is $164.5T, with the financial sector alone accounting for $70.4T. Public debt, used to fund public services and projects, is $91.4T. About 66% of the world's debt, $210T, is held by advanced economies, with Japan and the US representing the largest shares. Emerging market debt is $105T. China, India, and Mexico are the biggest contributors to debt growth among the countries in this group.
117 RUSSIA Country Report June 2024 www.intellinews.com