Global debt has reached $315 trillion. According to a report by the global organisation Visual Capital, the global debt has risen to 370% of the total GDP, with a 21% increase in debt from 2020 to 2024.
The report states that this is the highest rate of debt increase in global history, with the largest surge in debt occurring since the onset of COVID-19. Over these five years, global debt increased by $220 trillion.
A significant price reduction and a 50% increase in solar energy usage were recorded.
The report further noted that the U.S. and Japan had the highest debt levels from banks and bonds, with debt reaching 332.7% of GDP by March 2024. As of December 2021, this debt was $304.1 billion, amounting to 347% of GDP.
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Visual Capital’s report revealed that $54 trillion of debt was taken on after COVID-19, which constituted 21% of the total debt. By July 2024, non-financial corporations had borrowed $94.1 trillion.
Government debt stood at $91.4 trillion, the financial sector borrowed $70.4 trillion, and $59.1 trillion was borrowed for private expenditures.
