The Institute of International Finance (IIF) released a latest report on February 27, showing that as of the end of 2025, the global total debt scale has soared to a record 348 trillion US dollars, an increase of nearly 29 trillion US dollars compared with 2024, with a growth rate the fastest since the early stage of the 2020 epidemic.

The report points out that debt growth is mainly driven by the government sector. In order to stimulate the economy and cope with the high interest rate environment, various countries have continuously expanded fiscal expenditure, leading to a significant increase in the proportion of government debt. At the same time, the debt of enterprises and households has also increased with the recovery of economic activities. By region, the debt scale of developed economies accounts for more than 60%, and the debt pressure of emerging markets is also continuing to increase.

The high global debt has aroused widespread concern. Analysis believes that in the global high interest rate environment, the interest expenditure of huge debts will become a heavy burden on the finances of various countries, which may inhibit future economic growth and increase potential risks in the financial market. With the Federal Reserve and other major central banks planning to cut interest rates, the market expects that the pressure on debt costs will be alleviated to some extent, but how to balance stimulating the economy and controlling debt risks is still a common challenge facing countries around the world.