Global debt surges to an all-time record of US$281 trillion in 2020
Institute of International Finance cites massive government aid and decline in state, corporate revenues
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GLOBAL debt soared by a whopping US$24 trillion to an all-time record of US$281 trillion, or 355 per cent of gross domestic product (GDP) in 2020.
Massive government aid and the decline in state and corporate revenues caused the borrowing surge, which raised the total above earlier estimates, according to the Institute of International Finance (IIF).
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