Global debt could rise to a record $277 trillion

Global debt is expected to soar to a record $277tn by the end of the year as governments and companies continue to invest heavily in the fight against COVID-19, the Institute of International Finance (IIF) said in a report.Government spending accounted for nearly half of the increase.Developed markets’ overall debt-to-GDP ratio jumped from 380 per cent at the end of 2019 to 432 per cent in the third quarter of this year, while emerging markets’ ratio reached almost 250 per cent.