World debt soars to record $281 TRILLION in 2020, set to rise again this year – report

The Covid-19 pandemic

The Covid-19 pandemic has added $24 trillion to the global debt mountain over the last year, the Institute of International Finance (IIF) said. Government spending has accounted for about half of the increase.

Corporations added $5.4 trillion to the total, while banks and households accounted for $3.9 trillion and $2.6 trillion respectively.

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