BREAKING: Global debt soared 7.5 trillion in Q1 2025, to a record 324 trillion, according to IIF data. Emerging markets accounted for 50% of the jump, with total EM debt hitting a record 106 trillion. China was the primary driver of the debt increase, with debt levels rising by ~2 trillion. Over the last 2 years, total world debt has surged by a whopping 20 trillion. Meanwhile, the global debt-to-GDP ratio fell slightly to 325%, the lowest since 2020. However, the ratio for emerging markets hit a record 245%. The debt crisis is a global issue.