• The Institute of International Finance report published on Wednesday estimated that the nominal value of global debt declined by some $4 trillion, bringing it fractionally back under the $300 trillion threshold breached in 2021.
• With borrowing costs on the rise, particularly for emerging markets, the retrenchment was driven entirely by wealthier countries though, which as a group saw total debt decline roughly $6 trillion to $200 trillion.
• In contrast, the amount of developing world debt hit a new record high of $98 trillion with Russia, Singapore, India, Mexico, and Vietnam seeing the largest individual rises.