The global debt ballooned to a record high of more than $250 trillion and shows no sign of slowing down, according to a new report from the Institute of International Finance (IIF), which warned that this massive debt could impact international efforts to mitigate climate change.
Worldwide debt surged by $7.5 trillion in the first half of 2019, urging researchers to predict that the global debt would exceed $255 trillion by the end of the year.
The bulk of the global debt -- or more than 60% -- is from the U.S. and China, the report released on Thursday found. Meanwhile, emerging markets debt also hit a new record high of $71.4 trillion.