The Institute of International Finance (IIF), a financial services trade group, said global debt rose 21 trillion USD in the first half of the year.

China, France, the United States, Germany, Britain and Japan recorded the largest increases in debt, partly due to the US dollar having depreciated by nearly 10% against a basket of major currencies since the beginning of the year.

Emerging markets face a record high of 3.2 trillion USD in bond and loan redemptions in the remainder of 2025, the IIF said.