Global debt hits $244 trillion

The world’s debt pile is hovering near a record at $244 trillion, which is more than three times the size of the global economy, according to an analysis by the Institute of International Finance.

The global debt-to-GDP ratio exceeded 318 percent in the third quarter of last year, despite a stronger pace of economic growth, according to a report by the Washington-based IIF released on Tuesday. That’s slightly below a record 320 percent of GDP in the same quarter of 2016.

With interest rates rising globally, the International Monetary Fund has warned governments to rein in soaring levels of debt and rebuild buffers against future risks.

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