November 19, 2020, by Pamela Heaven
A new report by the Institute of International Finance reveals that Canada saw the biggest jump in non-financial sector debt this year, beating Japan, the U.S. and the U.K.
Overall, global debt has soared by over $15 trillion between January and September of this year, hitting a new record of more than $272 trillion.
Canada, Japan and the U.S. saw the biggest increases in debt-to-GDP ratios ranging from more than 75 percentage points in Canada to 45 percentage points in the U.S.
Understandably amid a pandemic, government debt is the biggest driver, climbing the most in Canada, Japan, the U.S. the U.K. and Spain. But Canada also showed the largest increases in household and non-financial corporate debt.
What does this mean?
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