In Turkey, household debt increased, companies’ debt decreased
The Institute of International Finance (IIF) published its Global Debt Monitor report. According to the report, the global debt amount was calculated as 307.4 trillion dollars in the third quarter of this year.
The global debt amount was recorded as 289 trillion dollars in the same period last year.
WHICH COUNTRIES WERE AFFECTED?
During this period, the increase in the global debt amount was influenced by the large increase in the debt of developed economies such as the USA, Japan, France and the UK, and developing countries such as China, India, Brazil and Mexico.
When looked at on a sector basis, it was seen that the increase in debt levels became more evident in the public sector. Fiscal budget deficits remained well above pre-pandemic levels in many developed and developing economies.
It was estimated that global debt would reach $310 trillion by the end of the year. The ratio of global debt to the total GDP of countries remained flat during this period, reaching 333 percent.
While the total debt of developed economies increased to 206 trillion dollars, the total debt of developing economies reached 101.3 trillion dollars. The ratio of total debt to GDP was recorded as 255 percent in developing economies.
HOUSEHOLD DEBT INCREASED IN TURKEY
In Turkey, when the ratio of debts to GDP is taken into account, household debts increased from 11.6 percent to 12.3 percent in the third quarter of the year compared to the same quarter of the previous year, while debts of non-financial companies increased from 60.1 percent to 53 percent. , public debts decreased from 37.1 percent to 33.8 percent, and debts of financial companies such as banks decreased from 22.1 percent to 17.8 percent.
