Svmuu News: A report released Wednesday by the Institute of International Finance (IIF) shows that global debt climbed to a record $348 trillion by the end of 2025. Of that total, debt increased by nearly $29 trillion last year alone, marking the fastest annual growth rate since the early days of the pandemic. The data indicates that the current global debt cycle is no longer primarily driven by households or businesses, but is instead fueled by persistent fiscal deficits in major economies. In its latest "Global Debt Monitor" report, the IIF noted that this growth was primarily government-driven, with government debt accounting for more than $10 trillion of last year’s increase. The report noted that the global debt-to-GDP ratio fell slightly to approximately 308% in 2025, driven primarily by developed economies. Meanwhile, the debt-to-GDP ratio in emerging markets continued to climb, reaching a historic high of over 235%.