Global Debt Swells to Over $100 Trillion

By Trey Thoelcke Published Mar 10, 8:00AM EDT

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The amount of global debt swelled to more than $100 trillion last year, according to the Swiss-based Bank for International Settlements (BIS), as governments borrowed to lift their economies out of recession and corporations took advantage of record low interest rates. The surge in debt is almost twice the gross domestic product of the United States.

According to the BIS, the global amount of outstanding debt was $70 trillion in 2007. The collapse of the U.S. subprime mortgage market and the bankruptcy of Lehman Brothers resulted in the worst global financial crisis since the Great Depression. Central banks responded by suppressing benchmark interest rates in an effort to spur economic growth.

The governments of nations currently have a total of $43 trillion outstanding in their domestic markets. That is 80% higher than what it was in 2007. The BIS report noted that markets and governments had withdrawn from globalization and cross-border transactions since the economic recession, which has led to overdependence on domestic markets.

About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.