Global Debt Has Increased By $57 Trillion Since 2007
The level of debt across the world has risen steadily since the onset of the financial crisis, according to a McKinsey and Global Institute study. Since 2007, global debt levels have increased by $57 trillion, reaching $200 trillion in total by the second quarter of 2014. In the fourth quarter of 2007, total debt as a share of GDP stood at 269 percent and this increased to 286 percent by the second quarter of 2014. China in particular has experienced skyrocketing debts. They quadrupled over the past seven years, fuelled by real estate and shadow banking. In 2007, Chinese debt stood at approximately $7 trillion and this reached $28 trillion by the middle of 2014.
