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Expand chart
Reproduced from Institute of International Finance; Chart: Axios Visuals

The world's debt rose by $3 trillion in the first quarter of 2019 — an almost unprecedented borrowing binge that brought total global debt to $246.5 trillion.

Why it matters: High levels of debt put countries in a vulnerable position in the event of a downturn and could endanger the world's economic recovery, said economists from the Institute of International Finance, which released the study today.

What's happening: Countries had been reducing their debt burdens since the beginning of 2018, when global debt reached its highest level on record, $248 trillion. But Q1's major uptick brought it to nearly 320% of the world's GDP, also near the all-time high, according to IIF's data.

  • Lower global interest rates and increased government spending are fueling the trend.
  • Total U.S. debt rose to a new all-time high of more than $69 trillion — led by federal government debt, which is now over 101% of GDP.
  • The U.S. corporate sector is also issuing more debt, boosted by an increase in bank lending, IIF noted.

What they're saying: "The 2018 slowdown in debt accumulation is looking more blip than trend," Emre Tiftik, IIF's deputy director of global policy initiatives, said in the report, released today.

  • "Helped by the substantial easing in financial conditions, borrowers took on debt in Q1 2019 at the fastest pace in over a year."
  • Further, Tiftik added, there's growing concern that central banks easing policy around the globe will prompt countries to issue more debt. "For some vulnerable low-income countries, debt sustainability is already at risk," he said.

Background: The Fed is expected to lower U.S. overnight interest rates at its policy meeting this month, following rate cuts from the central banks of Australia, India and New Zealand as well as multiple emerging market countries this year.

  • Market analysts are expecting the world's largest monetary authorities to embark on a coordinated effort to loosen policy, as the ECB and BOJ also are expected to cut rates.

Watch this space: Substantial debt growth is taking place in Finland, Canada and Japan, which have seen the largest increase in debt-to-GDP ratios of all countries IIF tracks over the past year. Developed markets, like the U.S., Western Europe and Japan, saw total debt rise by $1.6 trillion in Q1, with debt outstanding now totaling $177 trillion.

Go deeper: One nation, drowning in debt

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Peloton stock tanks on report of production halt

Illustration: Aïda Amer/Axios

Peloton stock fell by as much as 25% on Thursday, following a CNBC report that the connected fitness company will temporarily halt production on its bikes and treadmills.

Why it matters: Peloton is viewed by many as a proxy for consumer behavior in the pandemic era, as its popularity surged when gyms closed and people wanted to exercise at home.

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: No evidence that healthy children, teens need boosters, WHO says — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older.
  5. Variant tracker
Updated 2 hours ago - World

Biden cleans up comments about Russia invading Ukraine

Photo: Doug Mills-Pool/Getty Images

President Biden sought to clarify his suggestion that a "minor incursion" by Russia into Ukraine may not draw the same response as a large invasion, telling reporters Thursday that "Russia will pay a heavy price" if any troops cross the border.

Why it matters: Some officials in Kyiv saw Biden's comments as inviting Russian aggression.