The world's debt problem got a lot worse in 2023, according to a new Institute of International Finance report, hitting a fresh record of $313 trillion.
Global debt has surged to a record high of $313 trillion (£248 trillion), as higher interest rates drive up borrowing costs for companies and governments worldwide.
Donald Trump’s threat to encourage Russia to attack alliance members which are failing to ‘pay their bills’ has horrified leaders across the West. As the need for increased defence spending rises, pressure is being piled on national budgets that are already stretched thin.