Global debt reached a new peak of $313 trillion in 2023, according to the Institute of International Finance (IIF). This increase, over $15 trillion from the previous year, saw significant contributions from mature markets, especially the U.S., France, and Germany. While the global debt-to-GDP ratio slightly declined to around 330%, certain emerging markets experienced record highs in their debt-to-GDP ratios, indicating potential repayment challenges. These include India, Argentina, China, Russia, Malaysia, and South Africa. The report mentions that future U.S. Federal Reserve rate cuts could affect market volatility, impacting countries heavily reliant on external borrowing. Despite these challenges, the global economy remains resilient, with a growing appetite for borrowing, especially in emerging markets. Early 2024 saw a record $47 billion in international sovereign bond issuance. The IIF warns of potential inflationary pressures and the impact of geopolitics as "structural market risks," noting that government deficits remain high and regional conflicts could lead to increased defense spending.