Developing countries' total debt hits a record $ 92.6 trillion 
quarter of 2021 hit a new record, rising to $ 92.6 trillion. China accounted for 80 percent of total growth, Reuters reports, citing a report from the Institute of International Finance.
The Asian country's debt-to-GDP ratio has grown 25 percent from July to September from the end of 2019 and is now 330 percent. China's national debt remained at a record 63 percent of GDP. Total indebtedness of emerging market economies excluding China climbed to a new high of $ 36.4 trillion, mainly due to an increase in government debt.
More than 95 percent of the growth in developing country debt since the end of 2019 has been in local currency bonds. However, the attractiveness of such securities for foreign investors has decreased – now non-residents own bonds in local currency in the amount of 19 percent of the debt (compared to 23 percent at the end of 2019). In Indonesia and Russia, the share of foreign capital declined the most, while demand for bonds from China, Peru and Korea increased.
Despite rising debt from developing countries, global debt fell to 296 trillion after a record in the second quarter … In developed market economies, debt is down $ 1.4 trillion from the last quarter ended in June. The sharpest decline was recorded in Japan and the euro area. However, the current global debt is still $ 36 trillion more than before the pandemic.
In November, the world's largest economy, the United States, again found itself on the brink of default due to a public debt ceiling. Finance Minister Janet Yellen called on Congress to raise or freeze the government debt limit by December 15, otherwise there is a risk of a government suspension due to lack of funds and the inability to pay obligations.