Global debt surged to a record $250 trillion in the first half of 2019, led by the US and China

Global debt hit a record high of over $250 trillion, led by a surge in borrowings in U.S. and China, according to a new report.

The report, released by the International Institute of Finance on Thursday, showed that global debt surged by $7.5 trillion in the first six months of 2019.

Global debt hit a record high of over $250 trillion in the first half of this year, led by a surge in borrowings in the U.S. and China, according to a new report. Rising debt across the world has been a big concern for investors and has also been flagged as the next breaking point by a number of economists. Record-low interest rates make it extremely easy for corporates and sovereigns to borrow more money.

"If you look at today's economy, there's nothing that's really booming now that would want to bust," Powell said in testimony before the House Budget Committee. "In other words, it's a pretty sustainable picture."

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