A report last month by the Institute of International Finance (IIF) states that global debt is expected to rise to a record $277 trillion by the end of this year as governments and businesses continue their pandemic-related spending. This according to a recent article in Reuters.

In its report, the IIF—whose members include over 400 banks and financial institutions across the globe—said that government spending from developed markets accounted for nearly half of the increase and warns, “There is significant uncertainty about how the global economy can deleverage in the future without significant adverse implications for economic activity.”

Total U.S. debt is expected to reach $80 trillion in 2020, the report states, up from $71 trillion in 2019. It adds that that through the end of next year, approximately $7 trillion of emerging market bonds and syndicated loans will come due, about 15% of which is denominated in U.S. dollars.