Institute of International Finance's global debt monitor estimated government support programs were half of the rise, while global firms, banks and households added $5.4 trillion, 3.9 trillion and $2.6 trillion respectively.
During the 2008-2009 financial crisis the debt-to-GDP jumped 10 percentage points in 2008 and 15 percentage points in 2009. In 2020, the world increased debt by 35 points from 320 to 355%. The debt spending is still increasing in 2021.
Global government debt is expected to increase by another $10 trillion this year and surpass $92 trillion. It is highly likely total world (government, corporate, bank and household debt will pass $300 trillion by the end of 2021.
What Does All of This Debt Mean?
There is no meaningful country or region that does not have a lot of debt. The US, Europe, Japan and China all have a lot of debt.
There has been no political will to actually pay down debt. The best achievement was to hold debt to GDP stable for a decade.