[Data: Global Debt Rises to $348 Trillion, Sovereign Leverage as the Main Driver] According to a report by Cailian Press, the latest data from the Institute of International Finance (IIF) shows that global debt is projected to rise to approximately $348 trillion by the end of 2025, an increase of nearly $29 trillion compared to the previous year, marking the fastest annual growth rate since the early stages of the pandemic. Government debt alone increased by over $10 trillion. The report states that global debt as a percentage of GDP is around 308%. While the ratio has slightly declined in developed economies, it has surged to a record high of over 235% in emerging markets. The current debt expansion is primarily driven by persistent fiscal deficits, with sovereign debt accounting for a larger share, making the global balance sheet more sensitive to interest rate fluctuations and investor confidence. The IIF estimates that by 2026, emerging markets and developed markets will need to repay approximately $9 trillion and over $20 trillion in debt, respectively, keeping global debt pressure at elevated levels.