I just reviewed the latest IIF report, and there's something that really catches the eye: global debt exploded to $348 trillion by the end of last year. This is no ordinary number; we're talking about an increase of nearly one trillion dollars on average each month over the past 12 months.

The most interesting part is that this $29 trillion increase was the fastest since the pandemic began. Major economies simply cannot stop accumulating fiscal deficits, and it's evident in the numbers. Only government debt contributed more than one trillion to the total annual increase, which is quite significant.

Now, there's an interesting detail in the data. Global debt as a percentage of GDP slightly decreased to 308%, but here's the important part: that only happened because developed economies improved their ratio. Emerging markets? Those are in trouble. Their debt reached over 235% of GDP, a historic level reflecting increasingly intense financial pressures in those regions.

In reality, if we look closely at the numbers, what's happening is that while some countries manage to grow faster than their debt, others are falling behind. And that contrast between advanced and emerging markets will probably remain one of the main topics in the coming months. The situation is complex and deserves more attention than it currently receives.