Global debt surpassed 233 trillion U.S. dollars or 250 quadrillion won in the third quarter last year.

According to the Institute of International Finance (IIF) on Sunday, combined debt of advanced nations reached 172 trillion dollars, while that of emerging nations came to 61 trillion dollars as of the end of the third quarter last year.

Global debt soared over the past decade from 162 trillion dollars in the third quarter 2007, up 71 trillion dollars in just ten years.

The IIF said that global debt sharply increased over the decade as countries were struggling to overcome the global financial crisis with low-interest and monetary easing policies.