Global debt hit all-time high with $255 trillion in 2019, topping 322% of gross domestic product (GDP), the Institute of International Finance (IIF) said on Tuesday.

“Following a moderate rise of $3.3 trillion in 2018, the pace of debt accumulation was much faster at over $10.8 trillion in 2019,” the IIF said in a statement.

Governments have accounted for the lion’s share of the rise in global debt since 2007, from less than $35 trillion to $70 trillion last year. The U.S. and China accounted for over half of this increase.

Emerging markets (EM) added over $3.4 trillion to

Read more: Global debt hits record high with $255T in 2019