Global debt jumped by $16 trillion to $233 trillion in the third quarter of 2017, Institute of International Finance reported.

According to the report, private non-financial sector debt in countries like Canada, France, Hong Kong, South Korea, Switzerland, and Turkey hit an all-time high during the period under review.

But global debt to gross domestic product declined for the fourth consecutive quarter amid accelerated global growth. Debt to GDP ratio improved to 318 percent in the third quarter, a 3 percent drop from the record high set in 2016.

“A combination of factors including synchronized above-potential global growth, rising inflation (China, Turkey), and efforts to prevent a destabilizing build-up of debt (China, Canada) have all contributed to the decline,” IIF analysts wrote in a note.

The IIF analysts believe the rising debt could act as a temporary break for central banks trying to raise interest rates in 2018, as it will further push debt servicing costs of highly indebted firms and government up, hurting and limiting economic growth.