The amount of global government debt continues to rise, with the bulk of the growth being fueled by the U.S., China, Brazil and India, according to a Standard & Poor’s report cited by Reuters.

The rating agency said the stock of global government debt was expected to rise 2% to $42.4 trillion in 2016, with the amounts being repaid to be outstripped by new borrowing of $6.7 trillion.

The U.S. will likely increase its borrowing by 8% or $163 billion, while China will likely increase its borrowing by 18% or $51 billion. Emerging market borrowing will increase by 9.4% or $587 billion, led by China, Brazil and India, with the total EM debt stock rising to $6.8 trillion by the end of the year.

Brazil will post the biggest absolute increase in annual borrowing in 2016, S&P said, forecasting an increase of 8% or $14 billion.

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Poland’s borrowing will likely rise by 38% or $12 billion, and India’s will likely rise by 8% or $12 billion.

Other countries, including Japan, Canada, the U.K., Mexico, and Ukraine are expected to decrease their borrowings. The euro zone’s borrowing will likely fall by 6%, though its overall debt stock will rise to just over 7 trillion euros as its members borrow more than they repay.

S&P expects that global annual issuance will likely fall to $6.745 trillion from $6.899 trillion in 2015 though, with $4.9 trillion of debt maturing, the $1.7 trillion net increase will keep the overall debt stock rising.

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