Cross-border credit to the US hits highest since 2008

- By Joshua Walker
- 24 Aug 2026

Cross-border bank credit to US borrowers reached 20.2% of GDP at the end of the first quarter – its highest share in 18 years.

The measure rose 52 basis points compared to three months earlier, continuing a much longer increase. After falling below 14% of GDP in 2015, cross-border credit has gradually risen over the subsequent decade.

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