Global debt levels jumped in the first quarter of 2019, outpacing the world economy and closing in on last year’s record, the Institute of International Finance said.

Debt rose by $3 trillion in the period to $246.5 trillion, almost 320% of global economic output, the Washington-based IIF said in a report published on Tuesday. That’s the second-highest dollar number on record after the first three months of 2018, though debt was higher in 2016 and 2017 as a share of world GDP. New borrowing by the U.S. federal government and by global non-financial business led the increase.

The pickup suggests that last year’s slowdown in debt accumulation was “more blip than trend,” the IIF said. It published the data as central banks across the world are considering cuts to their already historically low interest rates -- measures intended to spur even more borrowing.

The IIF said that emerging-market borrowing rose to new record of $69 trillion, while debt in developed countries increased by $1.6 trillion in the quarter to $177 trillion. That includes $69 trillion in the U.S., where government borrowing has been on the rise.

Chinese companies continued to trim their large burden, with debt held by non-financial corporations declining to 155.6% of GDP from 158.3% a year earlier. It remains more than double the U.S. level.

In emerging markets generally, business is increasingly relying on short-term borrowing which “leaves some highly indebted firms more exposed to swings in global risk appetite,” the IIF said.