Global debt

Main article: World Economy

National debt of countries

• UK national debt
• German national debt
• National debt of Spain
• National debt of Italy
• National debt of China
• National debt of Russia
• US National Debt
• National debt of Ukraine
• National debt of Japan

2025

Global debt for the year grew by $29 trillion and reached a record $348.3 trillion

In 2025, global debt increased by almost $29 trillion, reaching $348.3 trillion, a new record. The growth rate was the highest since the beginning of the COVID-19 pandemic. This is stated in a study by the Institute of International Finance (IIF), the results of which were published on February 25, 2026.

Analysts take into account the obligations of states, households, financial and non-financial companies. According to estimates, the global public debt at the end of 2025 amounted to $106.7 trillion against $96.3 trillion a year earlier. Corporate debt of non-financial organizations reached $100.6 trillion, and household liabilities on a global scale - $64.6 trillion. In developed markets, total debt amounted to $231.7 trillion, in developing regions - $116.6 trillion: both of these indicators became record.

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Фото: Freepik

The IIF report says that global debt in the formed environment is less determined by the obligations of households or companies and more so by sustainable budget deficits of the world's largest economies. The share of private sector debt in 2025 decreased from the peaks reached during the COVID-19 pandemic, while public debt continues to grow. In the corporate sector, the new driver of borrowing and activity in the capital markets is the growth of investment in artificial intelligence.

Government borrowing accounted for more than $10 trillion of the total increase in global debt in 2025, with China, the United States and the eurozone providing almost three-quarters of the growth. In Europe, rising public debt was concentrated in France and Italy, followed by Germany. The ratio of debt to GDP in 2025 decreased to 308% - primarily due to countries with developed economies. In emerging economies, the figure reached a record 235% of GDP.^[1]

Global debt jumps to record $337 trillion or 324% of global GDP

Global debt reached a record $337.7 trillion in the second quarter of 2025, an increase of more than $21 trillion since the beginning of the year.

The largest growth occurred in, China,, France, and USA. Germany Britain Japan The debt-to-debt ratio GDP remains above 324%, and in emerging markets it has reached a record 242.4%. The total debt of these countries exceeded $109 trillion.

The growth is mainly due to public debt, especially in the so-called G7 countries and China. By the end of 2025, emerging markets will have to repay about $3.2 trillion dolgov.ㅤ

Earlier, global debt in the first quarter of 2025 jumped to a record high of $324 trillion.

2024

Total non-financial debt of the largest countries: Japan, France and the Netherlands in anti-leaders

Under total non-financial debt, the total obligations of business, the state and the population in loans and bonds are assumed.

By the end of the first quarter of 2024, the exorbitant debt burden in China was 290% of GDP, and among the largest countries the higher debt burden in Japan was 400%, in France - 315%, the Netherlands - 316%, Belgium - 294%, Switzerland - 297% and Singapore - 346%.

This is the case when the amount of debt matters. In the United States, it is necessary to serve over $70.7 trillion, in China - $51.1 trillion, in the Eurozone - $37.2 trillion, in Japan - $15.8 trillion, in France - $9.7 trillion, Germany - $8.1 trillion, Britain - $7.9 trillion, Canada - $6.7 trillion, India - $6.5 trillion, and in Italy - $5.5 trillion, all other countries have obligations less than $5 trillion.

Before the COVID-19 pandemic, China had commitments of 34.5 trillion, in 2015 - 24 trillion, in 2010 - 10 trillion, and in 2007 - less than 5 trillion. China has lost ten in 15 years!

According to the experience of countries with developed economies, the maximum depth of implementation of non-financial debt is 250-270% with structural transformation - replacement of private public debt.

China has already reached the threshold, as Japan once did (the level of 300% in Japan 15 years ago), when the ability to reproduce debt sharply decreases with the aggravation of debt problems and the exhaustion of the development model through debt expansion.

The United States has practically not changed its debt burden since the 2008-2009 crisis, stabilizing total non-financial debt at 255% of GDP (in 2010-2019 it averaged 252%), in the Eurozone there is a decrease to a minimum from 2009-236% (in 2010-2019 it was 262%).

A similar trend is observed in Britain, whose debt burden fell to 233% of GDP (at least from 2008 to the fiscal expansion cycle), compared with 266% in 2010-2019.

In Australia, debt has stabilized by 221% of GDP, which is comparable to the long-term level in 2010-2019 about 219%, and in Canada debt has grown to 311% of GDP, which is 29 pp higher than in 2010-2019.

The national debt of the countries of the world exceeds $100 trillion

Global public debt in 2024 will exceed $100 trillion, the IMF said in October 2024.

The fund is calling on big economies to take tougher action as debt approaches 100% of global GDP by the end of the decade.

The growth of public debt is in all countries, with the exception of Germany, Holland, Switzerland and Sweden.

The highest public debts among large countries: Japan - 218% of GDP, USA - 117%, France - 111.8%, Spain - 105.3% and Britain - 101.3%.

The most significant increase in public debt in 5 years (Sen.24 to Sen.19) in percentage points: China - 27.7, Britain - 16.8, Japan - 16.7, Canada - 14.7, USA - 13.2 and France - 11.9 pp.

The national debt of China accelerates by 5-7 pp annually and reached 87.4% of GDP, which is comparable to the national debt of the Eurozone, but if in Europe since 2011 unchanged, China during this time increased the national debt by 54 pp from 33.5 to 87.4%.

The high level of public debt in India is 83.5% with an increase trend in the 15-year trend and in Brazil - 88.6%.

If Western countries have a capacious, liquid and interconnected capital market with cross-funding, deficit coverage and an uninterrupted process, no one guarantees debt refinancing in India and Brazil.

In China, the state is trying to maintain growth momentum through powerful fiscal doping, but this resource is limited and close to exhaustion as it approaches the public debt at 100% of GDP (around mid-2027 can be issued).

The concept of rapid debt escalation almost always ends in crisis, because the economy does not have time to digest the high rates of debt growth, which select the investment potential of business and the consumer potential of households.

2023

Countries with the highest external debt

By the end of 2023, the United States ranked first on the list of countries in terms of total external debt. It reached approximately $35 trillion, or $76,426 per capita. Such data are given in the materials with which TAdviser got acquainted in early August 2024.

"External debt" refers to a general public and private debt owed to non-residents that is repayable in internationally recognized currencies, goods or services. At the same time, public debt is money or loans at any government level - from central to local. In turn, private debt is money or loans owed to households or private corporations.^[2]

External debt includes debt on government securities; loans issued to the state by external creditors; state guarantees for loans received abroad by resident organizations; debt on foreign trade operations of budgetary organizations. The list of countries with the highest external debt includes:

Debt growth of $15 trillion to a record $313 trillion: US, France and Germany anti-leaders of lending

In 2023, global debt grew by more than $15 trillion, reaching a new record level of $313 trillion. 55% of this growth fell on developed markets, mainly in the United States, France and Germany.

The United States accounts for 34% of the world's public debt, China - 15%, Japan - 11% and a sharp increase in public debt in developing countries

In early January 2024, investors warn governments around the world about "unbearable" levels of public debt. Out-of-control budget deficits are once again becoming a concern for markets.

The deficit "is out of control, and the real story is that there is no mechanism to bring it under control," said Jim Silinski, head of global fixed income at Janus Henderson.

In 2023, the debt crisis is relevant not only in economically developed countries. Over the past 10 years, public debt in developing countries has grown extremely against the background of financial fragmentation and an increase in the cost of servicing debts.

Since 2013, the consolidated public debt of China (taking into account the debts of the central government and regional budgets) has grown from 37 to 83% of GDP, in India the growth of public debt from 67 to 82%, in Brazil the growth from 60 to 88%, in Mexico the growth from 44 to 53%, in Egypt the increase from 80 to 93%, and in Pakistan from 58 to 77% of GDP.

Also, the debt problem is observed in Argentina, where debt increased from 44 to 90%, in Thailand from 43 to 62%, in Malaysia from 56 to 67%, in South Africa an increase from 40 to 74%, in the Philippines the public debt increased from 44 to 58%, and in Colombia an increase from 38 to 55% of GDP.

Source: Spydell Finance

The most serious problem is in China, India, Brazil and Egypt, where public debt is approaching 100% of GDP. In Russia, public debt is one of the lowest in the world - 21% of GDP (the maximum debt burden since 2004).

For comparison, the consolidated public debt for the largest developed countries:

• Japan - 255% of GDP
• Italy - 144%
• USA - 123%
• France - 110%
• Spain - 107%
• Canada - 106%
• Britain - 104%
• Germany - 66%
• South Korea - 54%,
• Australia - 52%.

What is the vulnerability of developing countries? Since 2013, the fragmentation of transnational capital has been increasing, where developed countries are closing in on themselves and developing a cross-funding mechanism (cross-financing of allies), and developing countries are extremely divided and increasingly rely on residents, attracting capital from the domestic market. For example, in Russia, financing of new OFZ issues is almost entirely at the expense of residents.

Secondly, interest rates in developing countries are higher and from 2021 the public debt of 50-70% in developing countries (with the exception of China) is equivalent to 120-170% in developed countries.

Plus, a less developed and capacious financial market, less depth and diversification of the economy.

2022

Singapore and the United States became anti-leaders in public debt per capita. Russia in 94th place

The largest indicator of public debt per capita in 2022 was recorded in Singapore, the United States and Japan, while Russia in this value was in 94th position. This is evidenced by the results of a UN study, released in mid-July 2023.

According to RIA Novosti, in Singapore, the national debt per capita in 2022 reached $117.4 thousand. In second place in the ranking of anti-leaders are the United States - $93 thousand, and Japan closes the top three, where the figure is $88.4 thousand. This is followed by Canada and Belgium, whose public debt per capita amounted to $58.9 thousand and $52.6 thousand, respectively. The top ten also included Iceland ($51.2 thousand), Italy ($49.2 thousand), France ($47.1 thousand), Ireland ($47.1 thousand) and the United Kingdom ($46.6 thousand).

Russia ranked 94th in terms of the amount of public debt per capita

About 3.3 billion people live in countries that spend more on paying interest on debt than on education or health care. But since most of this unacceptable debt is concentrated in poor countries, it is believed that they do not pose a systemic risk to the global financial system, said UN Secretary General Antonio Guterres.

According to the UN, Russia in 2022 took 94th place in terms of public debt per capita with an indicator of $2.98 thousand. Among the BRICS countries, China showed the greatest negative result - approximately $9.9 thousand. India with an indicator of about $2 thousand is in 112th position. The EAEU member states, as RIA Novosti emphasizes, occupy modest positions in public debt per capita. In particular, Armenia has a value of $3.2 thousand - this corresponds to the 90th line in the list. Belarus with an indicator of $3.1 thousand took the 91st line, and Kazakhstan with $2.7 thousand - 99th place. In Kyrgyzstan, in 2022, the national debt per capita was $871 - 139th position.^[3]

The volume of global public debt reached a record $92 trillion

In 2022, the volume of global public debt reached $92 trillion, which is a new record high. This was announced on July 12, 2023 by UN Secretary General Antonio Guterres.

Developing countries are reported to account for a disproportionate portion of that amount. Against this background, the share of private creditors is growing, which set prohibitive interest rates for many states. On average, African countries pay four times more for lending than the US, and eight times more than the richest European countries. The International Monetary Fund (IMF) reports that 36 states are listed in the so-called "debt list," which includes countries already in crisis or on the verge of such.

The volume of global public debt in 2022 amounted to $92 trillion

As Guterres noted, a total of 52 countries - almost 40% of the developing world - are experiencing serious debt problems. He said that even if it seems that this situation reflects little in the markets, ordinary people suffer primarily. The fact is that the poorest countries are often forced to choose between servicing their debt and providing services to the population.

About 3.3 billion people - almost half of humanity - live in countries that spend more on paying interest on debt than on education or health care. When countries are forced to take loans so that their economies survive, debt becomes a trap that leads to a further increase in debt, the UN Secretary General said.

Poor governments, as they say, do not have enough funds to invest in development or renewable energy. A similar situation is one of the results of inequality embedded in an outdated global financial system. Therefore, large-scale reforms are needed to eliminate the existing world problems.^[4]

2021

Global public debt growth by 7.8% - up to $65.4 trillion

In 2021, the global public debt grew by 7.8% to $65.4 trillion, with an increase in borrowing observed in all countries covered in the study.

Meanwhile, the total cost of servicing debt fell to $1.01 trillion, that is, the actual rate was only 1.6%, according to a CNBC study.

In 2022, global spending on servicing public debt is expected to jump by 14.5% to $1.16 trillion.

Analysts at Janus Henderson believe that Britain is stronger than other countries will face an increase in borrowing costs by raising interest rates of the Bank of England and a significant amount of public debt with floating rates tied to inflation.

European countries will also actively place government bonds due to the need to sharply increase government spending on defense in the light of the war in Ukraine, said Bethany Payne, portfolio manager of the company.

By July 2020, it became known that the total sovereign public debt of all countries in 2020 for the first time in history will reach 101.5%.

This forecast is contained in a joint article published by the International Monetary Fund (IMF) by IMF Chief Economist Gita Gopinat and Fund Budget Director Vitor Gaspard.

Global debt growth to $296 trillion

In the second quarter of 2021, global debt rose sharply by about $4.8 trillion to a record level of $296 trillion.

2020

Global debt $277 trillion or 365% of world GDP

According to the Institute of International Finance (IIF) for November 2020, world debt by the end of 2020 will reach a record $277 trillion, which will amount to 365% of world GDP.

Total US debt will reach dollars $80 trillion in 2020, compared to $71 trillion in 2019.

Public debt of all countries reached 98% of world GDP - IMF

Public debt of developed economies returned to record level of World War II - GDP 123.9%

The reason for the next take-off is the COVID-19 pandemic, data for October 2020

2019

World debt $188 trillion or 230% of world GDP

In November 2019, world debt, according to the IMF, reached a record of $188 trillion and more than doubled the volume of world GDP.

Of this amount, two-thirds is private sector debt. The world has not seen this since World War II.

IMF Managing Director Kristalina Georgieva warns that a new credit boom could threaten the economic stability of the world.

188 trillion, dollars which is 230 percent of the cost of all goods and services on the planet. Moreover, an unstable economy is considered already with a debt exceeding 80 percent of GDP.

The structure of the world public debt by country

The structure of the world public debt.% of the total amount of each country in 2019. Russia accounts for only 0.3%. Flowers indicate the ratio of the country's debt to its GDP

Global Public Debt:

• 2008: $31tn
• 2018: $66tn

Notes