International Monetary Fund: General government gross debt-2023

The ratio of public debt to GDP by country in the world as a percentage.
Source: IMF

By the end of 2023, the total volume of global public debt will reach $97.1 trillion, the IMF predicts. This is 40% more than the pre-Covid 2019 figure.

During the Covid-19 pandemic, world governments have launched large-scale financial support programs aimed at stabilizing the labor market and preventing a wave of bankruptcies. However, these measures entailed such an unpleasant consequence as an increase in interest rates, which increases the cost of servicing the public debt.

Countries with the highest levels of public debt (columns from left to right): country name, amount of public debt in billions of USD, % of total global public debt and public debt to GDP ratio (%).
Source: VisualCapitalist

The United States accounts for approximately a third of the world's public debt, and taking into account rising interest rates, servicing it now accounts for 20% of all government spending. This figure is expected to rise to $1 trillion by 2028 and exceed defense spending.

Japan has one of the world's highest public debt to GDP ratios at 255%. In the last twenty years, this figure has significantly exceeded 100%, which was a consequence of demographic trends and high social costs.

General gross debt – percent of GDP:

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