Economic conditions & trends

Report: Global Debt Eclipses $100T

MAR 21 2025·Updated MAR 23 2025

Story

Above: Visa, Mastercard, and American Express logos on credit and debit cards next to US one-dollar banknotes. Image credit: Anna Barclay/Contributor/Getty Images News via Getty Images

The Facts

Per an Organization for Economic Co-operation and Development (OECD) report released Thursday, the total outstanding government and corporate bonds worldwide exceeded $100T in 2024, with OECD governments raising $15.7T in fresh borrowing — leading to an additional $3T in debt after repayments.
CEO North America
The Daily Star
Debt service costs across the OECD member nations rose dramatically from 2.4% of national income in 2021 to 3.3% in 2024, surpassing spending on defense.
Reuters
Business Insider
Firstpost
Nearly half of all OECD and emerging market government debt, along with approximately one-third of corporate bonds, will require refinancing by 2027, with low-income countries facing particular risk as over half their debt matures within three years.
OECD
The top five borrowers — the United States, Japan, France, Italy, and the United Kingdom — accounted for more than 85% of gross borrowing in OECD countries during 2024.
OECD
Central bank holdings of domestic sovereign bonds in OECD countries decreased from 29% in 2021 to 19% in 2024, while domestic households' share increased from 5% to 11%, and foreign investors' share grew from 29% to 34%.
OECD
Dollar-denominated borrowing costs have increased significantly, rising from approximately 4% in 2020 to over 6% in 2024, with rates exceeding 8% for high-risk, junk-rated economies.
Reuters
KAOHOON INTERNATIONAL

Sources Split

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RIGHT

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ESTAB

The Spin

Narrative A

The current levels of debt are unsustainable and threaten global economic stability. Organizations like the International Monetary Fund have issued a stark warning that the situation is even worse than anticipated — skewed by an ongoing optimism bias in economic forecasts. This concerning trend could lead to debt levels exceeding current projections by ten percentage points in just a few years. There's an urgent need for action.

World Economic Forum

Narrative B

While rising debt levels may raise alarms, they can be effectively managed through strategic borrowing that targets productive investments and fosters long-term growth. By providing appropriate incentives for corporations to invest in productivity enhancements — and letting the market do its work — the global community can be more resilient and focused on sustainable progress.

OECD