The Coming Surge: Global Debt Heads for New Highs

by Lāsma Kokina

In this paper, we discuss:

• The IMF’s projection that global public debt will reach 100% of world GDP by 2029, amid rising deficits and borrowing costs.
• The growing vulnerability of emerging economies facing acute debt distress, despite lower debt ratios than advanced economies.
• Mounting fiscal pressures from geopolitics, climate shocks, ageing populations, and investment needs.
• The IMF’s push for “smart consolidation”.

Download PDF: Global Debt November 2025