The pace of global debt accumulation accelerated sharply in 2025, marking the fastest increase since the pandemic-era surge. Total global debt rose by nearly $29 trillion, reaching a new all-time high of $348 trillion, with roughly two-thirds of the increase originating in mature markets as deficit spending rose (see below). Debt stocks reached new highs across both advanced and emerging economies, underscoring the broadbased nature of the buildup. As a share of GDP however, global debt ratios declined for a fifth consecutive year—driven primarily by mature markets— easing modestly to around 308% in 2025 […]