The global debt crisis has reached its peak Japan has a gross government debt to GDP ratio of 204.4%, the highest of any major economy in the world. It is followed by Italy (138.4%) and the USA (125.8%); the latter figure is second only to the record high of ~132.0% recorded during the 2020 pandemic. At the same time, the ratio of gross government debt to GDP in France is 118.4%, and in Canada, China and Great Britain - 110.7%, 106.9% and 103.6%, respectively. For comparison, Germany is the only large economy where the rate is lower than 100.0%, standing at 64.6%. Currently, the average among developed economies is 108.2%.

The global debt crisis has reached its peak Japan has a gross government debt to GDP ratio of 204.4%, the highest of any major economy in the world. It is followed by Italy (138.4%) and the USA (125.8%); the latter figure is second only to the record high of ~132.0% recorded during the 2020 pandemic. At the same time, the ratio of gross government debt to GDP in France is 118.4%, and in Canada, China and Great Britain - 110.7%, 106.9% and 103.6%, respectively. For comparison, Germany is the only large economy where the rate is lower than 100.0%, standing at 64.6%. Currently, the average among developed economies is 108.2%.