Signal Government debt exceeded 100% of GDP in eight advanced economies in 2025

Summary

MGI reports that government debt remains a pressing challenge in many countries even as other kinds of debt ease. As of 2025, general government debt exceeded 100 percent of GDP in Japan, Italy, the United States, France, Canada, Belgium, the United Kingdom, and Spain. China posted the fastest rise in its government debt-to-GDP ratio, up nine percentage points, extending a steep climb seen in recent years. Japan still carries the highest ratio, but it also recorded the largest decline, eight percentage points, as inflation picked up markedly. With interest rates elevated and at or above expected growth rates, the report says the sustainability of this debt is drawing more attention.