According to the IIF's broad definition, global debt will reach $348 trillion by the end of 2025, approximately 308% of GDP. Of this, government debt will be $106.7 trillion, non-financial corporate debt $100.6 trillion, and the remainder includes household and financial sector debt. In 2026, governments and businesses are projected to raise $29 trillion from the bond market, with 78% of OECD government bond issuance used to repay existing debt.
