Foreign media: Over the past two decades, government debt levels across countries have shown clear divergence.
According to the International Monetary Fund's October 2025 World Economic Outlook, the global public debt-to-GDP ratio rose from 68% to 95%, but with significant variations among countries. Advanced economies such as the United States, the United Kingdom, and France experienced rapid debt increases—125%, 117%, and 103% respectively—while Japan reached an extraordinary 230%, primarily due to aging populations, prolonged fiscal deficits, and large-scale stimulus policies.
China's debt ratio increased from 26% to 96%, while Brazil and South Africa also saw substantial rises. Meanwhile, some countries successfully reduced their debt burdens—for example, Turkey cut its ratio from 50% to 24%, and Saudi Arabia from 37% to 29%, demonstrating that fiscal consolidation remains achievable.
The share of debt in advanced economies rose from 76% to 110%, while emerging markets and developing economies saw their debt ratios climb from 41% to 73%. With rising borrowing costs and slowing economic growth, this growing debt divergence may have deeper implications for global economic stability.
Original article: toutiao.com/article/1864637372034116/
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