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GLOBAL DEBT REPORT 2025
Financing growth in a challenging debt market environment
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Governments and companies borrowed USD 25 trillion from markets in 2024, which is USD 10 trillion more compared to the pre-COVID period. Higher and more expensive sovereign and corporate debt risks restricting capacity to finance future investment needs.
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Inflation continues to linger in many countries
Inflationary pressures persist in many economies, with headline inflation recently turning up again in an increasing share of economies. Services price inflation has stayed elevated, with a median rate of 3.6% across OECD economies.
Over 2025-26 inflation is projected to be higher than previously expected, although still moderating as economic growth softens. Headline inflation is projected to fall from 3.8% in 2025 to 3.2% in 2026 in the G20 economies. Underlying inflation is now projected to remain above central bank targets in many countries in 2026.
Elevated geopolitical tensions remain an important near-term adverse risk, particularly if the evolving conflicts in the Middle East were to intensify and pose risks to the security of oil supplies from the region. An unexpected sharp oil price rise would raise global inflation substantially and hit confidence and growth, especially in oil importing countries.
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