The volume of public debt worldwide has sharply increased in the last 25 years, rising from 19.7 trillion dollars in 2000 to 111 trillion dollars in 2025. Thus, the global debt burden has increased more than 5 times during this period.
According to Modern.az, the sharpest jumps were recorded after the 2008 financial crisis and during the pandemic in 2020. The main share in the formation of global debt falls on the USA and China. The public debt of the USA is 38.3 trillion dollars, and China's debt is 18.7 trillion dollars. These two countries together form approximately 51 percent of the total public debt worldwide.
According to the information, several main stages are distinguished in the increase of debt. In 2000–2007, the growth was relatively moderate, parallel to the global economy. In 2008–2009, a sharp jump occurred due to the financial crisis. The years 2010–2012 were marked by the debt crisis in Europe. In 2013–2019, borrowing increased against the background of low interest rates. In 2020, a record level of growth was recorded due to the COVID-19 pandemic. In 2022–2025, high interest rates increased the cost of servicing the debt.
As for the situation in individual countries, the USA sharply increased its debt after 2020 against the background of economic stimulus measures. China, on the other hand, rapidly expanded borrowing mainly due to infrastructure projects, with an average annual increase of approximately 18 percent. Although Japan partially reduced its debt in dollar terms after 2012, it remains one of the countries with the highest debt level relative to GDP. In the European Union, after the previous phase of reduction, debt has increased again towards 2025 due to energy and defense expenditures.
