## GLOBAL DEBT MONITOR — Section 1

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### Global Debt Developments
- Total world debt (public plus non-financial private debt stocks) declined 10 percentage points of GDP in 2021, to 247 percent of GDP (US$ 235 trillion).
- This follows the largest one-year increase in global debt in 2020, when it rose by 29 percentage points of GDP.
- The fall in debt in 2021 accounted for one third of the increase in 2020.
- World public debt:
  - Fell from 100 percent of GDP in 2020 to 96 percent of GDP in 2021.
  - Drivers: strong real GDP growth, high inflation, and the withdrawal of COVID-19 fiscal support measures.
- World non-financial private debt:
  - Dropped from 160 percent of GDP in 2020 to 153 percent of GDP in 2021.
  - Driven by lower corporate debt.
  - Corporate debt decline: 4.2 percentage points of GDP.
  - Household debt decline: 1.5 percentage points of GDP.
- Heterogeneity across country groups:
  - Advanced economies (AEs):
    - Total debt declined on average by 10 percentage points of GDP, to 292 percent of GDP in 2021.
    - Declines driven by similar falls in public and private debt.
    - Non-financial corporate debt fell by 4 percentage points of GDP.
    - Household debt fell by 2 percentage points of GDP.
  - Emerging markets (EMs):
    - Total debt-to-GDP fell on average 7 percentage points to 192 percent of GDP in 2021.
    - Private debt reduced by similar size to 130 percent of GDP.
    - Public debt remained broadly stable around 64 percent of GDP.
    - EMs excluding China (EMs ex-China): public and private debt fell, respectively, 4 and 6 percentage points of GDP. Total debt in EMs ex-China fell to 130 percent of GDP in 2021.
  - Low-income developing countries (LIDCs):
    - Total debt increased to 88 percent of GDP in 2021.
    - Public debt remained close to 49 percent of GDP.
    - Non-financial private debt-to-GDP rose, on average, 2 percentage points to 40 percent of GDP.

### Global Debt Drivers
- Primary driver of the decline in world debt-to-GDP ratios in 2021: sharp rise in nominal GDP in the largest economies.
- Fiscal deficits:
  - Declined in 2021 as many countries withdrew fiscal support and collected more revenues, but remained relatively large and continued pushing public debt up in all country groups (October 2022 Fiscal Monitor).
- Contributions to public debt reduction in 2021:
  - Among G-20 public debt, real growth reduced public debt on average by near 4½ percentage points of GDP.
  - High inflation pushed debt ratios down by about 5 percent of GDP.
- Public debt in 2021 remained above 2019 in all income groups.
- Private sector debt reductions:
  - Among G-20 countries, on average the economic rebound shaved off near 7 percent of GDP from private debt.
  - Inflation pushed private debt downwards by more than 6½ percentage points of GDP, partly compensating for the rise in 2020.
- Historical context:
  - The pandemic widened and shifted upwards distributions of contributions from growth and inflation to debt in 2020; in 2021 these contributions moved in the opposite direction but with large variation within and across country groups.

### Deleveraging in Household and Non-Financial Corporate Debt
- Advanced economies (AEs), households:
  - Gradual deleveraging from 81 percent of GDP in 2009 to 73 percent of GDP in 2019.
- Emerging markets (EMs), households:
  - Continued growth in household debt, reaching 41 percent of GDP at the pandemic onset.
  - China: household debt more than doubled, ending 2019 at 56 percent of GDP.
- Non-financial corporate debt:
  - AEs: relatively stable, ending 2019 at 92 percent of GDP—1 percentage point higher than in 2009.
  - EMs: increased from 64 percent of GDP in 2009 to 90 percent of GDP in 2019.
  - China drove the steady increase in EMs non-financial corporate debt between the Global Financial Crisis and the pandemic onset, rising around 30 percentage points and reaching 134 percent of GDP in 2019.

### Debt Transparency
- Fiscal transparency defined: comprehensiveness, clarity, reliability, timeliness, and relevance of public reporting on past, present, and future public finances.
- Debt transparency is fundamental to:
  - Promoting sustainable borrowing and lending practices.
  - Providing a comprehensive view of government outstanding debt and contingent liabilities.
  - Informing debt restructuring processes and supporting accountability for public resource use.
- Challenges in debt transparency:
  - Increased diversity of creditors, new forms of lending, and wider use of confidentiality clauses.
  - Legal frameworks often have few provisions for debt disclosure and reporting.
  - Narrow legal definitions of debt in some countries exclude complex instruments.
  - In many countries, especially LIDCs, only central government debt is reported, excluding state-owned enterprises, local/subnational governments, and extrabudgetary bodies.
  - Inadequate reporting on debt and contingent liabilities undermines fiscal management and accountability, hampers risk assessment, undermines investor confidence, and raises borrowing costs.
  - In some cases, unreported debt represents a large fraction of GDP, posing risks to debt sustainability.

### IMF Global Debt Database (GDD)
- Purpose and coverage:
  - Provides timely and accurate disclosure of debt for a wide range of countries, improving debt transparency.
  - Covers private and public debt for 190 countries, with information dating back to the 1950s.
  - Offers multiple debt series with different coverages and more than doubles the number of countries in existing private debt datasets.
  - Subject to regular checks through bilateral consultations with country officials and IMF country desks.
- Public debt series in the GDD:
  - Covers central government debt, general government debt, and non-financial public sector debt.
  - Public debt series correspond to gross debt and aim to cover all debt instruments owed by general and/or central government as defined in the IMF’s Public Debt Statistics: Guide for Compilers 2011.
  - Instruments covered: (i) loans; (ii) debt securities; (iii) currency and deposits; (iv) insurance, pension, and standardized guarantee schemes; (v) other accounts payable; and (vi) special drawing rights.
  - SOE debt is, in most cases, excluded except where public debt series cover the nonfinancial public sector or when private debt series come from financial accounts (in which case SOEs’ debt may be included in private debt series).
- Private debt series in the GDD:
  - Reports household and non-financial private corporate debt.
  - Private sector debt defined as the gross outstanding stock of all liabilities that are debt instruments, in line with the System of National Accounts 2008.
  - Cross-border debt flows are considered.
  - To improve coverage, an alternative narrower measure focusing on core debt instruments (loans and debt securities) is compiled, mirroring the BIS database.
- Compilation and methodology notes:
  - The GDD builds on the IMF’s Historical Public Debt Database (HPDD), improving it by reporting separate series for general and central government debt, including nonfinancial public sector data where available, filling more than three-quarters of existing breaks in HPDD series, and expanding country coverage by ten countries.
  - The GDD expands the BIS original private debt sample to include 158 countries.
  - Where feasible, original data series are adjusted for differences in definition and coverage; reported series are compiled without recourse to extrapolation, interpolation, or auxiliary regressions.
  - A comprehensive validation exercise is conducted with IMF country desks and officials; discrepancies are addressed by consulting country officials, statisticians, and institutional data compilers (e.g., BIS, OECD, World Bank).

### Aggregate Calculations and Updates
- Aggregate debt-to-GDP ratio computation:
  - For any given year, the aggregate debt-to-GDP ratio for a country group is computed as a GDP-weighted average of individual countries’ debt-to-GDP ratios.
  - Notation summary: if d_i denotes the debt-to-GDP ratio of country i, d is the aggregate debt ratio for the country group, and Y_i^USD refers to each country’s GDP converted in U.S. dollars using the period-average exchange rate, then:
    - d = (Σ d_i * Y_i^USD) / (Σ Y_i^USD).
  - The aggregate weighted-average can change due to changes in debt ratios and/or changes in GDP weights.
  - Adding up all countries’ debt ratios does not necessarily yield the global ratio (Σ d_i ≠ d).
  - The aggregate debt ratio is not necessarily equal to total debt divided by total GDP, both expressed in USD (d ≠ TotalDebt_USD / TotalGDP_USD).
  - Missing data can affect whether subcomponents of total debt sum to the total.
- GDD update frequency:
  - Updated annually during the last quarter of the year following the latest available data.
  - The GDD update reflecting 2021 data is launched during the last quarter of 2022.
  - Rationale: advanced economies typically finalize annual data six months after year-end; emerging markets up to nine months; LIDCs and frontier economies up to a year or two in some cases.
  - When source datasets (e.g., BIS, Eurostat, IFS) no longer update, alternatives and methods are evaluated to update series to the latest available year.

### Frequently Asked Questions (selected)
- What is the IMF Global Debt Database (GDD)?
  - A dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s; result of a multiyear investigative process started with the October 2016 Fiscal Monitor.
- How does the GDD differ from other debt databases?
  - Offers multiple debt series with different coverages (multidimensional approach); more than doubles cross-sectional coverage of existing private debt datasets; integrity checked through bilateral consultations with officials and IMF country desks.
- Which public debt series are available?
  - Central government debt, general government debt, and non-financial public sector debt; gross debt covering loans, debt securities, currency and deposits, insurance/pension/guarantee schemes, other accounts payable, and special drawing rights.
- Which private debt series are available?
  - Household and non-financial private corporate debt; alternative narrower measure focusing on loans and debt securities to expand coverage.
- How is public debt calculated in the GDD?
  - Builds on HPDD, reports separate series for central and general government debt, includes nonfinancial public sector where available, fills breaks, and expands country coverage.
- How is private debt calculated in the GDD?
  - Builds on BIS methodology, expanded sample to 158 countries, private debt defined per SNA 2008; where full coverage is lacking, a core-instruments measure (loans and debt securities) is used.
- Who to contact for questions about the GDD?
  - Refer to the GDD webpage on the IMF website or send an e-mail to IMF-GDD@imf.org.

*Fiscal Affairs Department | International Monetary Fund | December 2022 — Section 1*

### 2022-12-12-global-debt-monitor — Section 2

### Historical contributions of growth and inflation to public debt changes (2005–21)
- Joint contributions to debt changes are presented in percent of GDP for 2005–21.
- Source datasets cited: IMF Global Debt Database, 2022; IMF World Economic Outlook; and staff calculations.

### Time-series snapshots and notable markers (selected)
- Selected aggregated observations for household and public/private totals (2005–21, weighted averages):
  - 2007: Total private+public debt: 195%
  - 2009: Total private+public debt: 215%
  - 2020: Total private+public debt (during COVID-19 Pandemic): 257%
  - 2021: Total private+public debt: 247%
  - 2021 Private: 153%
  - 2021 Public: 96%
- Non-financial corporate (NFC) and household series reported as percent of GDP, weighted averages, 2005–21, with time series for World, AEs, EMs, EMs ex-China, LIDCs, US, China for 2019–2021.

### Aggregate global debt levels and evolution (1970–2021; selected markers)
- Long-run series of Public Debt, Household Debt, NFC Debt, and Private Debt displayed from 1970 through 2021.
- Notable markers:
  - Global Financial Crisis period annotated around 2007–2009.
  - COVID-19 Pandemic annotated at 2020–2021.

### Key time-series snapshots (selected charted values)
- World private debt and public debt totals (selected years shown in figures):
  - 2007: 195%
  - 2009: 215%
  - 2019: 228%
  - 2020: 257%
  - 2021: 247%

### Table 1. Global Public Debt, 2007–21 (Percent of GDP, weighted averages) — selected rows
- World: 2007: 61.2; 2008: 64.1; 2009: 74.8; 2010: 76.9; 2019: 80.9; 2020: 84.1; 2021: 99.8; 85.7
- Advanced Economies: 2007: 71.8; 2008: 78.5; 2009: 91.8; 2010: 98.2; 2019: 105.2; 2020: 105.3; 2021: 124.6; 119.5
- Japan: 2007: 172.8; 2008: 180.7; 2009: 198.7; 2010: 205.7; 2019: 229.1; 2020: 236.3; 2021: 259.4; 262.5
- United States: 2007: 64.6; 2008: 73.4; 2009: 86.6; 2010: 95.1; 2019: 104.7; 2020: 108.8; 2021: 134.5; 128.1
- Emerging Market Economies: 2007: 35.0; 2008: 32.9; 2009: 38.4; 2010: 37.4; 2019: 43.3; 2020: 45.2; 2021: 64.5; 64.0
- China: 2007: 29.2; 2008: 27.2; 2009: 34.6; 2010: 33.9; 2019: 42.6; 2020: 57.2; 2021: 68.1; 71.5
- Low-Income Developing Countries: 2007: 29.2; 2008: 27.3; 2009: 29.6; 2010: 28.0; 2019: 34.8; 2020: 42.9; 2021: 48.6; 48.7

### Table 2. Global Private Debt, 2007–21 (Percent of GDP, weighted averages) — selected rows
- World: 2007: 136.0; 2008: 137.2; 2009: 142.6; 2010: 137.1; 2019: 140.5; 2020: 146.2; 2021: 159.5; 153.5
- Advanced Economies: 2007: 164.0; 2008: 168.0; 2009: 171.8; 2010: 166.8; 2019: 164.2; 2020: 165.3; 2021: 179.6; 174.5
- Japan: 2007: 158.8; 2008: 163.8; 2009: 170.3; 2010: 162.8; 2019: 158.4; 2020: 164.4; 2021: 184.1; 187.1
- United States: 2007: 169.2; 2008: 168.8; 2009: 167.5; 2010: 159.0; 2019: 151.0; 2020: 151.6; 2021: 165.2; 159.1
- Emerging Market Economies: 2007: 67.6; 2008: 71.3; 2009: 81.6; 2010: 83.7; 2019: 107.5; 2020: 123.9; 2021: 136.6; 130.1
- China: 2007: 105.8; 2008: 105.8; 2009: 127.8; 2010: 138.4; 2019: 169.4; 2020: 189.5; 2021: 200.8; 193.6
- Low-Income Developing Countries: 2007: 19.7; 2008: 21.6; 2009: 24.6; 2010: 24.2; 2019: 28.4; 2020: 35.5; 2021: 38.0; 40.0

*Source: IMF Global Debt Database, 2022.*

### Section 1

### GLOBAL DEBT MONITOR — Section 1

### Global Debt Developments
- Total world debt (public plus non-financial private debt stocks) declined 10 percentage points of GDP in 2021, to 247 percent of GDP (US$ 235 trillion).
- This follows the largest one-year increase in global debt in 2020, when it rose by 29 percentage points of GDP.
- The fall in debt in 2021 accounted for one third of the increase in 2020.
- World public debt:
  - Fell from 100 percent of GDP in 2020 to 96 percent of GDP in 2021.
  - Drivers: strong real GDP growth, high inflation, and the withdrawal of COVID-19 fiscal support measures.
- World non-financial private debt:
  - Dropped from 160 percent of GDP in 2020 to 153 percent of GDP in 2021.
  - Driven by lower corporate debt.
  - Corporate debt decline: 4.2 percentage points of GDP.
  - Household debt decline: 1.5 percentage points of GDP.
- Heterogeneity across country groups:
  - Advanced economies (AEs):
    - Total debt declined on average by 10 percentage points of GDP, to 292 percent of GDP in 2021.
    - Declines driven by similar falls in public and private debt.
    - Non-financial corporate debt fell by 4 percentage points of GDP.
    - Household debt fell by 2 percentage points of GDP.
  - Emerging markets (EMs):
    - Total debt-to-GDP fell on average 7 percentage points to 192 percent of GDP in 2021.
    - Private debt reduced by similar size to 130 percent of GDP.
    - Public debt remained broadly stable around 64 percent of GDP.
    - EMs excluding China (EMs ex-China): public and private debt fell, respectively, 4 and 6 percentage points of GDP. Total debt in EMs ex-China fell to 130 percent of GDP in 2021.
  - Low-income developing countries (LIDCs):
    - Total debt increased to 88 percent of GDP in 2021.
    - Public debt remained close to 49 percent of GDP.
    - Non-financial private debt-to-GDP rose, on average, 2 percentage points to 40 percent of GDP.

### Global Debt Drivers
- Primary driver of the decline in world debt-to-GDP ratios in 2021: sharp rise in nominal GDP in the largest economies.
- Fiscal deficits:
  - Declined in 2021 as many countries withdrew fiscal support and collected more revenues, but remained relatively large and continued pushing public debt up in all country groups (October 2022 Fiscal Monitor).
- Contributions to public debt reduction in 2021:
  - Among G-20 public debt, real growth reduced public debt on average by near 4½ percentage points of GDP.
  - High inflation pushed debt ratios down by about 5 percent of GDP.
- Public debt in 2021 remained above 2019 in all income groups.
- Private sector debt reductions:
  - Among G-20 countries, on average the economic rebound shaved off near 7 percent of GDP from private debt.
  - Inflation pushed private debt downwards by more than 6½ percentage points of GDP, partly compensating for the rise in 2020.
- Historical context:
  - The pandemic widened and shifted upwards distributions of contributions from growth and inflation to debt in 2020; in 2021 these contributions moved in the opposite direction but with large variation within and across country groups.

### Deleveraging in Household and Non-Financial Corporate Debt
- Advanced economies (AEs), households:
  - Gradual deleveraging from 81 percent of GDP in 2009 to 73 percent of GDP in 2019.
- Emerging markets (EMs), households:
  - Continued growth in household debt, reaching 41 percent of GDP at the pandemic onset.
  - China: household debt more than doubled, ending 2019 at 56 percent of GDP.
- Non-financial corporate debt:
  - AEs: relatively stable, ending 2019 at 92 percent of GDP—1 percentage point higher than in 2009.
  - EMs: increased from 64 percent of GDP in 2009 to 90 percent of GDP in 2019.
  - China drove the steady increase in EMs non-financial corporate debt between the Global Financial Crisis and the pandemic onset, rising around 30 percentage points and reaching 134 percent of GDP in 2019.

### Debt Transparency
- Fiscal transparency defined: comprehensiveness, clarity, reliability, timeliness, and relevance of public reporting on past, present, and future public finances.
- Debt transparency is fundamental to:
  - Promoting sustainable borrowing and lending practices.
  - Providing a comprehensive view of government outstanding debt and contingent liabilities.
  - Informing debt restructuring processes and supporting accountability for public resource use.
- Challenges in debt transparency:
  - Increased diversity of creditors, new forms of lending, and wider use of confidentiality clauses.
  - Legal frameworks often have few provisions for debt disclosure and reporting.
  - Narrow legal definitions of debt in some countries exclude complex instruments.
  - In many countries, especially LIDCs, only central government debt is reported, excluding state-owned enterprises, local/subnational governments, and extrabudgetary bodies.
  - Inadequate reporting on debt and contingent liabilities undermines fiscal management and accountability, hampers risk assessment, undermines investor confidence, and raises borrowing costs.
  - In some cases, unreported debt represents a large fraction of GDP, posing risks to debt sustainability.

### IMF Global Debt Database (GDD)
- Purpose and coverage:
  - Provides timely and accurate disclosure of debt for a wide range of countries, improving debt transparency.
  - Covers private and public debt for 190 countries, with information dating back to the 1950s.
  - Offers multiple debt series with different coverages and more than doubles the number of countries in existing private debt datasets.
  - Subject to regular checks through bilateral consultations with country officials and IMF country desks.
- Public debt series in the GDD:
  - Covers central government debt, general government debt, and non-financial public sector debt.
  - Public debt series correspond to gross debt and aim to cover all debt instruments owed by general and/or central government as defined in the IMF’s Public Debt Statistics: Guide for Compilers 2011.
  - Instruments covered: (i) loans; (ii) debt securities; (iii) currency and deposits; (iv) insurance, pension, and standardized guarantee schemes; (v) other accounts payable; and (vi) special drawing rights.
  - SOE debt is, in most cases, excluded except where public debt series cover the nonfinancial public sector or when private debt series come from financial accounts (in which case SOEs’ debt may be included in private debt series).
- Private debt series in the GDD:
  - Reports household and non-financial private corporate debt.
  - Private sector debt defined as the gross outstanding stock of all liabilities that are debt instruments, in line with the System of National Accounts 2008.
  - Cross-border debt flows are considered.
  - To improve coverage, an alternative narrower measure focusing on core debt instruments (loans and debt securities) is compiled, mirroring the BIS database.
- Compilation and methodology notes:
  - The GDD builds on the IMF’s Historical Public Debt Database (HPDD), improving it by reporting separate series for general and central government debt, including nonfinancial public sector data where available, filling more than three-quarters of existing breaks in HPDD series, and expanding country coverage by ten countries.
  - The GDD expands the BIS original private debt sample to include 158 countries.
  - Where feasible, original data series are adjusted for differences in definition and coverage; reported series are compiled without recourse to extrapolation, interpolation, or auxiliary regressions.
  - A comprehensive validation exercise is conducted with IMF country desks and officials; discrepancies are addressed by consulting country officials, statisticians, and institutional data compilers (e.g., BIS, OECD, World Bank).

### Aggregate Calculations and Updates
- Aggregate debt-to-GDP ratio computation:
  - For any given year, the aggregate debt-to-GDP ratio for a country group is computed as a GDP-weighted average of individual countries’ debt-to-GDP ratios.
  - Notation summary: if d_i denotes the debt-to-GDP ratio of country i, d is the aggregate debt ratio for the country group, and Y_i^USD refers to each country’s GDP converted in U.S. dollars using the period-average exchange rate, then:
    - d = (Σ d_i * Y_i^USD) / (Σ Y_i^USD).
  - The aggregate weighted-average can change due to changes in debt ratios and/or changes in GDP weights.
  - Adding up all countries’ debt ratios does not necessarily yield the global ratio (Σ d_i ≠ d).
  - The aggregate debt ratio is not necessarily equal to total debt divided by total GDP, both expressed in USD (d ≠ TotalDebt_USD / TotalGDP_USD).
  - Missing data can affect whether subcomponents of total debt sum to the total.
- GDD update frequency:
  - Updated annually during the last quarter of the year following the latest available data.
  - The GDD update reflecting 2021 data is launched during the last quarter of 2022.
  - Rationale: advanced economies typically finalize annual data six months after year-end; emerging markets up to nine months; LIDCs and frontier economies up to a year or two in some cases.
  - When source datasets (e.g., BIS, Eurostat, IFS) no longer update, alternatives and methods are evaluated to update series to the latest available year.

### Frequently Asked Questions (selected)
- What is the IMF Global Debt Database (GDD)?
  - A dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s; result of a multiyear investigative process started with the October 2016 Fiscal Monitor.
- How does the GDD differ from other debt databases?
  - Offers multiple debt series with different coverages (multidimensional approach); more than doubles cross-sectional coverage of existing private debt datasets; integrity checked through bilateral consultations with officials and IMF country desks.
- Which public debt series are available?
  - Central government debt, general government debt, and non-financial public sector debt; gross debt covering loans, debt securities, currency and deposits, insurance/pension/guarantee schemes, other accounts payable, and special drawing rights.
- Which private debt series are available?
  - Household and non-financial private corporate debt; alternative narrower measure focusing on loans and debt securities to expand coverage.
- How is public debt calculated in the GDD?
  - Builds on HPDD, reports separate series for central and general government debt, includes nonfinancial public sector where available, fills breaks, and expands country coverage.
- How is private debt calculated in the GDD?
  - Builds on BIS methodology, expanded sample to 158 countries, private debt defined per SNA 2008; where full coverage is lacking, a core-instruments measure (loans and debt securities) is used.
- Who to contact for questions about the GDD?
  - Refer to the GDD webpage on the IMF website or send an e-mail to IMF-GDD@imf.org.

*Fiscal Affairs Department | International Monetary Fund | December 2022 — Section 1*

### Section 2

### 2022-12-12-global-debt-monitor - Section 2

### Historical contributions of growth and inflation to public debt changes (2005–21)
- Joint contributions to debt changes are presented in percent of GDP for 2005–21.
- Source datasets cited: IMF Global Debt Database, 2022; IMF World Economic Outlook; and staff calculations.

### Household debt in Advanced Economies and Emerging Markets (2005–21)
- Household debt is reported as percent of GDP, weighted averages, 2005–21.
- Selected aggregated observations shown:
  - 2007: Total private+public debt: 195%
  - 2009: Total private+public debt: 215%
  - 2020: Total private+public debt (during COVID-19 Pandemic): 257%
  - 2021: Total private+public debt: 247%
  - 2021 Private: 153%
  - 2021 Public: 96%

### Non-financial corporate (NFC) debt in Advanced Economies and Emerging Markets (2005–21)
- NFC debt is reported as percent of GDP, weighted averages, 2005–21.
- Time series ranges displayed for World, AEs, EMs, EMs ex-China, LIDCs, US, China for 2019–2021, including:
  - 2019, 2020, 2021 values illustrated across country groupings (figures shown in source).

### Aggregate global debt levels and evolution (1970–2021; selected markers)
- Long-run series of Public Debt, Household Debt, NFC Debt, and Private Debt displayed from 1970 through 2021.
- Notable markers:
  - Global Financial Crisis period annotated around 2007–2009.
  - COVID-19 Pandemic annotated at 2020–2021.

### Key time-series snapshots (selected charted values)
- World private debt and public debt totals (selected years shown in figures):
  - 2007: 195%
  - 2009: 215%
  - 2019: 228%
  - 2020: 257%
  - 2021: 247%

### Table 1. Global Public Debt, 2007–21 (Percent of GDP, weighted averages)
- World: 2007: 61.2; 2008: 64.1; 2009: 74.8; 2010: 76.9; 2019: 80.9; 2020: 84.1; 2021: 99.8; 85.7
- Advanced Economies: 2007: 71.8; 2008: 78.5; 2009: 91.8; 2010: 98.2; 2019: 105.2; 2020: 105.3; 2021: 124.6; 119.5
- Euro Area: 2007: 66.0; 2008: 69.7; 2009: 80.4; 2010: 86.0; 2019: 92.1; 2020: 85.8; 2021: 99.0; 97.5
- Japan: 2007: 172.8; 2008: 180.7; 2009: 198.7; 2010: 205.7; 2019: 229.1; 2020: 236.3; 2021: 259.4; 262.5
- United Kingdom: 2007: 43.0; 2008: 50.7; 2009: 64.6; 2010: 75.7; 2019: 85.2; 2020: 84.8; 2021: 103.6; 103.8
- United States: 2007: 64.6; 2008: 73.4; 2009: 86.6; 2010: 95.1; 2019: 104.7; 2020: 108.8; 2021: 134.5; 128.1
- Emerging Market Economies: 2007: 35.0; 2008: 32.9; 2009: 38.4; 2010: 37.4; 2019: 43.3; 2020: 45.2; 2021: 64.5; 64.0
- China: 2007: 29.2; 2008: 27.2; 2009: 34.6; 2010: 33.9; 2019: 42.6; 2020: 57.2; 2021: 68.1; 71.5
- Others: 2007: 36.7; 2008: 34.7; 2009: 40.0; 2010: 38.7; 2019: 43.7; 2020: 51.9; 2021: 61.4; 57.6
- Low-Income Developing Countries: 2007: 29.2; 2008: 27.3; 2009: 29.6; 2010: 28.0; 2019: 34.8; 2020: 42.9; 2021: 48.6; 48.7
- Average 2011-18 (row label present in table)

### Table 2. Global Private Debt, 2007–21 (Percent of GDP, weighted averages)
- World: 2007: 136.0; 2008: 137.2; 2009: 142.6; 2010: 137.1; 2019: 140.5; 2020: 146.2; 2021: 159.5; 153.5
- Advanced Economies: 2007: 164.0; 2008: 168.0; 2009: 171.8; 2010: 166.8; 2019: 164.2; 2020: 165.3; 2021: 179.6; 174.5
- Euro Area: 2007: 153.4; 2008: 159.1; 2009: 167.1; 2010: 166.7; 2019: 164.4; 2020: 160.8; 2021: 174.1; 169.0
- Japan: 2007: 158.8; 2008: 163.8; 2009: 170.3; 2010: 162.8; 2019: 158.4; 2020: 164.4; 2021: 184.1; 187.1
- United Kingdom: 2007: 175.6; 2008: 185.7; 2009: 185.4; 2010: 177.7; 2019: 163.2; 2020: 154.8; 2021: 169.1; 157.8
- United States: 2007: 169.2; 2008: 168.8; 2009: 167.5; 2010: 159.0; 2019: 151.0; 2020: 151.6; 2021: 165.2; 159.1
- Emerging Market Economies: 2007: 67.6; 2008: 71.3; 2009: 81.6; 2010: 83.7; 2019: 107.5; 2020: 123.9; 2021: 136.6; 130.1
- China: 2007: 105.8; 2008: 105.8; 2009: 127.8; 2010: 138.4; 2019: 169.4; 2020: 189.5; 2021: 200.8; 193.6
- Others: 2007: 56.0; 2008: 59.7; 2009: 62.6; 2010: 61.8; 2019: 69.2; 2020: 72.9; 2021: 80.4; 74.0
- Low-Income Developing Countries: 2007: 19.7; 2008: 21.6; 2009: 24.6; 2010: 24.2; 2019: 28.4; 2020: 35.5; 2021: 38.0; 40.0
- Average 2011-18 (row label present in table)

*Source: IMF Global Debt Database, 2022.*

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_Source: https://www.imf.org/-/media/files/conferences/2022/12/2022-12-12-global-debt-monitor.pdf_