IMF：2022年全球債務(wù)總額達到235萬億美元

2023GLOBALDEBTMONITOR

FiscalAffairsDepartment|InternationalMonetaryFund|September2023

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Highlights

.Globaldebtdeclined10percentagepointsofGDPandreached238percentofGDPin2022.InU.S.dollars,globaldebtremainedstableatUSD235trillion.

.Thefallinpublicdebtslowedcomparedtothepreviousyear,asitfell3.6percentagepointsofGDPto92percentofGDPin2022.Thefalloverthelasttwoyearsreversedaboutahalfofthesurge

duringthepandemic.

.Privatedebtbyhouseholdsandnon-financialcorporationsmadethelargestcontributiontothe

overalldecline,asitdropped6.4percentagepointsofGDPto146percentofGDPin2022.Inmanycountries,especiallyinadvancedeconomiesandemergingmarketsexcludingChina,privatedebtisnowbelowtheirpre-pandemiclevels.

.Thetwoyearsoflargedeclines,amountingto20percentagepointsofGDP,onlypartiallyreversedthespikefromthepandemic,asglobaldebtremained9percentagepointsofGDPaboveitspre-pandemiclevelin2022.

.Globaldebtappearstohavereturnedtoitshistoricalupwardtrend.Managingdebtvulnerabilitiesshouldbekey.

RecentDevelopments

1

Totalglobaldebt(publicplusprivatedebt

stocks)fell10percentagepointsofGDPin

2022to238percentofGDP(Figure1and

Table1).InUSdollarterms,debtamountedtoUSD235trillion,orUSD200billionaboveits

levelin2021.Thedeclineinthelasttwoyearsamountedto20percentagepointsofGDP,

supportedbythereboundineconomicactivity,afterasharpcontractionintheearlystagesofthepandemic,andhigher-than-expected

inflation.Nevertheless,thereductioncorrectedabout2/3ofthemassiveincreaseinglobal

debtduringthepandemicin2020.

Theworld’spublicdebtdeclined3.6

percentagepointsto92percentofGDPin

2022(Table2),orjustaboveUSD91trillion.

The8percentagepointsdeclineinthelasttwoyearsoffsetonlyaboutahalfofitspandemic-

1PreparedbyMarcosPoplawski-Ribeiro(teamleader),JiaeYoo(teamco-leader),VictoriaHaver,Youssouf

Kiendrebeogo,RobertoPerrelli,ZhonghaoWei,andChenluZhang,withassistancefromMeronHaile,and

relatedsurge,asglobalpublicdebtremained

7.5percentagepointsaboveits2019level.

Privatedebt,whichincludeshouseholdand

non-financialcorporatedebtstocks,drovethe

overallreduction(Table3).Itdropped6.4

percentagepointsto146percentofGDPin

2022(orclosetoUSD144trillion).Thefallin

globalprivatedebtoverthelasttwoyears,12

percentagepointsincumulativeterms,almost

offsetsthe14-percentagepointssurgein

2020,bringingitcloseto2019levels.

Thedebtdevelopments,however,varied

acrosscountrygroupsandtypesofdebts

(Figure2):

.Advancedeconomies(AEs)ledtheoverall

reduction,astheiraveragedebtfell12.2

percentagepointsto278percentofGDP

in2022.Thefallinprivatedebt

accelerated,in2022,asprivatecredit

undertheguidanceofEraDabla-NorrisandVitor

Gaspar.

2023GlobalDebtMonitor

FiscalAffairsDepartment|InternationalMonetaryFund|September2023

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growthslowedwiththetighteningof

monetarypolicyandfinancialconditions.Householdandnon-financialcorporate

debtsinAEscamedownto74and93

percentofGDP,respectively,closetotheirrespectivepre-pandemiclevels.Public

debtcontinuedtofallin2022to114percentofGDP.It,however,remainedwellaboveitspre-pandemiclevelby8percentagepointsofGDP.

.Debtinemergingmarkets(EMs)excludingChinafell7.6percentagepointstoreach124percentofGDPin2022.AsinAEs,

privatedebtdrovetheoveralldecline.

Privatedebtdroppedby4.5percentage

pointsto69percentofGDP,ashouseholdandnon-financialcorporatedebtsin2022fellbelowtheirrespectivepre-pandemiclevels.Publicdebtdeclined3percentagepointsin2022.However,thedipinpublicdebtoverthelasttwoyearsreversedonlytwo-thirdsofthesurgeseenduringthe

pandemic.Publicdebtstoodat55percentofGDP,still3.3percentagepointsofGPDhigherthanitspre-pandemiclevelin2019.

.Incontrast,debtinChinarose7.3

percentagepointsofGDPto272percentofGDPin2022.Publicdebtkeptrisingin2021-2022,unlikemostothercountries,by7percentagepointstoreach77percentofGDP.Privatedebtincreasedtooin2022to195percentofGDP.Overall,totaldebtin2022rose25percentagepointsofGDP

aboveitspre-pandemiclevel.

.Debtinlow-incomedevelopingcountries(LIDCs)hasnotfallen.Totaldebt

increasedbyabout?percentagepointsofGDPto88percentofGDPin2022.Thiswasdrivenbyasimilarincreaseinprivatedebt,whichreachedanewhighof39

percentofGDPin2022.Meanwhile,publicdebtpersistedat48percentofGDP.FormanyLIDCswithahighshareofforeignborrowing,exchangeratedepreciation

pusheduptheirdebtburdens.Facingtheincreasedfinancingneedsintheaftermathofthepandemicandunderpressureto

respondtothecost-of-livingcrisis,

reducingdebthasbecomemore

challenging.ThesefactorsdeterioratedriskperceptionsforLIDCs,withmarketaccess,contributingtoharsherfinancingtermsinmarkets(Figure3).

Historicaltrendsinglobaldebt

Alreadyin2019,globaldebt-to-GDPratioshadbeenonrisingtrendsforseveraldecades

(Figure4).PublicdebtinAEsfelloveralongperiodin1950-1974,aseconomiesgrewfastaftertheendofWorldWarII.InLIDCs,the

surgeinpublicdebtsin1980sandearly1990swasfollowedbyasignificantdropoverthe

subsequentdecade,aidedbyaslewofdebtreliefandfinancialsupport,oftenaccompaniedbystructuraladjustmentreforms.Evenwith

somehighsandlows,overall,theupward

trendisevident.Sincetheearly1970s,globalpublicdebthastripledfromabout30percentofGDPtoover90percentofGDPby2022.

Globalprivatedebthasbeenonasteadier

historicalrise(Figure5).AnotableexceptionisthedeleveragingfollowingtheGlobal

FinancialCrisis(GFC)inseveralAEs,

especiallyinthehouseholdsectorintheU.S.(Figure6).Overthedecadefollowingthe

GFC,whileprivatedebtsremainedbroadlystableinAEs,theyrosefasterthanbeforeinEMs,remarkablyinChina,andLIDCs,albeitfromarelativelylowlevel.Overall,global

privatedebttripledbetween1960and2022.

Chinahasbeenanimportantforcedriving

globaldebtinrecentdecades.ForChina,

COVID-19islessvisibleinthedebtcharts

thanothercountries,asitsdebthasgrown

since2020unlikeothercountries.Whatis

visibleisdecades-longfastdebtaccumulation.China’stotaldebt-to-GDPratioincreased

almostfour-foldfromaround70percent,in

mid-1980s,closetotheaverageEMlevels

then,to272percentofGDP,closetotheU.S.levelin2022(Table1).IndollartermsChina’stotaldebt(USD47.5trillion)isstillmarkedlybelowthatoftheUnitedStates(closetoUSD70trillion),though.TheriseinChina’sdebt

ratiotoGDPwasunparalleledinotherlarge

2023GlobalDebtMonitor

FiscalAffairsDepartment|InternationalMonetaryFund|September2023

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economies(Figure7)

2

.Theincreasebecameconsiderablysteeperfrom2009onwards,

notablybythenon-financialcorporatedebt

(Figure8).Comparinghistoricaldatatoa

hypotheticalscenariowhereChina’sdebt-to-

GDPratiogrewatthesamerateannuallyas

theaverageamongotherEMshighlightsa

majorcontributionoftheriseinChina’sdebttotheincreaseinglobaldebtsince2008.Over

halfoftheincreaseintheglobaldebt-to-GDPratiointheperiod2008-2022canbeattributedtotherapidincreaseinChina’sdebt-to-GDP

ratioabovetherestofworld(Figure9).

Backontherisingtrend

Alessonfromrecenthistoryappearstobethatoncedebtsurges,itrarelyreturnstothe

previouslevel.

Afterthreeyearsofthe“rollercoaster,”globaldebtislikelytoriseagainoverthemedium-

term,underbusiness-as-usual.The

macroeconomicconditionsthatprovidedgreatrelieftodebtratiosin2021-2022willnotlast(Figure10).ThereboundofrealGDPgrowthisfading.Inflationisprojectedtostabilizeatalowleveloverthemediumterm(July2023

WEOUpdate).Ifglobaldebtresumesitsrisingtrendgoingforward,thedebtrollercoaster

sincethepandemicwilllooknothingmorethanatemporarydeviationarounditslong-term

risingtrend.

Governmentsshouldadoptstrategiestohelpreducedebtvulnerabilitiesoverthemedium

term.Thisincludesvigilantmonitoringof

householdandnon-financialcorporatedebt

burdensandrelatedfinancialstabilityrisks.Toreducepublicdebtvulnerabilities,buildinga

crediblemedium-termfiscalframeworkcan

guidetheprocesstobalanceshort-termspendingneedswithmediumfiscal

sustainability(April2023FiscalMonitor).

LIDCs,inparticular,mayfacegreater

challengesinmanagingdebtvulnerabilities

2OnlyahandfulofsmalleconomiesexperiencedlargerincreasesinprivatedebtthanChinaduringtheperiod

evenatrelativelylowdebtlevels.In2022,

LIDCsspent23percentoftaxrevenueson

averagejusttomakeinterestpayments,astheirtaxrevenueshaveremainedstagnantwhile

debtburdenshaverisen.Improvingtaxcapacityandrevenuemobilizationshouldbeakey

prioritytorestorefiscalsustainability(Benitezandothers,2023).

Moregenerally,raisingmedium-termgrowth

acrosstheglobe(July2023WEOUpdate)

wouldfurtherhelpbringingdowndebtburdens.Structuralreformstoboostpotentialoutputatnationallevelwouldsupportthatgoal.

Internationally,cooperationontaxationand

carbonpricingcouldfurtheralleviatepressuresonpublicfinancingandencouragenecessaryprivateinvestmentsbymobilizingresources.

References

Benitez,JuanCarlos,MarioMansour,MiguelPecho,andCharlesVellutin,2023,“Building

TaxCapacityinDevelopingCountries,July

2023,IMFStaffDiscussionNote,Washington,DC:InternationalMonetaryFund

Gaspar,Vitor,PauloMedas,andRoberto

Perrelli,2023,

“RidingtheGlobalDebt

Rollercoaster,

”December2022,Washington,

IMF,2023,“Chapter1:OnthePathtoPolicy

Normalization,”

FiscalMonitor,

April.

Washington,DC:InternationalMonetaryFund

IMF,2023,

“WorldEconomicOutlookUpdate,

”July2023,Washington,DC:International

MonetaryFund

1995-2022,namelyLuxembourg,HongKongSARandCambodia.

2023GlobalDebtMonitor

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FrequentlyAskedQuestions

WhatistheIMFGlobalDebtDatabase(GDD)?

TheIMFGlobalDebtDatabase(GDD)isadataset

coveringprivateandpublicdebtforvirtuallytheentireworld(190countries)datingbacktothe1950s.The

GDDistheresultofamultiyearinvestigativeprocess

thatstartedwiththeOctober2016FiscalMonitor,whichpioneeredtheexpansionofprivatedebtseriestoa

globalsample.

WherecanIfindtheoriginalpapertheconceivedtheGDD?

PleaserefertoMbaye,S.,Moreno-Badia,M.,andK.Chae.2018.“GlobalDebtDatabase:MethodologyandSources,”IMFWorkingPaper,InternationalMonetaryFund,Washington,DC.

HowtheGDDdiffersfromotherdebtdatabases?

Itdiffersinthreemajorways.First,wheremostdebt

datasetseitherprovidelongserieswithanarrowand

changingdefinitionofdebtorcomprehensivedebt

conceptsoverashortperiod,theGDDadoptsa

multidimensionalapproachbyofferingmultipledebt

serieswithdifferentcoverages,forinstancecovering

variouslevelsofgovernmentforpublicdebtstatistics,toensureconsistencyovertime.Second,itmorethan

doublesthecross-sectionaldimensionofexisting

privatedebtdatasets.Finally,theintegrityofthedatahasbeencheckedthroughbilateralconsultationswithofficialsandIMFcountrydesksofallcountriesinthesample.

Further,theGDDreportsdataforbothpublicand

privatedebtcoveringalargernumberofcountriesthanmostotherdatabasesandthelongesttimedimension.The2022updatecovers190countriesfortheperiod1950-2021,includingalargecoverageofdebtstatisticsofemergingmarketandlow-incomecountries,whichareoftenlackinginmostotherdatasets,particularlyforSOEandprivatesectordebt.

TheGDDreliesonprimarysources,whilealternativedatabases,especiallythoseproducedbyresearchers,relyonsecondarysourcestocollectdebtdata.The

reporteddebtseriesarecompiledwithoutrecoursetoextrapolation,interpolation,orauxiliaryregressions.Originaldataseriesareadjustedfordifferencesin

definitionandcoveragewheneverfeasible.

HowoftenistheGlobalDebtDatabaseupdated?

Thepublicdebtseriescorrespondtogrossdebtandaimatcoveringalldebtinstrumentsowedbythegeneral

and/orcentralgovernment,asdefinedintheIMF’s

PublicDebtStatistics:GuideforCompilers2011.TheGDDprovidesavailabledebtstatisticsforcentral

governmentdebt,generalgovernmentdebt,andnon-

financialpublicsectordebt.Publicdebtreferstogrossdebtowedbythegeneraland/orcentralgovernment,asdefinedintheIMF’sPublicDebtStatistics:Guidefor

Compilers2011.Itcoversthefollowinginstruments:(i)loans;(ii)debtsecurities;(iii)currencyanddeposits;(iv)insurance,pension,andstandardizedguarantee

schemes;(v)otheraccountspayable;and(vi)and

specialdrawingrights.TheGDDcoversSOEdebtsforcountrieswherepublicdebtseriescoverthe

nonfinancialpublicsector/publicsector(inwhichcases,thedebtofSOEsisincludedinthepublicsector)or

privatedebtseriescomefromfinancialaccounts(inwhichcase,SOEsareincludedinprivatedebtseries).

WhichprivatedebtseriesareavailableintheGDD?

TheGDDreportsonhouseholdandnon-financial

privatecorporatedebt.Privatesectordebtisdefinedasthegrossoutstandingstockofallliabilitiesthataredebtinstruments,inlinewiththeSystemofNational

Accounts2008.Cross-borderdebtflowsareconsidered.Toensureaccuracy,acomprehensivevalidation

exerciseisconductedwithIMFcountrydesksand

officials.Datadiscrepanciesareaddressedby

consultingcountryofficials,statisticians,andotherdatacompilers(e.g.,BIS,OECD,WorldBank).

HowispublicdebtintheGlobalDebtDatabasecalculated?

TheGDDbuildsontheIMF’sHistoricalPublicDebt

Database(HPDD)(Abbasandothers,2011)improvingitalongthreedimensions.First,itreportsseparate

seriesforgeneralandcentralgovernmentdebt.In

addition,itincludesdataonthenonfinancialpublic

sectorandpublicsector(subjecttodataavailability).Second,itfillsinmorethanthree-quartersofexistingbreaksintheHPDDseriesbyrelyingonawiderrangeofsourcesanddistinguishingbetweencentraland

generalgovernmentdebt.Third,theGDDexpandstheHPDD’scountrycoveragebyten—mostlylow-incomedevelopingcountries.

HowisprivatedebtintheGlobalDebtDatabasecalculated?

TheGDD’sapproachtocompilingprivatedebtstatistics

Until2022,theGDDwasupdatedannuallyinDecemberbuildsandimprovesuponthemethodologydevelopedofthefollowingyearoflatestdataavailability.ThebytheBIS(Dembiermont,Drehmann,and

releasedatehasbeenadvancedtoSeptemberfromMuksakunratana2013).TheoriginalBISsamplewas

2023onwards.

WhichpublicdebtseriesareavailableintheGDD?

expandedtoinclude158countries.Privatedebtis

definedinasthegrossoutstandingstockofallliabilitiesthataredebtinstruments,inlinewiththeSystemof

NationalAccounts2008.Inpracticeonlyahandfulofcountriesprovideanexhaustivecoverageoftheabove

2023GlobalDebtMonitor

FiscalAffairsDepartment|InternationalMonetaryFund|September2023

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n9totalGDP,bothexpressedinUSD(d≠).The

banking)maynotbecapturedinofficialstatistics.Thus,changesindebtratiosand/orchangesinGDPweights.

debt-likeobligationsandtypesofcreditors(e.g.,shadowweightedaveragedebttoGDPratiocanchangedueto

wealsocompileanalternativemeasureofprivatedebtthatfocusesonthecoredebtinstruments,i.e.,loansanddebtsecurities.ThisnarrowerdefinitionofprivatedebtmirrorsthatoftheBIS’sdatabaseandhelpsto

expandtheGDD’scoverageconsiderably.

HowdoestheGDDcalculatetheaggregatedebttoGDPratioforacountrygrouporfortheworld?

Foranygivenyear,theaggregatedebt-to-GDPratioforacountrygroupiscomputedasaGDP-weighted

averageofindividualcountries’debt-to-GDPratios.Forexample,letdidenotethedebttoGDPratioofcountryianddtheaggregatedebtratioforthecountrygroup,

andyiusDrefertoeachcountry’sGDPconvertedinU.S.dollarusingtheperiodaverageexchangerate.Then:

d-ΣidiΣD

Inotherwords,ifAiistheperiodaverageexchangerate,theaggregatedebtratiocanbeexpressedas

d-ΣiΣi.

Forcountriesforwhichonlypublicorprivatedebt

series,butnotboth,arereported,themissingdebt

seriesaretreatedaszeroforthepurposeofcalculatinggroup-aggregates.Thiswouldunderestimate

aggregateddebtratiosforgroups(e.g.,about2

percentagepointsofGDPforglobalprivatedebtsin

recentyears).However,byrelyingonasimplemethod,itensuresthatthesumofaggregatedprivateandpublicdebtratiosforagroupisconsistentwiththeaggregatetotaldebtratios.

WhatisdatatransparencyandhowtheGDDenhanceit?

Debttransparencygenerallyreferstothetimely

disclosureorreportingofdebttothegeneralpublic.Itistheknowledgeofhowmuchdebtisowedbywhomto

whomandwithwhichinstrumentsandconditions.By

providingtimelyandaccuratedisclosureofpublicand

privatedebttothegeneralpublic,forwiderangeof

countries,theGDDhelpstoenhancedatatransparency.

WhocouldwecontactifwehavequestionsabouttheGDD?

theIMFwebsiteorsendane-mailto

IMF-

rieasonsForfurtherqueries,pleaserefertothein

eil,tadebt

2023GlobalDebtMonitor

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Table1.GlobalTotalDebt,1950–20221

(PercentofGDP,weightedaverages)

1950s1960s

1968

1970s1980s

1986

1990s2000s

2004

2010s

2019

2020

2021

2022

World

96.8

101.5

106.4

115.0144.3

156.8

180.1

196.8

198.6

219.4

228.9

258.0

248.1

238.1

AdvancedEconomies

110.0

115.4

118.9

133.6165.4

177.1

202.0

229.5

225.9

267.4

268.8

301.3

290.1

277.9

EuroArea

53.5

68.1

70.7

118.5144.1

147.3

176.5

214.4

208.6

255.1

246.7

273.6

266.8

254.4

Japan

13.1

79.7

127.9

157.5229.5

242.2

296.1

336.7

333.5

386.9

400.9

442.2

439.8

447.4

UnitedKingdom

134.0

120.5

129.0

116.7118.7

125.7

153.1

205.2

197.3

248.5

240.8

279.1

269.3

252.1

UniteStates

133.5

140.4

138.7

139.8163.2

176.8

189.1

218.3

217.7

256.0

260.3

297.4

283.5

273.9

EmergingMarketEconomies

28.2

33.1

37.8

39.565.5

72.6

87.2

101.6

102.7

148.5

176.8

201.2

195.3

191.2

China1/

71.3

73.4

97.2

137.9

142.4

211.5

246.8

268.8

264.9

272.1

Others

28.2

33.1

37.8

39.565.7

72.5

85.4

91.0

91.6

110.6

123.1

141.1

131.8

124.2

Low-IncomeDevelopingCountries

20.243.6

51.5

73.7

61.9

65.3

61.9

77.3

85.3

87.4

87.8

Table2.GlobalPublicDebt,1950–2022

(PercentofGDP,weightedaverages)

1950s1960s

1968

1970s1980s

1986

1990s2000s

2004

2010s

2019

2020

2021

2022

World

56.2

39.8

36.3

33.1

47.6

54.3

62.0

66.5

69.8

81.0

84.9

100.4

96.0

92.4

AdvancedEconomies

64.0

44.3

39.5

36.1

50.7

57.5

66.4

75.3

76.8

104.6

105.4

124.4

118.7

113.5

EuroArea

32.5

24.7

25.0

27.7

47.0

52.1

67.0

69.9

69.7

90.9

85.9

99.2

97.3

93.2

Japan

13.1

10.1

11.8

23.4

64.3

74.0

89.0

166.6

169.5

227.5

236.4

258.7

255.4

261.3

UnitedKingdom

134.0

81.5

70.9

57.5

40.3

41.0

38.1

42.6

39.8

84.7

85.5

105.6

105.9

101.4

UniteStates

69.7

54.4

48.7

43.6

51.6

57.7

66.3

64.1

66.1

104.1

108.7

133.5

126.4

121.4

EmergingMarketEconomies

15.5

18.8

20.6

21.4

35.6

40.2

41.5

40.9

44.1

44.3

55.7

65.8

64.8

65.2

China1/

21.2

26.9

26.4

44.3

60.4

70.1

71.8

77.1

Others

15.5

18.8

20.6

21.4

38.6

45.8

46.3

44.7

49.0

44.0

52.0

61.9

58.4

55.3

Low-IncomeDevelopingCountries

15.6

36.2

43.2

64.8

45.8

51.2

34.8

42.9

48.5

48.5

48.4

Table3.GlobalPrivateDebt,1950–2022

(PercentofGDP,weightedaverages)

1950s1960s

1968

1970s1980s

1986

1990s2000s

2004

2010s

2019

2020

2021

2022

World

40.6

61.7

70.0

81.996.7

102.5

118.1

130.3

128.8

138.3

144.0

157.6

152.1

145.7

AdvancedEconomies

46.0

71.1

79.4

97.5114.6

119.6

135.6

154.1

149.1

162.7

163.4

177.0

171.4

164.4

EuroArea

21.0

43.3

45.7

90.797.0

95.2

109.5

144.5

138.9

164.2

160.7

174.4

169.4

161.1

Japan

116.1

116.1

134.1165.2

168.2

207.1

170.1

164.0

159.4

164.5

183.5

184.4

186.1

UnitedKingdom

55.6

58.1

59.178.3

84.6

115.0

162.5

157.5

163.8

155.3

173.5

163.4

150.8

UniteStates

63.8

86.0

90.0

96.1111.6

119.2

122.8

154.2

151.6

151.9

151.5

163.9

157.0

152.5

EmergingMarketEconomies

12.6

14.3

17.2

18.129.9

32.4

45.7

60.7

58.6

104.2

121.2

135.4

130.5

126.0

China1/

71.3

73.4

86.6

110.9

116.1

167.1

186.4

198.7

193.0

195.0

Others

12.6

14.3

17.2

18.127.1

26.7

39.1

46.4

42.6

66.6

71.0

79.2

73.4

68.9

Low-IncomeDevelopingCountries

4.1

4.6

4.77.4

8.3

8.8

16.1

14.0

27.0

34.5

36.9

38.9

39.3

Source:IMFGlobalDebtDatabase,2023

Note:Valuesincolumnsindicatingdecades(e.g.,1950s)reporttheaveragedebtlevelduringthedecade,i.e.,

1950-1959.Thetablefurthershowsselectyearsofinterestforthehistoricaldebtseries,includingthemost

recentyearssince2019.Thegroupaggregatesarecalculatedusingallcountriesthatreportedstatisticsforat

leastonedebtseries.Toensureconsistencybetweentotaldebtstatisticsanditsbreakdowntopublicandprivatedebt,amissingdebtseriesistreatedaszeroforthepurposeofcalculatinggroupaggregateswheneverthe

countryhasneverreportedsuchdebtseries.Ifacountryhasreportedthedebtseriesbefore,buthasmissingvaluesinrecentyears,themissingvaluesarefilledbyassumingunchangednominaldebtstocksincethelatestobservationprovided.

1/China’spublicdebtnumberspresentedinthistablecoveranarrowerperimeterofthegeneralgovernmentthanIMFstaff’sestimatesinChinaArticleIVreports(see

IMF2023

forareconciliationofthetwoestimates).China’sprivatesectordebtincludes1/3oflocalgovernmentfinancingvehicledebtandthedebtofotheroff-budgetgovernmentfunds.

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Figure1.GlobalPublicandPrivatedebt,1950–2022(PercentofGDP)

Figure3SovereignSpreads,2019-2023

(basispoints)

Figure5.GlobalPrivateDebt,1995–2022

(percentofGDP)2

Figure2.AnnualChangesinPublicand

PrivateDebtStocks,2020-2022

(PercentagepointsofGDP)1

Figure4.GlobalPublicDebt,1995–2022

(percentofGDP)1,2

Figure6.GlobalHouseholdDebt,2005-2022(perce