Global government debt ratios climb to historic levels

Government debt burdens have climbed to historically elevated levels across both emerging and advanced economies.
Emerging-market government debt has reached roughly 78% of GDP, the highest level in data extending back to 1880. The ratio has more than doubled since the 2008 financial crisis and is approaching 80% for the first time.
Advanced-economy government debt has risen to approximately 108% of GDP and has remained above 100% for the past decade, compared with less than 80% before the 2008 crisis. Persistently high debt and deficit spending increase sensitivity to borrowing costs and can constrain future fiscal flexibility.