Global government borrowing is expected to reach a record $12.3tn this year, as a rise in defence and other spending by major economies and higher interest rates combine to push up debt levels.
The 3 per cent rise in sovereign bond issuance across 138 countries would take the total debt stock — which has been pushed higher by the global financial crisis, the coronavirus pandemic and now the need for greater European defence spending — to a record $76.9tn, according to estimates by S&P Global Ratings.
Big economies’ focus on fiscal policy to “deal with crisis after crisis continues, and the outcome is you do have a much more indebted sovereign picture”, said Roberto Sifon-Arevalo, global head of sovereigns at S&P.
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