Global Public Debt Soars in 2024
Global public debt has expanded to $103 trillion in 2024 — more than double its level in 2010. This sharp rise hasn’t been uniform.
This visualisation charts 15 years of debt accumulation, showing how the burden remains heavily skewed. Developed countries continue to dominate the debt landscape, accounting for the majority of global borrowing. Their public debt has expanded by 65% since 2010, driving much of the overall surge.
But the public debt landscape is shifting.
Emerging economies are beginning to take up a larger share of the global debt pie:
- Asia and Oceania’s share has jumped 400%
- Latin America’s by 150%
- Africa’s has doubled
The pandemic year of 2020 marked the steepest spike — with global debt rising 15% in a single year, highlighting how crises accelerate fiscal imbalance.
Key Takeaways
- $103 trillion: Total global public debt in 2024
- +101%: Growth in global debt since 2010
- +65%: Rise in debt held by developed economies
- +400%: Asia and Oceania’s debt share growth
- +150%: Latin America’s (along with the Caribbean) increase
- +100%: Africa’s share has doubled
- +15%: One-year surge during COVID-19 (2020); Highest single year growth
Note: Public debt figures refer to general government domestic and external debt, based on nominal values. This includes debt held by central, state, and local governments as well as social security funds.
Source: UNCTAD, “A World of Debt: It Is Time for Reform” (2025), based on IMF World Economic Outlook, April 2025.