OECD – Global Debt Report, 2025

Global debt markets are facing challenges ahead as the dynamics of low interest rates and central bank support seen pre-2022 did not return in 2024.

Bond yields in key sovereign markets increased despite policy rates falling, leading to higher costs and increased debt risks for both sovereign and corporate entities. This situation limits capacity for future borrowing at a time when investment needs are high. Government and corporate borrowing rose in 2024 and is expected to continue rising in 2025, with sovereign and corporate bond debt exceeding USD 100 trillion globally. The report highlights the strain on debt markets and the need to find sustainable ways to finance long-term growth amidst geopolitical and macroeconomic uncertainties. As interest costs rise, refinancing risks for sovereign and corporate issuers also increase, posing further challenges for the global debt landscape.