According to Fitch, global public finance will continue to be under pressure in 2025 due to increased defense spending, rising interest costs, demographic trends, weak growth, and social pressure, especially in developed markets. The median government debt as a share of GDP is expected to rise slightly from 54.1% at the end of 2024 to 54.5% at the end of 2025. Geopolitical risks remain high given the conflict between Ukraine and the Middle East, trade tension, social discontent, and turbulence in US foreign policy.

According to Fitch, global public finance will continue to be under pressure in 2025 due to increased defense spending, rising interest costs, demographic trends, weak growth, and social pressure, especially in developed markets. The median government debt as a share of GDP is expected to rise slightly from 54.1% at the end of 2024 to 54.5% at the end of 2025. Geopolitical risks remain high given the conflict between Ukraine and the Middle East, trade tension, social discontent, and turbulence in US foreign policy.