Developed Market Debt to Hit Record $75.8 Trillion as Shocks and Spending Pressures Mount, Fitch Says

Fitch Ratings projects government debt across developed economies will reach a record $75.8 trillion by end-2026, driven by persistent budget deficits and rising spending demands. The ratings agency says debt would increase by $4.2 trillion in 2026 alone, taking total debt to about 104% of GDP. Fitch warns that repeated shocks—such as the financial crisis, COVID-19, Russia’s invasion of Ukraine, and ongoing geopolitical tensions—have pushed debt higher and increased market risk.