Fiscal Policy under Pressure: High Debt, Rising Risks
Loading component...
Fiscal Monitor
Fiscal Policy under Pressure: High Debt, Rising Risks
April 2026
Paige Taylor White
Overview
Fiscal Monitor Press Conference
Chapter in the Report
Publications
中文
русский
العربية
Previous Issues
Loading component...
Fiscal Monitor Press Conference
Fiscal Monitor Press Conference
Chapter in the Report
Loading component...
Loading component...
Fiscal Policy under Pressure: High Debt, Rising Risks
Global public debt rose to just under 94 percent of GDP in 2025 and is set to reach 100 percent by 2029, one year earlier than projected in April 2025. This accumulation is driven largely by the world’s major economies. Public finances are under strain from mounting spending pressures—on social needs, defense, and strategic autonomy—and rising interest burdens. The fiscal consequences of the Middle East conflict add further to these fragilities. Structural shifts in sovereign debt markets—including the growing role of leveraged nonbank intermediaries and erosion of the U.S. Treasury’s safety premium—are amplifying vulnerability to repricing. Credible, well-sequenced fiscal adjustment is urgently needed across all country groups.
The estimates and projections in the April 2026 Fiscal Monitor Chapter 1 and Methodological and Statistical Appendix are based on statistical information available through April 1, 2026, but may not reflect the latest published data in all cases.
The compiled full report (PDF) of the April 2026 Fiscal Monitor will be available online by April 30, 2026.
Press Remarks
Executive Summary
Assumptions and Conventions
Foreword
Read The Blog
IMF Executive Board Discussion of the Outlook
Fiscal Monitor Database
METHODOLOGICAL AND STATISTICAL APPENDIX (MSA)
Fiscal Policy under Pressure: High Debt, Rising Risks
Global public debt rose to just under 94 percent of GDP in 2025 and is set to reach 100 percent by 2029, one year earlier than projected in April 2025. This accumulation is driven largely by the world’s major economies. Public finances are under strain from mounting spending pressures—on social needs, defense, and strategic autonomy—and rising interest burdens. The fiscal consequences of the Middle East conflict add further to these fragilities. Structural shifts in sovereign debt markets—including the growing role of leveraged nonbank intermediaries and erosion of the U.S. Treasury’s safety premium—are amplifying vulnerability to repricing. Credible, well-sequenced fiscal adjustment is urgently needed across all country groups.
Read the Chapter
online annex
Read the Blog
Publications
World Economic Outlook
Latest Issue
Global Financial Stability Report
Latest Issue
Fiscal Monitor
Latest Issue
April 2026
Managing Shocks and Transformations
Annual Report 2025
Getting to Growth in an Age of Uncertainty
Regional Economic Outlooks
Latest Issues
About
Research
Countries
Capacity Development
News
Events
Videos
Data
Publications
Social Media Hub
Annual Report
Copyright and Usage
Privacy Notice
Careers
Glossary
Scam Alert
IMF Brand
عربي
中文
Русский
@ International Monetary Fund. All rights reserved.