This is the worst the global debt crisis has ever been. Japan’s gross government debt stands at 204.4% of GDP more than DOUBLE its annual economic output. The pressure stretches across major economies: • Italy: 138.4% • United States: 125.8% • France: 118.4% • Canada: 110.7% • China: 106.9% • United Kingdom: 103.6% • Germany: 64.6% The U.S. is approaching its pandemic-era peak of roughly 132%, while advanced economies average 108.2%. Germany is the only economy on this list below 100%. High debt alone doesn’t mean a crisis is inevitable rather higher borrowing costs make servicing that debt more expensive, squeezing budgets and leaving governments less room to respond to the next shock.