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As public debt rises to record levels, countries need to calibrate fiscal policies to their own unique circumstances.
With the pandemic, global debt in 2020 jumped by 14 percent to a record high $226 trillion. This figure includes both public and nonfinancial private sector debt.
Public debt now amounts to $88 trillion, a value close to 100 percent of GDP. In 2021 and 2022, public debt is expected to decline by about 1 percentage point of GDP each year.