The U.S. is predicted to see the greatest accumulation in gross debt over the next five years, with the IMF projecting an increase of nearly 11 percentage points from 2024 to 2029.

In 2023, the U.S. made up over a third of the total global government debt at $33.2 trillion, and now likely holds an even larger share as in July of 2024 the country hit a record $35 trillion in government debt.

Japan is the G7 country with the greatest gross debt burden, with a projected debt-to-GDP ratio of 254.6% in 2024. Even if the country is forecasted to see a decline of three percentage points in its share of debt-to-GDP, Japan’s projected debt-to-GDP ratio in 2029 will still be a staggering 251.7%.

Economic stagnation, aging population, and multiple national disasters are some factors that contribute to the Japanese government’s high debt levels.