Macro Insights Weekly - Debt and rates

Public spending needs are rising across major economies, worsening debt paths. China, the Euro Area and US face persistent deficits; real-rate risks threaten debt sustainability.
China, Euro Area, India, Japan and the US have added USD29tn in debt since 2020.
Public spending pressures have widened across infrastructure, defence, energy and food security.
China faces fiscal strain from the property bust, ageing and weak consolidation prospects.
Euro Area and US debt burdens are high and rising.
India and Japan look steadier, but higher real rates could still weaken debt dynamics.