Payments by OECD countries outstrip amount spent on defence, police services and housing, report findsBusiness live latest updatesThe cost of government debt payments in the world’s richest nations last year reached its highest level since 2007, outstripping the amount spent on defence, police services and housing, a report has found.Across the 38 members of the Organisation for Economic Co-operation and Development (OECD), debt service costs as a percentage of national income rose to 3.3% in 2024, from 2.4% in 2021. Continue reading...
In 2024, debt service costs for OECD nations reached their highest level since 2007, exceeding spending on defense, police, and housing, rising to 3.3% of national income from 2.4% in 2021. OECD governments raised $15.7 trillion in fresh borrowing in 2024, bringing total government debt to $55 trillion, while global sovereign debt reached $65.2 trillion and corporate debt rose to $35 trillion. The OECD anticipates further debt increases in 2025, urging governments to focus on productivity-enhancing investments to support long-term growth.
