Data analyzed by Finbold indicates that the top five countries globally with the highest public debt added $9.2trn between March 2020 and March 2021. The United States lead the way with its debt growing by $4.5trn, from $23.5trn to $28trn. Elsewhere, Japan’s public debt has grown from $11.4trn to $14.6trn. Cumulatively, the two countries have added almost $7.8trn in debt in just one year.

The UK’s public debt has also grown by $240bn from $3.34trn to $3.58trn. In March 2020, Germany’s national debt stood at $2.4trn and Italy’s debt surged by $310bn to $3.18trn. The report stated: “Overall, most countries globally have enacted a massive amount of monetary and fiscal stimulus to prevent a deep and prolonged recession, in return increasing the public debt burden. However, it appears there has been little effort to balance the coronavirus response with solving the national debt crisis.”

In terms of the national debt percentage growth by country, Germany came first with a 35% increase in its national debt in just 12 months. This was followed by Japan at 28% and the US at a 19% increase.