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Jack Mintz: Rising government debt will hit Canada, too

Defence needs and demographics mean that without deficit discipline, government debt will keep rising, which it cannot do forever

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A potential sovereign debt crisis looms as governments continue to ramp up their spending and deficits. In 2024, the latest year for which data are available, global gross public debt hit 95 per cent of world GDP, 32 points higher than in 2001. The G7 countries, which make up 30 per cent of the world’s economy, are even worse, with gross public debt now at 124 per cent of GDP. And defence needs, demographic pressures and a desire to support the vulnerable will likely lead to even more debt.

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