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Global debt analysis: Deleveraging What deleveraging 13
Figure 2.1
Global debt excluding financials (% of GDP)
280
Developed markets
260
Emerging markets
240
World
220
200
180
160
140
120
100
01 02 03 04 05 06 07 08 09 10 11 12 13
Source: Authors’ calculation based on OECD, IMF and national accounts data. See Data Appendix at the
end of the report.
In developed markets, for which we also have reliable information on the
financial sector, total debt as a percentage of GDP has stabilised since 2010 at a
level very close to its all-time high (385%; see Figure 2.2) as a result of a drop in
financial-sector leverage, while debt ex-financials has kept rising.
Figure 2.2
Developed markets total debt (% of GDP)
400
360
320
Ex-financials
Financial
Total
280
240
200
160
120
80
01 02 03 04 05 06 07 08 09 10 11 12 13
Source: Authors’ calculation based on OECD, IMF and national accounts data. See Data Appendix at the
end of the report.
Table 2.2 gives a full-blown, granular snapshot of the total debt-to-GDP
breakdown for the main developed economies, in all dimensions available. 8
Although direct comparisons of debt levels are difficult because of differences in
accounting standards, some key points emerge from the data. Among developed
8 Table 2.2 also highlights the particularly difficult situation of the countries belonging to the euro
periphery, with both public debt and the net external position at around the 100% threshold (see
Chapter 4).