World & BusinessEmerging-market government debt reportedly reaches about 78% of GDP, a record in data back to 1880
The Kobeissi Letter says emerging markets’ government debt-to-GDP ratio has more than doubled since the 2008 financial crisis, while advanced economies’ ratio stands at about 108%.
TLDR
In a September 23, 2026 update, The Kobeissi Letter puts emerging markets’ government debt at about 78% of GDP—the highest in data going back to 1880, compared with a roughly 45% peak during World War II. It says the ratio never exceeded 60% before 2020. For advanced economies, it reports a ratio of about 108%, above 100% for the past decade versus below 80% before the 2008 financial crisis. The publication calls deficit spending a “global crisis.”
