2025年全球债务报告：在充满挑战的债务市场环境中为增长融资

Global Debt Report 2025 Financing Growth inaChallenging Debt Market Environment Global Debt Report2025 FINANCING GROWTH IN A CHALLENGING DEBTMARKET ENVIRONMENT This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. Please cite this publication as:OECD (2025),Global Debt Report 2025: Financing Growth in a Challenging Debt Market Environment, OECD Publishing, Paris,https://doi.org/10.1787/8ee42b13-en. Photo credits:Cover © Yukinori Hasumi/Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword This is the second edition of the OECD’s annual Global Debt Report. It examinesdevelopments of globalpolicy relevance insovereign and corporate bond markets. The reportincludes two standing chapters onsovereign borrowing (Chapter 1, the Sovereign Borrowing Outlook) and corporate debt markets (Chapter2), and,this year,two thematic chapters on sovereign bond markets in emerging market and developingeconomies (Chapter3) anddebt financingfor the climate transition (Chapter4). The reportdraws fromunique OECD data as well as original analyses of commercial and publicly available data. Chapter 1 analyses sovereign bond market developments during the periodfrom2007to 2025 with a focuson OECD countries. Itlooks at borrowing requirements and funding strategies;debt-to-GDP ratiodynamics; borrowing costs and yield curve shapes; interest payments and refinancing risks; and the effectsof quantitative tightening on the investor base and market liquidity. This chapter draws on responses tothe OECD 2024 Survey on Primary Market Developments, the OECD 2024 Survey on Liquidity inGovernment Bond Secondary Markets, and the 2024 annual survey on the borrowing needs of OECDgovernments. It also benefits from the contributions of members of the OECD Working Party on DebtManagement.Thechapter does not cover supranational or sub-sovereign bond markets. Chapter 2studiesdynamics incorporate debt marketsin light of ongoing macro-financial developments. Itcovers recent trends incorporate borrowing from markets and looks a