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Fitch Ratings has issued warnings regarding the rising yields on government bonds in developed economies, particularly in France, the United States, and the United Kingdom. This has led to an increase in their debt by roughly $4 trillion, bringing the total to over $75 trillion. The agency pointed out that the yields on 10-year bonds have increased by about 81 basis points since the beginning of the year, making it harder to reduce the debt-to-GDP ratio and complicating refinancing efforts with higher costs. France faces significant challenges in fiscal consolidation, as it needs to reduce the primary deficit from 2.9% to 0.4%, and it is expected that the public debt ratio will rise to 128% by 2030. Japan will remain at a high level, with its debt-to-GDP ratio decreasing slightly to 185%. Additionally, Fitch anticipates that 2026 will be a major year for the US fiscal deficit, which is projected to reach $2.4 trillion. The costs of borrowing are rising noticeably in several countries, doubling the pressure on public budgets and limiting the resources available for government spending.
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