• Total global debt surged 42%-pt in the pandemic to an all-time high of 366% of GDP by 1Q21
• This compares to a more modest, though still large, 20%-pt rise through the Global Financial Crisis (GFC)
• Government debt accounts for 18%-pts of the pandemic-surge, while private sector debt jumped 24%-pts
• Compared to the GFC, the pandemic rise in government debt was similar but much larger for the private sector