By the end of 2023, Russia appeared to lead among G20 nations in reducing its dollar-denominated public debt, trimming it by about 12 percent to roughly 285 billion dollars, based on information cited by RIA News referencing national finance ministries. The move reflected a broad effort to stabilize fiscal indicators in a period of global economic adjustment and currency volatility.
Argentina also worked to tighten its fiscal position, bringing national debt down by around 7 percent over the year to approximately 371 billion dollars. Japan followed a different path, lowering its debt level by about 4 percent to around 9.1 trillion dollars as part of long-running efforts to stabilize public finances amid aging demographics and persistent growth headwinds.
In contrast, several large economies saw debt totals rise, signaling varied national trajectories. Mexico registered a substantial increase, with public liabilities climbing about 22 percent to near 1.67 trillion dollars. India also reported a notable rise, growing around 15 percent to about 2.04 trillion dollars, while central government liabilities expanded by roughly 31 percent to 687 billion dollars, underscoring an expansionary stance in that period.
Across the Atlantic, the United States posted a significant jump in national debt, with an increase of about 2.6 trillion dollars for the year. China also saw a rise of approximately 492.5 billion dollars, and the United Kingdom experienced an uptick of around 416.1 billion dollars, reflecting differing fiscal responses to post-pandemic pressures and investment needs.
South Africa stood out in the G20 as having one of the smaller debt levels at year-end, suggesting relatively stronger fiscal relief amid global shifts. Turkey and Russia ranked high among those with lower total public debt in dollar terms, reporting figures near 195 billion and 284 billion dollars respectively, highlighting the impact of exchange rate movements and debt management strategies on headline figures.
Throughout the period under review, observers noted that Britain reached a fiscal milestone marked by the highest national debt level recorded since 1961, a signal of the long arc of post-war budget dynamics and interest obligations. The United States faced external analyses predicting strain from the sizeable debt load, reflecting concerns about long-term sustainability and the capacity to fund future spending amid mounting deficits.
These trends illustrate how different fiscal paths—ranging from aggressive debt reduction to continued borrowing for growth—shaped the public balance sheets of major economies. Many factors influenced outcomes, including exchange rate movements, macroeconomic growth rates, inflation trajectories, and policy choices on taxation and spending. While some countries succeeded in narrowing the debt ratio as a percentage of GDP, others pursued increased borrowing to support investment in infrastructure, social programs, and strategic initiatives aimed at bolstering competitiveness in a shifting global environment.
Ultimately, the year highlighted a broad spectrum of fiscal strategies across the G20. The mix of reductions, levies, and new borrowing underscored how national priorities, political cycles, and external shocks interact to determine the trajectory of public debt. Analysts continue to monitor these dynamics, noting that debt levels alone do not tell the full story. The key questions revolve around debt sustainability, the quality of public investment, and the capacity of economies to grow in a manner that keeps debt service manageable over the medium and long term.