In recent years, advanced economies have increasingly grappled with soaring government debt. Countries such as the United States, Japan, and several in Europe have seen their public debt-to-GDP ratios repeatedly hit record highs—exceeding 100% in some cases. While this high-debt model can temporarily support economic growth and crisis response through fiscal stimulus, it is unsustainable in the long run. On one hand, persistent large deficits drive up interest payments, crowding out essential public spending on education, healthcare, and infrastructure. On the other hand, aging populations intensify pressure on social welfare expenditures, further straining public finances. Moreover, a rising global interest rate environment significantly increases the cost of rolling over existing debt. Without structural reforms and fiscal discipline, high debt levels risk eroding market confidence, triggering sharp spikes in borrowing costs, and potentially leading to sovereign debt crises. Therefore, advanced economies must urgently strike a balance between sustaining growth and controlling debt, implementing reforms to ensure fiscal sustainability and avoid falling into a vicious cycle of ‘borrowing new to repay old.’
近年来，发达经济体普遍面临政府债务高企的困境。以美国、日本和部分欧洲国家为代表，其公共债务占GDP比重屡创新高，部分国家甚至超过100%。这种高债务模式在短期内虽可通过财政刺激支撑经济增长、应对危机，但长期来看难以为继。一方面，持续的高额赤字导致利息支出不断攀升，挤压教育、医疗、基础设施等关键领域的财政空间；另一方面，人口老龄化加剧了社会保障支出压力，进一步恶化财政状况。此外，全球利率环境趋于上升，使得债务滚动成本显著增加。若缺乏结构性改革与财政纪律，高债务可能引发市场信心动摇、融资成本飙升，甚至触发主权债务危机。因此，发达经济体亟需在稳增长与控债务之间寻求平衡，推动财政可持续性改革，避免陷入“借新还旧”的恶性循环。
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