The Ever-Increasing Public Debt: A Comparative Study among 20 Selected Countries

Purpose: This article analyses public debt in selected countries from 1990 to 2023, focusing on the public debt to GDP.Design/Methodology/Approach: The research employs an analytical approach predicated on macroeconomic data from 1990 to 2023.To ascertain trends and outcomes, public debt in selected countries and its relation to GDP were thoroughly examined. Findings:The findings indicate a significant rise in the public debt, primarily due to increased budgetary expenditures.This situation led excessive growth of the debt of many countries and the increase in the costs of financing it.This causes huge threats for these countries.Practical Implications: The study's findings can provide policymakers with crucial information regarding the fiscal reforms and adjustments necessary to preserve financial equilibrium and increase dependence on public debt as a way to finance budget deficits.Originality/Value: The article contributes to the understanding of fiscal policy adjustments in response to a sharp increase in public debt in relation to GDP, emphasizing the importance of pursuing a more restrictive fiscal policy.