Red ink in the rich world

World leaders during the group portrait session at the G7 Summit in Kananaskis, near Calgary, Alberta, Canada, on June 16, 2025. Record debt in the world’s richest nations threatens global growth; the cost of borrowing is already choking crucial public spending in many developing economies. Now it’s raising broader alarms. — Kenny Holston/The New York Times

FOR decades, crushing debt has spread misery across poor and lower-income nations.

Now the menace of unsustainable borrowing looming over the global economy emanates from some of the richest countries.