Note: Single-source report; awaiting corroboration.
The OECD's Global Debt Report 2026 analyzes trends in sovereign and corporate debt markets up to the end of 2025. The report projects government and corporate borrowing to reach USD 29 trillion in 2026, reflecting a USD 4 trillion increase, or 17% growth, compared to 2024 and twice the volume from a decade ago. Central government borrowing among OECD countries reached USD 17 trillion in 2025, while corporate borrowing rose to USD 6.8 trillion.
The report highlights significant changes in the technology sector due to the AI race. In 2025, nine major technology companies raised USD 122 billion through bond markets, representing nearly half of global technology firm issuance. These companies have forecast capital expenditures totaling USD 4.1 trillion for 2026–2030, surpassing by USD 1.1 trillion the total capital expenditures of all US non-financial companies in 2025.
Digitalisation is reshaping finance by creating new opportunities but also introducing risks. The OECD notes concerns about financial exclusion for individuals with limited digital or financial skills, who may be disadvantaged by online-only services and reduced physical banking branches. Other challenges include complex product designs, potentially manipulative nudges, opaque algorithms, and limited or unreliable AI support. The increasing complexity of financial products may widen knowledge gaps between providers and consumers.
The OECD report emphasizes the importance of capital markets in enabling businesses and governments to access financing, supporting public financial resilience, flexibility, and financial stability. Capital markets are undergoing significant changes and are expected to play an essential role in meeting financing needs related to decarbonisation, population ageing, and technological advancement.