6  Figure 5 China’s household debt run-up  Elsewhere, Japan and the US account for more than half of that global debt, while in the euro area, government debt remains at very high levels, around 85%.
Finally, public debt in the emerging markets has increased by 11% of GDP over the past five years, reaching 51% in 2018, approaching levels last seen during the 1980s debt crisis driven mainly by sizeable fiscal deficits and the domestic currency depreciations vis-à-vis the US.