The Globe and Mail
🏢 Globe and Mail Inc. (Woodbridge)
Jul 14, 2026
· 3 min read
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Is government debt 132% of GDP, or 21%? Depends on which debt you include
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Is government debt 132% of GDP, or 21%? Depends on which debt you include
HANIF BAYAT
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The debt level of Canadian governments is a hot-button political and economic topic, and both high and low numbers get thrown around.
So who’s telling the truth? Well, both sides are. And since no single number tells the whole story, we need to look at multiple measures. Gross debt shows total exposure to rising …
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Jul 14, 2026