[
  {
    "iso": "BRA",
    "name": "Brazil",
    "region": "South America",
    "incomeGroup": "Upper middle income",
    "focus": "Fiscal channels under high real rates",
    "summary": "Brazil’s 2025 debt picture is defined by the speed with which high real rates squeeze the fiscal channel. Sovereign debt is substantial, but the more important question is whether financing costs outrun growth fast enough to narrow room for everything else.",
    "watch": [
      "Interest costs consume 24.5% of revenue in the current review set.",
      "Commodity-cycle sensitivity still shapes refinancing confidence.",
      "Domestic market depth matters because the rate burden moves quickly through the budget."
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "Global Debt Analysis 2024-2025 slide deck"
    ],
    "publicDebtPct": 88.5,
    "householdLeveragePct": 34.2,
    "corporateLeveragePct": 51,
    "interestShareRevenuePct": 24.5,
    "debtServiceRevenuePct": 42,
    "nominalGdpB": 2250,
    "topConcern": "High real rates hitting fiscal channel",
    "totalGrossDebtPct": 173.7,
    "publicDebtRank": 2,
    "interestBurdenRank": 4,
    "totalLeverageRank": 4,
    "publicDebtDollars": 1991250000000,
    "householdDebtDollars": 769500000000,
    "corporateDebtDollars": 1147500000000,
    "totalGrossDebtDollars": 3908250000000,
    "sourceNote": "Global Debt Analysis 2025 workbook and Global Debt Analysis 2024-2025 slide deck.",
    "dataPanels": [
      {
        "id": "bra-sovereign-private",
        "span": "span-6",
        "mark": "I.",
        "title": "Sovereign and Private Leverage",
        "cite": "Global Debt Analysis 2025 workbook",
        "rows": [
          {
            "label": "Total Gross Debt Pace",
            "reel": {
              "anchorValue": "3908250000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "123930",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "The current total debt stock expressed on a rolling comparison rail."
          },
          {
            "label": "Public Debt Pace",
            "reel": {
              "anchorValue": "1991250000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "63142",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Household Debt Pace",
            "reel": {
              "anchorValue": "769500000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "24401",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Household leverage translated into a rolling comparison rail."
          },
          {
            "label": "Corporate Debt Pace",
            "reel": {
              "anchorValue": "1147500000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "36387",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Corporate leverage translated into a rolling comparison rail."
          },
          {
            "label": "Total Gross Debt / GDP",
            "value": "173.7%",
            "tone": "crimson",
            "tip": "Combined public and private leverage ratio."
          },
          {
            "label": "Public Debt / GDP",
            "value": "88.5%",
            "tone": "crimson",
            "tip": "Primary sovereign sustainability ratio."
          },
          {
            "label": "Public Debt Rank",
            "value": "#2",
            "tone": "crimson",
            "tip": "Ranking inside the uploaded watchlist."
          },
          {
            "label": "Total Leverage Rank",
            "value": "#4",
            "tone": "",
            "tip": "Combined-leverage ranking inside the uploaded watchlist."
          }
        ]
      },
      {
        "id": "bra-stress",
        "span": "span-6",
        "mark": "II.",
        "title": "Debt-Service Stress",
        "cite": "Global Debt Analysis 2024-2025 slide deck",
        "rows": [
          {
            "label": "Nominal GDP Pace",
            "reel": {
              "anchorValue": "2250000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "71347",
              "prefix": "$",
              "color": "emerald",
              "size": "big"
            },
            "tip": "Nominal GDP expressed on a rolling comparison rail."
          },
          {
            "label": "Interest Share of Revenue",
            "value": "24.5%",
            "tone": "",
            "tip": "Share of revenue absorbed by interest costs."
          },
          {
            "label": "Debt Service to Revenue",
            "value": "42%",
            "tone": "",
            "tip": "Cash-flow burden relative to annual revenue."
          },
          {
            "label": "Top Concern",
            "value": "High real rates hitting fiscal channel",
            "tone": "",
            "tip": "Primary watch item from the uploaded 2024-2025 deck."
          },
          {
            "label": "Interest Burden Rank",
            "value": "#4",
            "tone": "",
            "tip": "Interest-burden ranking inside the current watchlist."
          },
          {
            "label": "Region",
            "value": "South America",
            "tone": "emerald",
            "tip": "Regional grouping used in the uploaded workbook."
          }
        ]
      }
    ]
  },
  {
    "iso": "CHN",
    "name": "China",
    "region": "East Asia",
    "incomeGroup": "Upper middle income",
    "focus": "Private credit and the property unwind",
    "summary": "China’s risk profile is not a one-line sovereign story. The real scale sits in the private-credit machine, where corporate leverage, household exposure, and property-sector pressure all spill back into the wider fiscal picture.",
    "watch": [
      "Corporate leverage reaches 141% of GDP in the uploaded 2025 workbook.",
      "Household balance sheets remain tied to the property unwind.",
      "LGFV stress keeps rollover risk close to the sovereign story."
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "Global Debt Analysis 2024-2025 slide deck"
    ],
    "publicDebtPct": 87,
    "householdLeveragePct": 64,
    "corporateLeveragePct": 141,
    "interestShareRevenuePct": 12,
    "debtServiceRevenuePct": 35,
    "nominalGdpB": 18500,
    "topConcern": "Property sector unwind and LGFVs",
    "totalGrossDebtPct": 292,
    "publicDebtRank": 3,
    "interestBurdenRank": 5,
    "totalLeverageRank": 2,
    "publicDebtDollars": 16095000000000,
    "householdDebtDollars": 11840000000000,
    "corporateDebtDollars": 26085000000000,
    "totalGrossDebtDollars": 54020000000000,
    "sourceNote": "Global Debt Analysis 2025 workbook and Global Debt Analysis 2024-2025 slide deck.",
    "dataPanels": [
      {
        "id": "chn-sovereign-private",
        "span": "span-6",
        "mark": "I.",
        "title": "Sovereign and Private Leverage",
        "cite": "Global Debt Analysis 2025 workbook",
        "rows": [
          {
            "label": "Total Gross Debt Pace",
            "reel": {
              "anchorValue": "54020000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "1712963",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "The current total debt stock expressed on a rolling comparison rail."
          },
          {
            "label": "Public Debt Pace",
            "reel": {
              "anchorValue": "16095000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "510369",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Household Debt Pace",
            "reel": {
              "anchorValue": "11840000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "375444",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Household leverage translated into a rolling comparison rail."
          },
          {
            "label": "Corporate Debt Pace",
            "reel": {
              "anchorValue": "26085000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "827150",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Corporate leverage translated into a rolling comparison rail."
          },
          {
            "label": "Total Gross Debt / GDP",
            "value": "292%",
            "tone": "crimson",
            "tip": "Combined public and private leverage ratio."
          },
          {
            "label": "Public Debt / GDP",
            "value": "87%",
            "tone": "crimson",
            "tip": "Primary sovereign sustainability ratio."
          },
          {
            "label": "Public Debt Rank",
            "value": "#3",
            "tone": "crimson",
            "tip": "Ranking inside the uploaded watchlist."
          },
          {
            "label": "Total Leverage Rank",
            "value": "#2",
            "tone": "crimson",
            "tip": "Combined-leverage ranking inside the uploaded watchlist."
          }
        ]
      },
      {
        "id": "chn-stress",
        "span": "span-6",
        "mark": "II.",
        "title": "Debt-Service Stress",
        "cite": "Global Debt Analysis 2024-2025 slide deck",
        "rows": [
          {
            "label": "Nominal GDP Pace",
            "reel": {
              "anchorValue": "18500000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "586631",
              "prefix": "$",
              "color": "emerald",
              "size": "big"
            },
            "tip": "Nominal GDP expressed on a rolling comparison rail."
          },
          {
            "label": "Interest Share of Revenue",
            "value": "12%",
            "tone": "emerald",
            "tip": "Share of revenue absorbed by interest costs."
          },
          {
            "label": "Debt Service to Revenue",
            "value": "35%",
            "tone": "",
            "tip": "Cash-flow burden relative to annual revenue."
          },
          {
            "label": "Top Concern",
            "value": "Property sector unwind and LGFVs",
            "tone": "",
            "tip": "Primary watch item from the uploaded 2024-2025 deck."
          },
          {
            "label": "Interest Burden Rank",
            "value": "#5",
            "tone": "",
            "tip": "Interest-burden ranking inside the current watchlist."
          },
          {
            "label": "Region",
            "value": "East Asia",
            "tone": "emerald",
            "tip": "Regional grouping used in the uploaded workbook."
          }
        ]
      }
    ]
  },
  {
    "iso": "GHA",
    "name": "Ghana",
    "region": "Sub-Saharan Africa",
    "incomeGroup": "Lower middle income",
    "focus": "Post-restructuring credibility and revenue recovery",
    "summary": "Ghana is the clearest post-restructuring test in the current watchlist. The question is no longer just how the debt stack was cut, but whether revenue can rebuild fast enough to restore credibility before the next financing round arrives.",
    "watch": [
      "Interest consumes 45% of revenue in the current 2025 analysis.",
      "Debt service still takes 65% of revenue despite restructuring relief.",
      "Market trust now depends on discipline, recovery, and softer external terms."
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "Global Debt Analysis 2024-2025 slide deck"
    ],
    "publicDebtPct": 84,
    "householdLeveragePct": 5,
    "corporateLeveragePct": 12,
    "interestShareRevenuePct": 45,
    "debtServiceRevenuePct": 65,
    "nominalGdpB": 75,
    "topConcern": "Post-restructuring credibility and revenue recovery",
    "totalGrossDebtPct": 101,
    "publicDebtRank": 4,
    "interestBurdenRank": 2,
    "totalLeverageRank": 5,
    "publicDebtDollars": 63000000000,
    "householdDebtDollars": 3750000000,
    "corporateDebtDollars": 9000000000,
    "totalGrossDebtDollars": 75750000000,
    "sourceNote": "Global Debt Analysis 2025 workbook and Global Debt Analysis 2024-2025 slide deck.",
    "dataPanels": [
      {
        "id": "gha-sovereign-private",
        "span": "span-6",
        "mark": "I.",
        "title": "Sovereign and Private Leverage",
        "cite": "Global Debt Analysis 2025 workbook",
        "rows": [
          {
            "label": "Total Gross Debt Pace",
            "reel": {
              "anchorValue": "75750000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "2402",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "The current total debt stock expressed on a rolling comparison rail."
          },
          {
            "label": "Public Debt Pace",
            "reel": {
              "anchorValue": "63000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "1998",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Household Debt Pace",
            "reel": {
              "anchorValue": "3750000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "119",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Household leverage translated into a rolling comparison rail."
          },
          {
            "label": "Corporate Debt Pace",
            "reel": {
              "anchorValue": "9000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "285",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Corporate leverage translated into a rolling comparison rail."
          },
          {
            "label": "Total Gross Debt / GDP",
            "value": "101%",
            "tone": "crimson",
            "tip": "Combined public and private leverage ratio."
          },
          {
            "label": "Public Debt / GDP",
            "value": "84%",
            "tone": "crimson",
            "tip": "Primary sovereign sustainability ratio."
          },
          {
            "label": "Public Debt Rank",
            "value": "#4",
            "tone": "",
            "tip": "Ranking inside the uploaded watchlist."
          },
          {
            "label": "Total Leverage Rank",
            "value": "#5",
            "tone": "",
            "tip": "Combined-leverage ranking inside the uploaded watchlist."
          }
        ]
      },
      {
        "id": "gha-stress",
        "span": "span-6",
        "mark": "II.",
        "title": "Debt-Service Stress",
        "cite": "Global Debt Analysis 2024-2025 slide deck",
        "rows": [
          {
            "label": "Nominal GDP Pace",
            "reel": {
              "anchorValue": "75000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "2378",
              "prefix": "$",
              "color": "emerald",
              "size": "big"
            },
            "tip": "Nominal GDP expressed on a rolling comparison rail."
          },
          {
            "label": "Interest Share of Revenue",
            "value": "45%",
            "tone": "crimson",
            "tip": "Share of revenue absorbed by interest costs."
          },
          {
            "label": "Debt Service to Revenue",
            "value": "65%",
            "tone": "crimson",
            "tip": "Cash-flow burden relative to annual revenue."
          },
          {
            "label": "Top Concern",
            "value": "Post-restructuring credibility and revenue recovery",
            "tone": "crimson",
            "tip": "Primary watch item from the uploaded 2024-2025 deck."
          },
          {
            "label": "Interest Burden Rank",
            "value": "#2",
            "tone": "crimson",
            "tip": "Interest-burden ranking inside the current watchlist."
          },
          {
            "label": "Region",
            "value": "Sub-Saharan Africa",
            "tone": "emerald",
            "tip": "Regional grouping used in the uploaded workbook."
          }
        ]
      }
    ]
  },
  {
    "iso": "IND",
    "name": "India",
    "region": "South Asia",
    "incomeGroup": "Lower middle income",
    "focus": "Growth versus real funding cost",
    "summary": "India’s debt narrative is about pace. The balance sheet can remain workable if nominal growth keeps beating the real cost of funding, but that depends on capital spending landing well and state-level borrowing staying productive.",
    "watch": [
      "Public debt sits at 82.5% of GDP in the 2025 workbook.",
      "Capex efficiency is the core strategic variable.",
      "State-level borrowing discipline matters as much as the sovereign headline."
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "Global Debt Analysis 2024-2025 slide deck"
    ],
    "publicDebtPct": 82.5,
    "householdLeveragePct": 40,
    "corporateLeveragePct": 52,
    "interestShareRevenuePct": 26,
    "debtServiceRevenuePct": 30,
    "nominalGdpB": 3950,
    "topConcern": "Nominal growth vs real funding cost",
    "totalGrossDebtPct": 174.5,
    "publicDebtRank": 5,
    "interestBurdenRank": 3,
    "totalLeverageRank": 3,
    "publicDebtDollars": 3258750000000,
    "householdDebtDollars": 1580000000000,
    "corporateDebtDollars": 2054000000000,
    "totalGrossDebtDollars": 6892750000000,
    "sourceNote": "Global Debt Analysis 2025 workbook and Global Debt Analysis 2024-2025 slide deck.",
    "dataPanels": [
      {
        "id": "ind-sovereign-private",
        "span": "span-6",
        "mark": "I.",
        "title": "Sovereign and Private Leverage",
        "cite": "Global Debt Analysis 2025 workbook",
        "rows": [
          {
            "label": "Total Gross Debt Pace",
            "reel": {
              "anchorValue": "6892750000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "218568",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "The current total debt stock expressed on a rolling comparison rail."
          },
          {
            "label": "Public Debt Pace",
            "reel": {
              "anchorValue": "3258750000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "103334",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Household Debt Pace",
            "reel": {
              "anchorValue": "1580000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "50101",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Household leverage translated into a rolling comparison rail."
          },
          {
            "label": "Corporate Debt Pace",
            "reel": {
              "anchorValue": "2054000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "65132",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Corporate leverage translated into a rolling comparison rail."
          },
          {
            "label": "Total Gross Debt / GDP",
            "value": "174.5%",
            "tone": "crimson",
            "tip": "Combined public and private leverage ratio."
          },
          {
            "label": "Public Debt / GDP",
            "value": "82.5%",
            "tone": "crimson",
            "tip": "Primary sovereign sustainability ratio."
          },
          {
            "label": "Public Debt Rank",
            "value": "#5",
            "tone": "",
            "tip": "Ranking inside the uploaded watchlist."
          },
          {
            "label": "Total Leverage Rank",
            "value": "#3",
            "tone": "crimson",
            "tip": "Combined-leverage ranking inside the uploaded watchlist."
          }
        ]
      },
      {
        "id": "ind-stress",
        "span": "span-6",
        "mark": "II.",
        "title": "Debt-Service Stress",
        "cite": "Global Debt Analysis 2024-2025 slide deck",
        "rows": [
          {
            "label": "Nominal GDP Pace",
            "reel": {
              "anchorValue": "3950000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "125254",
              "prefix": "$",
              "color": "emerald",
              "size": "big"
            },
            "tip": "Nominal GDP expressed on a rolling comparison rail."
          },
          {
            "label": "Interest Share of Revenue",
            "value": "26%",
            "tone": "",
            "tip": "Share of revenue absorbed by interest costs."
          },
          {
            "label": "Debt Service to Revenue",
            "value": "30%",
            "tone": "",
            "tip": "Cash-flow burden relative to annual revenue."
          },
          {
            "label": "Top Concern",
            "value": "Nominal growth vs real funding cost",
            "tone": "",
            "tip": "Primary watch item from the uploaded 2024-2025 deck."
          },
          {
            "label": "Interest Burden Rank",
            "value": "#3",
            "tone": "",
            "tip": "Interest-burden ranking inside the current watchlist."
          },
          {
            "label": "Region",
            "value": "South Asia",
            "tone": "emerald",
            "tip": "Regional grouping used in the uploaded workbook."
          }
        ]
      }
    ]
  },
  {
    "iso": "JPN",
    "name": "Japan",
    "region": "East Asia",
    "incomeGroup": "High income",
    "focus": "The flagship high-debt sovereign",
    "summary": "Japan remains the benchmark case for extremely high public debt carried by deep domestic markets. That stability is real, but so is the long-duration pressure from aging-linked spending and a policy transition away from yield-control certainty.",
    "watch": [
      "Public debt reaches 254% of GDP in the current 2025 review.",
      "More than 90% of debt is still domestically held, reducing external rollover pressure.",
      "The yield-control transition is now the key market and policy hinge."
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "Global Debt Analysis 2024-2025 slide deck"
    ],
    "publicDebtPct": 254,
    "householdLeveragePct": 68,
    "corporateLeveragePct": 118,
    "interestShareRevenuePct": 8.5,
    "debtServiceRevenuePct": 22,
    "nominalGdpB": 4200,
    "topConcern": "Yield control transition and aging-linked spending",
    "totalGrossDebtPct": 440,
    "publicDebtRank": 1,
    "interestBurdenRank": 6,
    "totalLeverageRank": 1,
    "publicDebtDollars": 10668000000000,
    "householdDebtDollars": 2856000000000,
    "corporateDebtDollars": 4956000000000,
    "totalGrossDebtDollars": 18480000000000,
    "sourceNote": "Global Debt Analysis 2025 workbook and Global Debt Analysis 2024-2025 slide deck.",
    "dataPanels": [
      {
        "id": "jpn-sovereign-private",
        "span": "span-6",
        "mark": "I.",
        "title": "Sovereign and Private Leverage",
        "cite": "Global Debt Analysis 2025 workbook",
        "rows": [
          {
            "label": "Total Gross Debt Pace",
            "reel": {
              "anchorValue": "18480000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "585997",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "The current total debt stock expressed on a rolling comparison rail."
          },
          {
            "label": "Public Debt Pace",
            "reel": {
              "anchorValue": "10668000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "338280",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Household Debt Pace",
            "reel": {
              "anchorValue": "2856000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "90563",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Household leverage translated into a rolling comparison rail."
          },
          {
            "label": "Corporate Debt Pace",
            "reel": {
              "anchorValue": "4956000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "157154",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Corporate leverage translated into a rolling comparison rail."
          },
          {
            "label": "Total Gross Debt / GDP",
            "value": "440%",
            "tone": "crimson",
            "tip": "Combined public and private leverage ratio."
          },
          {
            "label": "Public Debt / GDP",
            "value": "254%",
            "tone": "crimson",
            "tip": "Primary sovereign sustainability ratio."
          },
          {
            "label": "Public Debt Rank",
            "value": "#1",
            "tone": "crimson",
            "tip": "Ranking inside the uploaded watchlist."
          },
          {
            "label": "Total Leverage Rank",
            "value": "#1",
            "tone": "crimson",
            "tip": "Combined-leverage ranking inside the uploaded watchlist."
          }
        ]
      },
      {
        "id": "jpn-stress",
        "span": "span-6",
        "mark": "II.",
        "title": "Debt-Service Stress",
        "cite": "Global Debt Analysis 2024-2025 slide deck",
        "rows": [
          {
            "label": "Nominal GDP Pace",
            "reel": {
              "anchorValue": "4200000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "133181",
              "prefix": "$",
              "color": "emerald",
              "size": "big"
            },
            "tip": "Nominal GDP expressed on a rolling comparison rail."
          },
          {
            "label": "Interest Share of Revenue",
            "value": "8.5%",
            "tone": "emerald",
            "tip": "Share of revenue absorbed by interest costs."
          },
          {
            "label": "Debt Service to Revenue",
            "value": "22%",
            "tone": "",
            "tip": "Cash-flow burden relative to annual revenue."
          },
          {
            "label": "Top Concern",
            "value": "Yield control transition and aging-linked spending",
            "tone": "",
            "tip": "Primary watch item from the uploaded 2024-2025 deck."
          },
          {
            "label": "Interest Burden Rank",
            "value": "#6",
            "tone": "",
            "tip": "Interest-burden ranking inside the current watchlist."
          },
          {
            "label": "Region",
            "value": "East Asia",
            "tone": "emerald",
            "tip": "Regional grouping used in the uploaded workbook."
          }
        ]
      }
    ]
  },
  {
    "iso": "NGA",
    "name": "Nigeria",
    "region": "Sub-Saharan Africa",
    "incomeGroup": "Lower middle income",
    "focus": "Cash-flow pressure versus debt stock",
    "summary": "Nigeria shows why a lower debt-to-GDP ratio can still hide an acute fiscal problem. The stock looks manageable, but revenue is so weak relative to debt service that the budget loses room almost immediately.",
    "watch": [
      "Interest consumes 90% of revenue in the current 2025 analysis.",
      "Debt service reaches 95% of revenue, leaving little room for public priorities.",
      "Revenue mobilization now matters more than the stock headline alone."
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "Global Debt Analysis 2024-2025 slide deck"
    ],
    "publicDebtPct": 52.7,
    "householdLeveragePct": 8,
    "corporateLeveragePct": 15,
    "interestShareRevenuePct": 90,
    "debtServiceRevenuePct": 95,
    "nominalGdpB": 390,
    "topConcern": "Revenue mobilization and external-service pressure",
    "totalGrossDebtPct": 75.7,
    "publicDebtRank": 6,
    "interestBurdenRank": 1,
    "totalLeverageRank": 6,
    "publicDebtDollars": 205530000000,
    "householdDebtDollars": 31200000000,
    "corporateDebtDollars": 58500000000,
    "totalGrossDebtDollars": 295230000000,
    "sourceNote": "Global Debt Analysis 2025 workbook and Global Debt Analysis 2024-2025 slide deck.",
    "dataPanels": [
      {
        "id": "nga-sovereign-private",
        "span": "span-6",
        "mark": "I.",
        "title": "Sovereign and Private Leverage",
        "cite": "Global Debt Analysis 2025 workbook",
        "rows": [
          {
            "label": "Total Gross Debt Pace",
            "reel": {
              "anchorValue": "295230000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "9362",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "The current total debt stock expressed on a rolling comparison rail."
          },
          {
            "label": "Public Debt Pace",
            "reel": {
              "anchorValue": "205530000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "6517",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Household Debt Pace",
            "reel": {
              "anchorValue": "31200000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "989",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Household leverage translated into a rolling comparison rail."
          },
          {
            "label": "Corporate Debt Pace",
            "reel": {
              "anchorValue": "58500000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "1855",
              "prefix": "$",
              "color": "dim",
              "size": ""
            },
            "tip": "Corporate leverage translated into a rolling comparison rail."
          },
          {
            "label": "Total Gross Debt / GDP",
            "value": "75.7%",
            "tone": "crimson",
            "tip": "Combined public and private leverage ratio."
          },
          {
            "label": "Public Debt / GDP",
            "value": "52.7%",
            "tone": "crimson",
            "tip": "Primary sovereign sustainability ratio."
          },
          {
            "label": "Public Debt Rank",
            "value": "#6",
            "tone": "",
            "tip": "Ranking inside the uploaded watchlist."
          },
          {
            "label": "Total Leverage Rank",
            "value": "#6",
            "tone": "",
            "tip": "Combined-leverage ranking inside the uploaded watchlist."
          }
        ]
      },
      {
        "id": "nga-stress",
        "span": "span-6",
        "mark": "II.",
        "title": "Debt-Service Stress",
        "cite": "Global Debt Analysis 2024-2025 slide deck",
        "rows": [
          {
            "label": "Nominal GDP Pace",
            "reel": {
              "anchorValue": "390000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "12367",
              "prefix": "$",
              "color": "emerald",
              "size": "big"
            },
            "tip": "Nominal GDP expressed on a rolling comparison rail."
          },
          {
            "label": "Interest Share of Revenue",
            "value": "90%",
            "tone": "crimson",
            "tip": "Share of revenue absorbed by interest costs."
          },
          {
            "label": "Debt Service to Revenue",
            "value": "95%",
            "tone": "crimson",
            "tip": "Cash-flow burden relative to annual revenue."
          },
          {
            "label": "Top Concern",
            "value": "Revenue mobilization and external-service pressure",
            "tone": "crimson",
            "tip": "Primary watch item from the uploaded 2024-2025 deck."
          },
          {
            "label": "Interest Burden Rank",
            "value": "#1",
            "tone": "crimson",
            "tip": "Interest-burden ranking inside the current watchlist."
          },
          {
            "label": "Region",
            "value": "Sub-Saharan Africa",
            "tone": "emerald",
            "tip": "Regional grouping used in the uploaded workbook."
          }
        ]
      }
    ]
  }
]