Core Insights - Fitch Ratings indicates that global public finances will continue to face pressure in 2025 due to increased defense spending, rising interest costs, demographic trends, sluggish growth, and social pressures, particularly in developed markets [1] - The median government debt-to-GDP ratio is expected to slightly rise from 54.1% at the end of 2024 to 54.5% by the end of 2025 [1] - Geopolitical risks remain high due to ongoing conflicts in Ukraine and the Middle East, trade tensions, social discontent, and volatility in U.S. foreign policy [1]