Global debt hit 160 trillion USD (5.3 quadrillion baht) end-2025, with top 10 nations holding ~90% of total. USA leads at 38.1% ($61T), followed by EU (19.4%) and China (17.9%, up 3.7x in 10 years). Thailand's debt market stands at ~520 billion USD (17.8 trillion baht). Macro context relevant for SME financing and credit environment forecasting.