Global government debt hits record high of $71 trillion, is it because of the Ukrainian war?

A new UK study showed global sovereign debt has risen by 9.5% to a new record high of $71 trillion, and it's expected to rise even further throughout 2022.

The huge jump mostly comes from the US, Japan, and China, with pretty much most countries increasing their debts.

Now is that because of the Ukrainian war, or is the world still suffering the ramifications of the coronavirus pandemic?

It's worth mentioning that global government debt already surged by 7.8% in 2021 to $65.4 trillion, with every country registering a spike in debt.

Servicing the debts fell considerably, while their costs rose to $1.16 trillion, or 14.5%.

The Covid 19 pandemic obviously played a major role in increasing government debts worldwide, but now the Ukrainian crisis is triggering even more pressure.

The west in particular is increasing military spending, with Germany increasing it to more than 2% of total GDP in a huge turn of policy following the Ukrainian war.

S&P credits agency now expects total government debts to hit $10.4 trillion by the end of 2022, almost a third higher than pre-pandemic levels.