What Is Government Debt?

Globally, governments are forecast to owe £88 trillion by the end of 2022. The pandemic caused a surge in global government debt. While rising interest rates are driving up the cost of servicing those debts, experts believe that poorer countries could struggle to pay these loans back and that up to a dozen countries may default on their government debts within the next year. But what are government debts, why do governments borrow money, and from whom?