Should developed market economies worry about their surging public debt levels?

Debt levels have spiralled during pandemic

The pandemic has unleashed surging levels of public indebtedness, as countries around the world have sought to stimulate spending and protect their economies from longer-term damage.

The International Monetary Fund projects that by year-end the government debt loads in many developed market economies - including the US, the UK, Italy, Japan, and Australia - will have risen by 25% of GDP since the pandemic erupted.  The implications of these spiraling debt burdens for creditworthiness, inflation, and bonds yields are of critical importance for the global economy.  Will they bring higher interest rates and larger risk premiums in the years ahead?  Or is Japan's experience, which has seen rising indebtedness accompanied by falling yields, the more likely outcome?  ...