Public debt, also known as government or sovereign debt, is the total amount a government owes to its creditors. It includes bonds, securities, and other debt instruments issued to finance budget deficits and public expenditures. Public debt is often compared to a country's GDP (Gross Domestic Product) to evaluate how easily the country can repay what it owes. While it helps fund public goods and services, excessive debt can lead to economic instability. Proper management of public debt is essential to maintain investor confidence and ensure long-term economic stability.