WASHINGTON—The governments of major economies—particularly the U.S. and China—are projected to boost their borrowing in coming years as they spend more on aging populations and a shift to clean energy, the International Monetary Fund said.

Worldwide government debt declined briefly with the end of costly pandemic-related measures, but it is expected to start climbing again this year and keep rising over the coming five years, the IMF said in its Fiscal Monitor report released Wednesday.

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