Global public debt is estimated to stand at 94.4 percent of the world's gross domestic product in 2022, down 2.6 percentage points from the previous year, but Russia's war in Ukraine has created "elevated uncertainty" for the fiscal outlook, the International Monetary Fund said Wednesday.

Japan, whose fiscal health is already the worst among major industrialized economies, is expected to see its government debt-to-GDP ratio come to 262.5 percent this year, 0.6 point lower than a year earlier. The figure is projected to be at 261.8 percent in 2027.

As for the United States, the ratio is estimated to be 125.6 percent in 2022 and 127.4 percent in 2027.

With the full consequences of Russia's war in Ukraine and spillover effects from sanctions on Russia still unknown, the IMF said in its Fiscal Monitor report, "There are large risks around the outlook for deficits and debt, especially if economic growth disappoints or inflation dynamics continue to surprise."

The war erupted just as uncertainty over the coronavirus pandemic was abating, after countries around the world launched massive fiscal stimulus measures to address the downturn triggered by the public health crisis.

Fiscal support during the pandemic resulted in the largest one-year debt surge since World War II, the IMF said, with public and private debt rising by 28 points in 2020 to 256 percent of global GDP.

The average public debt in advanced economies is expected to decrease to 113.1 percent of GDP by 2024 on the back of the recovery from the pandemic-induced economic downturn.

But debt is projected to continue to rise in emerging markets, driven mainly by China, reaching 72.1 percent of GDP by 2024. China's government debt-to-GDP ratio is expected to be 77.8 percent in 2022 and continue to rise to 95.4 percent in 2027.

Over the medium term, global public debt is likely to stabilize at about 95 percent of GDP, 11 points higher than before the pandemic, according to the IMF.

The Washington-based lender also warned that tighter monetary policy to curb inflation will push up sovereign borrowing costs and narrow the scope for government spending.