Debt to GDP Ratio by Country 2019

What countries have the largest debt in the world? Here is a list of the top ten countries with the most national debt:

  1. Japan (National Debt: ¥1,028 trillion ($9.087 trillion USD))
  2. Greece (National Debt: €332.6 billion ($379 billion US))
  3. Portugal (National Debt: €232 billion ($264 billion US))
  4. Italy (National Debt: €2.17 trillion ($2.48 trillion US))
  5. Bhutan (National Debt: $2.33 billion (USD))
  6. Cyprus (National Debt: €18.95 billion ($21.64 billion USD))
  7. Belgium (National Debt: €399.5 billion ($456.18 billion USD))
  8. United States of America (National Debt: $19.23 trillion (USD))
  9. Spain (National Debt: €1.09 trillion ($1.24 USD))
  10. Singapore (National Debt: $350 billion ($254 billion US))

Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan's national debt currently sits at ¥1,028 trillion ($9.087 trillion USD). After the stock market crashed in Japan, the government bailed out banks and insurance companies and provided them with low-interest credit. Banking institutions had to be consolidated and nationalized after a period of time and other fiscal stimulus initiatives were used to help reboot the struggling economy. Unfortunately, these actions caused Japan’s debt level to skyrocket.

China’s national debt is currently 54.44% of its GDP, a significant increase from 2014 when the national debt was at 41.54% of China’s GDP. China’s national debt is currently over ¥38 trillion (over $5 trillion USD). An International Monetary Fund report from 2015 stated that China’s debt is relatively low, and many economists have dismissed worries over the size of the debt both in its overall size and relative to China’s GDP. China currently has the world’s largest economy and the largest population of 1,415,045,928 people.

Russia’s debt ratio is one of the lowest in the world at 19.48% of its GDP. Russia is the ninth least indebted country in the world. Russia’s debt is currently at a total of over 14 billion руб ($216 billion USD). Most of Russia’s external debt is private.

Canada’s national debt is currently at 83.81% of its GDP. Canada’s national debt currently sits at about $1.2 trillion CAD ($925 billion USD). Canada experienced a gradual decrease in debt after the 1990s until 2010 when the debt began increasing again.

Germany’s debt ratio is currently at 59.81% of its GDP. Germany’s total debt is at approximately 2.291 trillion € ($2.527 trillion USD). Germany is Europe’s largest economy.

IMF data from the April 2018 IMF World Economic Outlook database.

Name National Debt to GDP Ratio Population
Japan237.54%126,860,301
Venezuela214.45%28,515,829
Sudan177.87%
Greece174.15%10,473,455
Lebanon157.81%6,855,713
Italy133.43%60,550,075
Eritrea127.34%3,497,117
Cape Verde125.29%549,935
Mozambique124.46%30,366,036
Portugal119.46%10,226,187
Barbados117.27%287,025
Singapore109.37%5,804,337
United States106.70%329,064,917
Bhutan103.85%763,092
Cyprus101.04%1,198,575
Bahrain100.19%1,641,172
Belgium99.57%11,539,328
France99.20%65,129,728
Spain95.96%46,736,776
Jordan94.83%10,101,694
Jamaica94.13%2,948,279
Belize92.64%390,353
Angola90.46%31,825,295
Brazil90.36%211,049,527
Republic of the Congo90.19%5,380,508
Antigua and Barbuda88.35%97,118
Canada88.01%37,411,047
Egypt86.93%100,388,073
United Kingdom85.67%67,530,172
Aruba83.57%106,314
Sri Lanka82.99%21,323,733
Tunisia81.55%11,694,719
Mauritania80.61%4,525,696
Zambia80.50%17,861,030
Dominica79.84%71,808
Gambia78.67%2,347,706
San Marino77.12%33,860
Pakistan77.00%216,565,318
Argentina75.90%44,780,677
Sao Tome and Principe74.10%215,056
Sierra Leone72.37%7,813,215
Suriname72.05%581,372
Saint Lucia71.62%182,790
Saint Vincent and the Grenadines71.38%110,589
Uruguay71.34%3,461,734
Austria71.17%8,955,102
Croatia70.73%4,130,304
Montenegro70.58%627,987
Togo70.39%8,082,366
India69.04%1,366,417,754
El Salvador68.10%6,453,553
Mauritius67.50%1,269,668
Hungary66.62%9,684,679
Slovenia65.44%2,078,654
Albania65.13%2,880,917
Morocco65.11%36,471,769
Laos64.13%7,169,455
Burundi63.54%11,530,580
Djibouti62.99%973,560
Ireland62.42%4,882,495
Ukraine62.03%43,993,638
Senegal62.00%16,296,364
Ghana61.99%30,417,856
Maldives61.43%530,953
Oman61.29%4,974,986
Bahamas60.49%389,482
Nauru60.39%10,756
Finland59.88%5,532,156
Saint Kitts and Nevis59.49%52,823
Malawi59.01%18,628,747
Israel58.96%8,519,377
Gabon58.48%2,172,579
South Africa57.81%58,558,270
Puerto Rico57.70%2,933,408
Ethiopia57.43%112,078,730
Vietnam57.36%96,462,106
Guyana57.22%782,766
Bolivia57.11%11,513,100
Germany56.93%83,517,045
Malaysia56.32%31,949,777
Costa Rica56.15%5,047,561
Grenada56.12%112,003
Kyrgyzstan56.09%6,415,850
Niger55.60%23,310,715
Kenya55.50%52,573,973
China55.36%1,433,783,686
Guinea-Bissau54.92%1,920,922
Yemen54.51%29,161,922
Seychelles54.49%97,739
Mexico54.11%127,575,529
Benin54.00%11,801,151
Qatar52.74%2,832,067
Vanuatu52.18%299,882
Netherlands52.04%17,097,130
Namibia51.60%2,494,530
Belarus51.08%9,452,411
Serbia50.95%8,772,235
Ivory Coast50.92%25,716,544
Iraq50.25%39,309,783
Fiji50.22%889,953
Rwanda50.00%12,626,950
Trinidad and Tobago49.75%1,394,973
Tajikistan49.46%9,321,018
Samoa49.44%197,097
Ecuador49.20%17,373,662
Colombia49.16%50,339,443
Armenia47.95%2,957,731
Poland47.48%37,887,768
Algeria46.92%43,053,054
Slovakia46.90%5,457,013
Liberia46.66%4,937,374
Guinea45.98%12,771,246
Georgia45.05%3,996,765
Uganda44.81%44,269,594
Chad42.91%15,946,876
Burkina Faso42.47%20,321,378
Malta42.46%440,372
Central African Republic42.25%4,745,185
Dominican Republic41.92%10,738,958
Thailand41.47%69,625,582
Swaziland41.11%1,148,130
Australia41.10%25,203,198
Madagascar41.02%26,969,307
Nicaragua40.88%6,545,502
Honduras40.80%9,746,117
South Korea40.54%51,225,308
Macedonia40.48%2,083,459
Switzerland39.49%8,591,365
Myanmar39.19%54,045,420
Philippines39.10%108,116,615
Cameroon38.11%25,876,380
Romania37.99%19,364,557
Lesotho37.95%2,125,268
South Sudan37.81%11,062,113
Panama37.81%4,246,439
Papua New Guinea37.72%8,776,109
Equatorial Guinea37.49%1,355,986
Sweden37.23%10,036,379
Mali36.93%19,658,031
Norway36.75%5,378,857
Latvia36.66%1,906,743
Tanzania36.57%58,005,463
Bosnia and Herzegovina36.34%3,301,000
Haiti36.23%11,263,077
Comoros35.08%850,886
Bangladesh34.81%163,046,161
Taiwan33.91%23,773,876
Lithuania33.79%2,759,627
Denmark33.61%5,771,876
Iceland33.13%339,031
Nepal33.07%28,608,710
Czech Republic31.57%10,689,209
Turkmenistan30.25%5,942,089
Nigeria30.05%200,963,599
Iran30.04%82,913,906
Turkey29.93%83,429,615
Cambodia29.57%16,486,542
Indonesia29.29%270,625,568
Moldova28.82%4,043,263
New Zealand28.07%4,783,063
Peru27.18%32,510,453
Chile27.17%18,952,038
Guatemala24.76%17,581,472
Saudi Arabia23.71%34,268,528
Kiribati23.48%117,606
Marshall Islands23.37%58,791
Uzbekistan23.23%32,981,716
Paraguay22.37%7,044,636
Tuvalu21.81%11,646
Luxembourg21.61%615,729
Zimbabwe20.99%14,645,468
Kazakhstan20.90%18,551,427
Bulgaria19.33%7,000,119
United Arab Emirates19.20%9,770,529
Micronesia18.41%113,815
Kuwait17.78%4,207,083
Azerbaijan17.59%10,047,718
Solomon Islands14.56%669,823
DR Congo14.01%86,790,567
Russia13.79%145,872,256
Botswana12.78%2,303,697
Estonia7.61%1,325,648
Afghanistan6.88%38,041,754
Brunei2.63%433,285