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
Japan234.18%126,860,301
Greece181.78%10,473,455
Sudan176.02%
Venezuela172.08%28,515,829
Lebanon160.57%6,855,713
Italy127.51%60,550,075
Eritrea127.34%3,497,117
Barbados127.31%287,025
Cape Verde126.66%549,935
Portugal117.54%10,226,187
Mozambique116.60%30,366,036
United States109.45%329,064,917
Singapore108.79%5,804,337
Gambia105.17%2,347,706
Republic of the Congo105.01%5,380,508
Bahrain102.01%1,641,172
Belgium99.08%11,539,328
France96.20%65,129,728
Bhutan96.05%763,092
Yemen95.83%29,161,922
Belize95.53%390,353
Spain95.12%46,736,776
Jamaica93.99%2,948,279
Jordan90.83%10,101,694
Brazil90.24%211,049,527
Antigua and Barbuda90.23%97,118
Cyprus89.52%1,198,575
Dominica87.25%71,808
Egypt87.08%100,388,073
United Kingdom85.92%67,530,172
Canada83.81%37,411,047
Saint Vincent and the Grenadines81.23%110,589
Ukraine76.86%43,993,638
Sri Lanka75.19%21,323,733
Saint Lucia74.91%182,790
Tunisia73.31%11,694,719
Mauritania73.17%4,525,696
Maldives72.82%530,953
Zimbabwe72.64%14,645,468
Croatia72.58%4,130,304
Sao Tome and Principe72.16%215,056
Austria71.97%8,955,102
Angola71.59%31,825,295
Togo70.57%8,082,366
Slovenia69.80%2,078,654
Burundi69.45%11,530,580
Albania68.50%2,880,917
Zambia68.04%17,861,030
Suriname67.73%581,372
Pakistan67.44%216,565,318
India67.29%1,366,417,754
Laos66.71%7,169,455
Montenegro66.50%627,987
Puerto Rico66.02%2,933,408
Ghana65.90%30,417,856
Hungary65.87%9,684,679
Uruguay65.17%3,461,734
Ireland64.86%4,882,495
Sierra Leone63.99%7,813,215
Morocco62.44%36,471,769
Nauru61.69%10,756
Israel61.38%8,519,377
Finland59.56%5,532,156
Gabon59.34%2,172,579
Mauritius59.11%1,269,668
El Salvador58.83%6,453,553
Senegal58.75%16,296,364
Namibia58.52%2,494,530
Vietnam58.13%96,462,106
Malawi57.59%18,628,747
Saint Kitts and Nevis57.55%52,823
Bahamas56.95%389,482
Kenya56.95%52,573,973
Grenada56.72%112,003
Ethiopia56.70%112,078,730
Azerbaijan56.37%10,047,718
Guyana56.12%782,766
Costa Rica55.92%5,047,561
Germany55.75%83,517,045
South Africa55.70%58,558,270
Armenia55.58%2,957,731
Serbia55.09%8,772,235
Kyrgyzstan55.08%6,415,850
San Marino54.61%33,860
China54.44%1,433,783,686
Iraq54.44%39,309,783
Seychelles53.68%97,739
Mexico53.43%127,575,529
Argentina52.75%44,780,677
Benin52.64%11,801,151
Malaysia52.62%31,949,777
Bolivia52.31%11,513,100
Qatar51.96%2,832,067
Vanuatu51.70%299,882
Netherlands50.91%17,097,130
Ecuador50.05%17,373,662
Belarus49.93%9,452,411
Tajikistan49.88%9,321,018
Poland49.80%37,887,768
Iran49.21%82,913,906
South Sudan48.58%11,062,113
Equatorial Guinea48.41%1,355,986
Oman48.34%4,974,986
Colombia48.17%50,339,443
Niger47.53%23,310,715
Ivory Coast46.87%25,716,544
Fiji46.86%889,953
Slovakia46.56%5,457,013
Samoa46.25%197,097
Malta45.94%440,372
Chad45.39%15,946,876
Guinea44.69%12,771,246
Trinidad and Tobago44.67%1,394,973
Uganda44.51%44,269,594
Central African Republic44.37%4,745,185
Georgia44.09%3,996,765
Honduras44.08%9,746,117
Rwanda43.12%12,626,950
Macedonia42.22%2,083,459
Moldova41.99%4,043,263
Lesotho41.74%2,125,268
Thailand41.58%69,625,582
Burkina Faso41.34%20,321,378
Switzerland41.10%8,591,365
Australia41.05%25,203,198
Swaziland40.97%1,148,130
Tanzania40.72%58,005,463
Liberia39.12%4,937,374
Romania38.96%19,364,557
Algeria38.42%43,053,054
Bosnia and Herzegovina38.38%3,301,000
South Korea38.27%51,225,308
Madagascar38.02%26,969,307
Dominican Republic37.87%10,738,958
Guinea-Bissau37.59%1,920,922
Panama36.97%4,246,439
Norway36.66%5,378,857
Mali36.58%19,658,031
Philippines36.28%108,116,615
Cambodia36.19%16,486,542
Denmark35.06%5,771,876
Iceland34.88%339,031
Myanmar34.87%54,045,420
Nicaragua34.58%6,545,502
Sweden34.45%10,036,379
Haiti34.27%11,263,077
Cameroon34.06%25,876,380
Turkmenistan33.62%5,942,089
Bangladesh33.36%163,046,161
Kiribati32.88%117,606
Kuwait32.42%4,207,083
Latvia31.92%1,906,743
Taiwan31.83%23,773,876
Tuvalu31.49%11,646
Lithuania31.41%2,759,627
Czech Republic31.29%10,689,209
Papua New Guinea30.67%8,776,109
Indonesia30.25%270,625,568
Djibouti29.33%973,560
Nepal28.83%28,608,710
Comoros28.48%850,886
Peru28.01%32,510,453
Turkey27.86%83,429,615
Nigeria27.37%200,963,599
Paraguay26.06%7,044,636
Guatemala24.64%17,581,472
Chile24.62%18,952,038
Saudi Arabia23.83%34,268,528
Marshall Islands23.25%58,791
Kazakhstan23.14%18,551,427
Bulgaria22.86%7,000,119
Luxembourg22.80%615,729
New Zealand22.69%4,783,063
Uzbekistan20.65%32,981,716
Micronesia20.55%113,815
Russia19.48%145,872,256
United Arab Emirates19.35%9,770,529
Solomon Islands16.41%669,823
DR Congo13.31%86,790,567
Botswana12.84%2,303,697
Estonia8.12%1,325,648
Afghanistan6.32%38,041,754
Brunei2.46%433,285