Debt to GDP Ratio by Country 2021

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%126,050,804
Venezuela214.45%28,704,954
Sudan177.87%
Greece174.15%10,370,744
Lebanon157.81%6,769,146
Italy133.43%60,367,477
Eritrea127.34%3,601,467
Cape Verde125.29%561,898
Mozambique124.46%32,163,047
Portugal119.46%10,167,925
Barbados117.27%287,711
Singapore109.37%5,896,686
United States106.70%332,915,073
Bhutan103.85%779,898
Cyprus101.04%1,215,584
Bahrain100.19%1,748,296
Belgium99.57%11,632,326
France99.20%65,426,179
Spain95.96%46,745,216
Jordan94.83%10,269,021
Jamaica94.13%2,973,463
Belize92.64%404,914
Angola90.46%33,933,610
Brazil90.36%213,993,437
Republic Of The Congo90.19%5,657,013
Antigua And Barbuda88.35%98,731
Canada88.01%38,067,903
Egypt86.93%104,258,327
United Kingdom85.67%68,207,116
Aruba83.57%107,204
Sri Lanka82.99%21,497,310
Tunisia81.55%11,935,766
Mauritania80.61%4,775,119
Zambia80.50%18,920,651
Dominica79.84%72,167
Gambia78.67%2,486,945
San Marino77.12%34,017
Pakistan77.00%225,199,937
Argentina75.90%45,605,826
Sao Tome And Principe74.10%223,368
Sierra Leone72.37%8,141,343
Suriname72.05%591,800
Saint Lucia71.62%184,400
Saint Vincent And The Grenadines71.38%111,263
Uruguay71.34%3,485,151
Austria71.17%9,043,070
Croatia70.73%4,081,651
Montenegro70.58%628,053
Togo70.39%8,478,250
India69.04%1,393,409,038
El Salvador68.10%6,518,499
Mauritius67.50%1,273,433
Hungary66.62%9,634,164
Slovenia65.44%2,078,724
Albania65.13%2,872,933
Morocco65.11%37,344,795
Laos64.13%7,379,358
Burundi63.54%12,255,433
Djibouti62.99%1,002,187
Ireland62.42%4,982,907
Ukraine62.03%43,466,819
Senegal62.00%17,196,301
Ghana61.99%31,732,129
Maldives61.43%543,617
Oman61.29%5,223,375
Bahamas60.49%396,913
Nauru60.39%10,876
Finland59.88%5,548,360
Saint Kitts And Nevis59.49%53,544
Malawi59.01%19,647,684
Israel58.96%8,789,774
Gabon58.48%2,278,825
South Africa57.81%60,041,994
Puerto Rico57.70%2,828,255
Ethiopia57.43%117,876,227
Vietnam57.36%98,168,833
Guyana57.22%790,326
Bolivia57.11%11,832,940
Germany56.93%83,900,473
Malaysia56.32%32,776,194
Costa Rica56.15%5,139,052
Grenada56.12%113,021
Kyrgyzstan56.09%6,628,356
Niger55.60%25,130,817
Kenya55.50%54,985,698
China55.36%1,444,216,107
Guinea Bissau54.92%2,015,494
Yemen54.51%30,490,640
Seychelles54.49%98,908
Mexico54.11%130,262,216
Benin54.00%12,451,040
Qatar52.74%2,930,528
Vanuatu52.18%314,464
Netherlands52.04%17,173,099
Namibia51.60%2,587,344
Belarus51.08%9,442,862
Serbia50.95%8,697,550
Ivory Coast50.92%27,053,629
Iraq50.25%41,179,350
Fiji50.22%902,906
Rwanda50.00%13,276,513
Trinidad And Tobago49.75%1,403,375
Tajikistan49.46%9,749,627
Samoa49.44%200,149
Ecuador49.20%17,888,475
Colombia49.16%51,265,844
Armenia47.95%2,968,127
Poland47.48%37,797,005
Algeria46.92%44,616,624
Slovakia46.90%5,460,721
Liberia46.66%5,180,203
Guinea45.98%13,497,244
Georgia45.05%3,979,765
Uganda44.81%47,123,531
Chad42.91%16,914,985
Burkina Faso42.47%21,497,096
Malta42.46%442,784
Central African Republic42.25%4,919,981
Dominican Republic41.92%10,953,703
Thailand41.47%69,950,850
Eswatini41.11%1,172,362
Australia41.10%25,788,215
Madagascar41.02%28,427,328
Nicaragua40.88%6,702,385
Honduras40.80%10,062,991
South Korea40.54%51,305,186
North Macedonia40.48%2,082,658
Switzerland39.49%8,715,494
Myanmar39.19%54,806,012
Philippines39.10%111,046,913
Cameroon38.11%27,224,265
Romania37.99%19,127,774
Lesotho37.95%2,159,079
South Sudan37.81%11,381,378
Panama37.81%4,381,579
Papua New Guinea37.72%9,119,010
Equatorial Guinea37.49%1,449,896
Sweden37.23%10,160,169
Mali36.93%20,855,735
Norway36.75%5,465,630
Latvia36.66%1,866,942
Tanzania36.57%61,498,437
Bosnia And Herzegovina36.34%3,263,466
Haiti36.23%11,541,685
Comoros35.08%888,451
Bangladesh34.81%166,303,498
Taiwan33.91%23,855,010
Lithuania33.79%2,689,862
Denmark33.61%5,813,298
Iceland33.13%343,353
Nepal33.07%29,674,920
Czech Republic31.57%10,724,555
Turkmenistan30.25%6,117,924
Nigeria30.05%211,400,708
Iran30.04%85,028,759
Turkey29.93%85,042,738
Cambodia29.57%16,946,438
Indonesia29.29%276,361,783
Moldova28.82%4,024,019
New Zealand28.07%4,860,643
Peru27.18%33,359,418
Chile27.17%19,212,361
Guatemala24.76%18,249,860
Saudi Arabia23.71%35,340,683
Kiribati23.48%121,392
Marshall Islands23.37%59,610
Uzbekistan23.23%33,935,763
Paraguay22.37%7,219,638
Tuvalu21.81%11,931
Luxembourg21.61%634,814
Zimbabwe20.99%15,092,171
Kazakhstan20.90%18,994,962
Bulgaria19.33%6,896,663
United Arab Emirates19.20%9,991,089
Micronesia18.41%116,254
Kuwait17.78%4,328,550
Azerbaijan17.59%10,223,342
Solomon Islands14.56%703,996
Dr Congo14.01%92,377,993
Russia13.79%145,912,025
Botswana12.78%2,397,241
Estonia7.61%1,325,185
Afghanistan6.88%39,835,428
Brunei2.63%441,532

Countries by National Debt