Debt to GDP Ratio by Country 2022

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
Afghanistan6.13%40,754,388
Albania67.28%2,866,374
Algeria46.21%45,350,148
Andorra35.40%77,463
Angola113.55%35,027,343
Antigua And Barbuda81.25%99,509
Argentina88.83%46,010,234
Armenia50.09%2,971,966
Aruba72.89%107,609
Australia46.80%26,068,792
Austria70.56%9,066,710
Azerbaijan17.66%10,300,205
Bahamas59.62%400,516
Bahrain101.64%1,783,983
Bangladesh36.14%167,885,689
Barbados123.22%288,023
Belarus41.00%9,432,800
Belgium97.71%11,668,278
Belize96.31%412,190
Benin42.52%12,784,726
Bhutan106.49%787,941
Bolivia59.26%11,992,656
Bosnia And Herzegovina32.53%3,249,317
Botswana16.47%2,441,162
Brazil87.87%215,353,593
Brunei2.58%445,431
Bulgaria18.31%6,844,597
Burkina Faso42.02%22,102,838
Burundi59.99%12,624,840
Cape Verde124.92%567,678
Cambodia28.59%17,168,639
Cameroon41.60%27,911,548
Canada87.16%38,388,419
Central African Republic47.16%5,016,678
Chad51.11%17,413,580
Chile28.29%19,250,195
China57.24%1,448,471,400
Colombia52.40%51,512,762
Comoros19.52%907,419
DR Congo15.00%95,240,792
Republic of the Congo81.70%5,797,805
Costa Rica56.42%5,182,354
Ivory Coast38.39%27,742,298
Croatia71.08%4,059,286
Cyprus91.08%1,223,387
Czech Republic30.05%10,736,784
Denmark33.57%5,834,950
Djibouti39.14%1,016,097
Dominica94.23%72,344
Dominican Republic53.58%11,056,370
Ecuador51.41%18,113,361
Egypt84.21%106,156,692
El Salvador71.29%6,550,389
Equatorial Guinea42.99%1,496,662
Eritrea187.09%3,662,244
Estonia8.56%1,321,910
Eswatini39.63%1,184,817
Ethiopia54.70%120,812,698
Fiji48.68%909,466
Finland59.59%5,554,960
France97.41%65,584,518
Gabon59.78%2,331,533
Gambia82.97%2,558,482
Georgia40.43%3,968,738
Germany58.92%83,883,596
Ghana62.69%32,395,450
Greece185.08%10,316,637
Grenada58.55%113,475
Guatemala26.48%18,584,039
Guinea38.37%13,865,691
Guinea Bissau66.45%2,063,367
Guyana43.56%794,045
Haiti25.79%11,680,283
Honduras42.62%10,221,247
Hong Kong0.27%7,604,299
Hungary65.48%9,606,259
Iceland66.25%345,393
India75.11%1,406,631,776
Indonesia30.56%279,134,505
Iran42.42%86,022,837
Iraq45.14%42,164,965
Ireland57.22%5,020,199
Israel59.50%8,922,892
Italy134.14%60,262,770
Jamaica94.26%2,985,094
Japan236.14%125,584,838
Jordan78.02%10,300,869
Kazakhstan19.94%19,205,043
Kenya58.60%56,215,221
Kiribati20.09%123,419
South Korea42.13%51,329,899
Kuwait11.64%4,380,326
Kyrgyzstan51.60%6,728,271
Laos62.02%7,481,023
Latvia36.70%1,848,837
Lebanon171.11%6,684,849
Lesotho50.46%2,175,699
Liberia48.85%5,305,117
Lithuania35.87%2,661,708
Luxembourg22.29%642,371
Madagascar38.52%29,178,077
Malawi45.30%20,180,839
Malaysia57.07%33,181,072
Maldives78.81%540,985
Mali40.73%21,473,764
Malta40.60%444,033
Marshall Islands24.84%60,057
Mauritania56.83%4,901,981
Mauritius84.62%1,274,727
Mexico53.32%131,562,772
Micronesia18.59%117,489
Moldova28.29%4,013,171
Mongolia78.47%3,378,078
Montenegro78.79%627,950
Morocco64.81%37,772,756
Mozambique96.05%33,089,461
Myanmar38.75%55,227,143
Namibia59.52%2,633,874
Nauru62.84%10,903
Nepal33.13%30,225,582
Netherlands47.56%17,211,447
New Zealand31.81%4,898,203
Nicaragua41.69%6,779,100
Niger39.80%26,083,660
Nigeria29.17%216,746,934
North Macedonia40.45%2,081,304
Norway40.94%5,511,370
Oman60.52%5,323,993
Pakistan77.50%229,488,994
Panama41.90%4,446,964
Papua New Guinea40.17%9,292,169
Paraguay25.78%7,305,843
Peru27.09%33,684,208
Philippines36.97%112,508,994
Poland45.61%37,739,785
Portugal116.61%10,140,570
Puerto Rico48.90%2,829,812
Qatar62.09%2,979,915
Romania36.80%19,031,335
Russia13.75%145,805,947
Rwanda49.82%13,600,464
Samoa47.46%202,239
San Marino63.50%34,085
Sao Tome And Principe71.57%227,679
Saudi Arabia22.49%35,844,909
Senegal63.58%17,653,671
Serbia52.75%8,653,016
Seychelles54.21%99,426
Sierra Leone72.45%8,306,436
Singapore128.20%5,943,546
Slovakia48.14%5,460,193
Slovenia65.61%2,078,034
Solomon Islands8.20%721,159
South Africa56.30%60,756,135
South Sudan28.09%11,618,511
Spain95.54%46,719,142
Sri Lanka86.80%21,575,842
Saint Kitts And Nevis51.45%53,871
Saint Lucia61.43%185,113
Saint Vincent And the Grenadines68.12%111,551
Sudan200.35%
Suriname85.24%596,831
Sweden34.89%10,218,971
Switzerland39.80%8,773,637
Taiwan32.73%23,888,595
Tajikistan43.09%9,957,464
Tanzania39.04%63,298,550
Thailand41.06%70,078,203
Timor Leste9.38%1,369,429
Togo52.35%8,680,837
Tonga41.28%107,749
Trinidad And Tobago45.41%1,406,585
Tunisia68.97%12,046,656
Turkey32.66%85,561,976
Turkmenistan15.29%6,201,943
Tuvalu11.53%12,066
Uganda37.64%48,432,863
Ukraine50.49%43,192,122
United Arab Emirates27.09%10,081,785
United Kingdom83.85%68,497,907
United States108.80%334,805,269
Uruguay60.46%3,496,016
Uzbekistan28.36%34,382,084
Vanuatu46.18%321,832
Venezuela232.79%29,266,991
Vietnam41.29%98,953,541
Yemen76.53%31,154,867
Zambia99.73%19,470,234
Zimbabwe93.22%15,331,428

Countries by National Debt

Sources