Debt to GDP Ratio by Country 2020

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%126,476,461
Venezuela214.45%28,435,940
Sudan177.87%
Greece174.15%10,423,054
Lebanon157.81%6,825,445
Italy133.43%60,461,826
Eritrea127.34%3,546,421
Cape Verde125.29%555,987
Mozambique124.46%31,255,435
Portugal119.46%10,196,709
Barbados117.27%287,375
Singapore109.37%5,850,342
United States106.70%331,002,651
Bhutan103.85%771,608
Cyprus101.04%1,207,359
Bahrain100.19%1,701,575
Belgium99.57%11,589,623
France99.20%65,273,511
Spain95.96%46,754,778
Jordan94.83%10,203,134
Jamaica94.13%2,961,167
Belize92.64%397,628
Angola90.46%32,866,272
Brazil90.36%212,559,417
Republic of the Congo90.19%5,518,087
Antigua and Barbuda88.35%97,929
Canada88.01%37,742,154
Egypt86.93%102,334,404
United Kingdom85.67%67,886,011
Aruba83.57%106,766
Sri Lanka82.99%21,413,249
Tunisia81.55%11,818,619
Mauritania80.61%4,649,658
Zambia80.50%18,383,955
Dominica79.84%71,986
Gambia78.67%2,416,668
San Marino77.12%33,931
Pakistan77.00%220,892,340
Argentina75.90%45,195,774
Sao Tome and Principe74.10%219,159
Sierra Leone72.37%7,976,983
Suriname72.05%586,632
Saint Lucia71.62%183,627
Saint Vincent and the Grenadines71.38%110,940
Uruguay71.34%3,473,730
Austria71.17%9,006,398
Croatia70.73%4,105,267
Montenegro70.58%628,066
Togo70.39%8,278,724
India69.04%1,380,004,385
El Salvador68.10%6,486,205
Mauritius67.50%1,271,768
Hungary66.62%9,660,351
Slovenia65.44%2,078,938
Albania65.13%2,877,797
Morocco65.11%36,910,560
Laos64.13%7,275,560
Burundi63.54%11,890,784
Djibouti62.99%988,000
Ireland62.42%4,937,786
Ukraine62.03%43,733,762
Senegal62.00%16,743,927
Ghana61.99%31,072,940
Maldives61.43%540,544
Oman61.29%5,106,626
Bahamas60.49%393,244
Nauru60.39%10,824
Finland59.88%5,540,720
Saint Kitts and Nevis59.49%53,199
Malawi59.01%19,129,952
Israel58.96%8,655,535
Gabon58.48%2,225,734
South Africa57.81%59,308,690
Puerto Rico57.70%2,860,853
Ethiopia57.43%114,963,588
Vietnam57.36%97,338,579
Guyana57.22%786,552
Bolivia57.11%11,673,021
Germany56.93%83,783,942
Malaysia56.32%32,365,999
Costa Rica56.15%5,094,118
Grenada56.12%112,523
Kyrgyzstan56.09%6,524,195
Niger55.60%24,206,644
Kenya55.50%53,771,296
China55.36%1,439,323,776
Guinea-Bissau54.92%1,968,001
Yemen54.51%29,825,964
Seychelles54.49%98,347
Mexico54.11%128,932,753
Benin54.00%12,123,200
Qatar52.74%2,881,053
Vanuatu52.18%307,145
Netherlands52.04%17,134,872
Namibia51.60%2,540,905
Belarus51.08%9,449,323
Serbia50.95%8,737,371
Ivory Coast50.92%26,378,274
Iraq50.25%40,222,493
Fiji50.22%896,445
Rwanda50.00%12,952,218
Trinidad and Tobago49.75%1,399,488
Tajikistan49.46%9,537,645
Samoa49.44%198,414
Ecuador49.20%17,643,054
Colombia49.16%50,882,891
Armenia47.95%2,963,243
Poland47.48%37,846,611
Algeria46.92%43,851,044
Slovakia46.90%5,459,642
Liberia46.66%5,057,681
Guinea45.98%13,132,795
Georgia45.05%3,989,167
Uganda44.81%45,741,007
Chad42.91%16,425,864
Burkina Faso42.47%20,903,273
Malta42.46%441,543
Central African Republic42.25%4,829,767
Dominican Republic41.92%10,847,910
Thailand41.47%69,799,978
Swaziland41.11%1,160,164
Australia41.10%25,499,884
Madagascar41.02%27,691,018
Nicaragua40.88%6,624,554
Honduras40.80%9,904,607
South Korea40.54%51,269,185
Macedonia40.48%2,083,374
Switzerland39.49%8,654,622
Myanmar39.19%54,409,800
Philippines39.10%109,581,078
Cameroon38.11%26,545,863
Romania37.99%19,237,691
Lesotho37.95%2,142,249
South Sudan37.81%11,193,725
Panama37.81%4,314,767
Papua New Guinea37.72%8,947,024
Equatorial Guinea37.49%1,402,985
Sweden37.23%10,099,265
Mali36.93%20,250,833
Norway36.75%5,421,241
Latvia36.66%1,886,198
Tanzania36.57%59,734,218
Bosnia and Herzegovina36.34%3,280,819
Haiti36.23%11,402,528
Comoros35.08%869,601
Bangladesh34.81%164,689,383
Taiwan33.91%23,816,775
Lithuania33.79%2,722,289
Denmark33.61%5,792,202
Iceland33.13%341,243
Nepal33.07%29,136,808
Czech Republic31.57%10,708,981
Turkmenistan30.25%6,031,200
Nigeria30.05%206,139,589
Iran30.04%83,992,949
Turkey29.93%84,339,067
Cambodia29.57%16,718,965
Indonesia29.29%273,523,615
Moldova28.82%4,033,963
New Zealand28.07%4,822,233
Peru27.18%32,971,854
Chile27.17%19,116,201
Guatemala24.76%17,915,568
Saudi Arabia23.71%34,813,871
Kiribati23.48%119,449
Marshall Islands23.37%59,190
Uzbekistan23.23%33,469,203
Paraguay22.37%7,132,538
Tuvalu21.81%11,792
Luxembourg21.61%625,978
Zimbabwe20.99%14,862,924
Kazakhstan20.90%18,776,707
Bulgaria19.33%6,948,445
United Arab Emirates19.20%9,890,402
Micronesia18.41%115,023
Kuwait17.78%4,270,571
Azerbaijan17.59%10,139,177
Solomon Islands14.56%686,884
DR Congo14.01%89,561,403
Russia13.79%145,934,462
Botswana12.78%2,351,627
Estonia7.61%1,326,535
Afghanistan6.88%38,928,346
Brunei2.63%437,479

Countries by National Debt