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%41,128,771
Albania67.28%2,842,321
Algeria46.21%44,903,225
Andorra35.40%79,824
Angola113.55%35,588,987
Antigua And Barbuda81.25%93,763
Argentina88.83%45,510,318
Armenia50.09%2,780,469
Aruba72.89%106,445
Australia46.80%26,177,413
Austria70.56%8,939,617
Azerbaijan17.66%10,358,074
Bahamas59.62%409,984
Bahrain101.64%1,472,233
Bangladesh36.14%171,186,372
Barbados123.22%281,635
Belarus41.00%9,534,954
Belgium97.71%11,655,930
Belize96.31%405,272
Benin42.52%13,352,864
Bhutan106.49%782,455
Bolivia59.26%12,224,110
Bosnia And Herzegovina32.53%3,233,526
Botswana16.47%2,630,296
Brazil87.87%215,313,498
Brunei2.58%449,002
Bulgaria18.31%6,781,953
Burkina Faso42.02%22,673,762
Burundi59.99%12,889,576
Cape Verde124.92%593,149
Cambodia28.59%16,767,842
Cameroon41.60%27,914,536
Canada87.16%38,454,327
Central African Republic47.16%5,579,144
Chad51.11%17,723,315
Chile28.29%19,603,733
China57.24%1,425,887,337
Colombia52.40%51,874,024
Comoros19.52%836,774
DR Congo15.00%99,010,212
Republic of the Congo81.70%5,970,424
Costa Rica56.42%5,180,829
Ivory Coast38.39%28,160,542
Croatia71.08%4,030,358
Cyprus91.08%1,251,488
Czech Republic30.05%10,493,986
Denmark33.57%5,882,261
Djibouti39.14%1,120,849
Dominica94.23%72,737
Dominican Republic53.58%11,228,821
Ecuador51.41%18,001,000
Egypt84.21%110,990,103
El Salvador71.29%6,336,392
Equatorial Guinea42.99%1,674,908
Eritrea187.09%3,684,032
Estonia8.56%1,326,062
Eswatini39.63%1,201,670
Ethiopia54.70%123,379,924
Fiji48.68%929,766
Finland59.59%5,540,745
France97.41%64,626,628
Gabon59.78%2,388,992
Gambia82.97%2,705,992
Georgia40.43%3,744,385
Germany58.92%83,369,843
Ghana62.69%33,475,870
Greece185.08%10,384,971
Grenada58.55%125,438
Guatemala26.48%17,843,908
Guinea38.37%13,859,341
Guinea Bissau66.45%2,105,566
Guyana43.56%808,726
Haiti25.79%11,584,996
Honduras42.62%10,432,860
Hong Kong0.27%7,488,865
Hungary65.48%9,967,308
Iceland66.25%372,899
India75.11%1,417,173,173
Indonesia30.56%275,501,339
Iran42.42%88,550,570
Iraq45.14%44,496,122
Ireland57.22%5,023,109
Israel59.50%9,038,309
Italy134.14%59,037,474
Jamaica94.26%2,827,377
Japan236.14%123,951,692
Jordan78.02%11,285,869
Kazakhstan19.94%19,397,998
Kenya58.60%54,027,487
Kiribati20.09%131,232
South Korea42.13%51,815,810
Kuwait11.64%4,268,873
Kyrgyzstan51.60%6,630,623
Laos62.02%7,529,475
Latvia36.70%1,850,651
Lebanon171.11%5,489,739
Lesotho50.46%2,305,825
Liberia48.85%5,302,681
Lithuania35.87%2,750,055
Luxembourg22.29%647,599
Madagascar38.52%29,611,714
Malawi45.30%20,405,317
Malaysia57.07%33,938,221
Maldives78.81%523,787
Mali40.73%22,593,590
Malta40.60%533,286
Marshall Islands24.84%41,569
Mauritania56.83%4,736,139
Mauritius84.62%1,299,469
Mexico53.32%127,504,125
Micronesia18.59%114,164
Moldova28.29%3,272,996
Mongolia78.47%3,398,366
Montenegro78.79%627,082
Morocco64.81%37,457,971
Mozambique96.05%32,969,518
Myanmar38.75%54,179,306
Namibia59.52%2,567,012
Nauru62.84%12,668
Nepal33.13%30,547,580
Netherlands47.56%17,564,014
New Zealand31.81%5,185,288
Nicaragua41.69%6,948,392
Niger39.80%26,207,977
Nigeria29.17%218,541,212
North Macedonia40.45%2,093,599
Norway40.94%5,434,319
Oman60.52%4,576,298
Pakistan77.50%235,824,862
Panama41.90%4,408,581
Papua New Guinea40.17%10,142,619
Paraguay25.78%6,780,744
Peru27.09%34,049,588
Philippines36.97%115,559,009
Poland45.61%39,857,145
Portugal116.61%10,270,865
Puerto Rico48.90%3,252,407
Qatar62.09%2,695,122
Romania36.80%19,659,267
Russia13.75%144,713,314
Rwanda49.82%13,776,698
Samoa47.46%222,382
San Marino63.50%33,660
Sao Tome And Principe71.57%227,380
Saudi Arabia22.49%36,408,820
Senegal63.58%17,316,449
Serbia52.75%7,221,365
Seychelles54.21%107,118
Sierra Leone72.45%8,605,718
Singapore128.20%5,975,689
Slovakia48.14%5,643,453
Slovenia65.61%2,119,844
Solomon Islands8.20%724,273
South Africa56.30%59,893,885
South Sudan28.09%10,913,164
Spain95.54%47,558,630
Sri Lanka86.80%21,832,143
Saint Kitts And Nevis51.45%47,657
Saint Lucia61.43%179,857
Saint Vincent And the Grenadines68.12%103,948
Sudan200.35%
Suriname85.24%618,040
Sweden34.89%10,549,347
Switzerland39.80%8,740,472
Taiwan32.73%23,893,394
Tajikistan43.09%9,952,787
Tanzania39.04%65,497,748
Thailand41.06%71,697,030
Timor Leste9.38%1,341,296
Togo52.35%8,848,699
Tonga41.28%106,858
Trinidad And Tobago45.41%1,531,044
Tunisia68.97%12,356,117
Turkey32.66%85,341,241
Turkmenistan15.29%6,430,770
Tuvalu11.53%11,312
Uganda37.64%47,249,585
Ukraine50.49%39,701,739
United Arab Emirates27.09%9,441,129
United Kingdom83.85%67,508,936
United States108.80%338,289,857
Uruguay60.46%3,422,794
Uzbekistan28.36%34,627,652
Vanuatu46.18%326,740
Venezuela232.79%28,301,696
Vietnam41.29%98,186,856
Yemen76.53%33,696,614
Zambia99.73%20,017,675
Zimbabwe93.22%16,320,537

Countries by National Debt

Sources