Debt to GDP Ratio by Country 2021

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There are many different equations used to determine how economically sound a nation is, and one of these calculations is the debt-to-GDP ratio. This ratio measures a country's government debt compared to its gross domestic product (GDP) – or the value of all goods and services produced by the country.

The debt-to-GDP ratio is usually expressed as a percentage and is used to indicate whether or not a country can pay back its debts. If the ratio indicates that a nation cannot pay its government debts, there is a risk of default, which could wreak havoc on the markets.

As of December 2019, the nation with the highest debt-to-GDP ratio is Japan, with a ratio of 237%. In 1992, Japans's Nikkei (stock market) crashed. The government bailed out banks and insurance companies, providing them with low-interest credit. Banks were consolidated and nationalized, and other stimulus initiatives were used to help the struggling economy; however, these caused Japan's debt to increase dramatically.

The next highest ratio is from Greece, which at 177%, lags significantly behind Japan. Lebanon trails with 151% and Italy with 135%.

Brunei has the lowest debt-to-GDP ratio of 2.4%, followed by the Cayman Islands at 5.70% and Afghanistan at 7.10%.

Debt to GDP Ratio by Country 2021

Country Debt To GDP Ratio Population 2021
Japan237.00%126,050,804
Greece177.00%10,370,744
Lebanon151.00%6,769,146
Italy135.00%60,367,477
Singapore126.00%5,896,686
Cape Verde125.00%561,898
Portugal117.00%10,167,925
Angola111.00%33,933,610
Mozambique109.00%32,163,047
United States107.00%332,915,073
Djibouti104.00%1,002,187
Jamaica103.00%2,973,463
Belgium98.60%11,632,326
Dr Congo98.50%92,377,993
France98.10%65,426,179
Cyprus95.50%1,215,584
Spain95.50%46,745,216
Bahrain93.40%1,748,296
Jordan92.40%10,269,021
Canada89.70%38,067,903
Argentina89.40%45,605,826
Sri Lanka86.80%21,497,310
Pakistan84.80%225,199,937
Gambia81.80%2,486,945
Suriname81.40%591,800
United Kingdom80.70%68,207,116
Mauritania79.00%4,775,119
Costa Rica77.47%5,139,052
Tunisia76.70%11,935,766
Brazil75.79%213,993,437
El Salvador73.30%6,518,499
Croatia73.20%4,081,651
Sao Tome And Principe73.10%223,368
Austria70.40%9,043,070
Belize69.90%404,914
India69.62%1,393,409,038
Bahamas66.80%396,913
Hungary66.30%9,634,164
Slovenia66.10%2,078,724
Morocco66.10%37,344,795
Albania65.90%2,872,933
Qatar65.80%2,930,528
Mauritius64.60%1,273,433
Trinidad And Tobago63.20%1,403,375
Yemen63.20%30,490,640
Sierra Leone63.00%8,141,343
Montenegro62.27%628,053
South Africa62.20%60,041,994
Malawi62.00%19,647,684
Sudan62.00%44,909,353
Uruguay61.30%3,485,151
Israel59.90%8,789,774
Germany59.80%83,900,473
Finland59.40%5,548,360
Ghana59.30%31,732,129
Zambia59.00%18,920,651
Ireland58.80%4,982,907
Bolivia57.70%11,832,940
Vietnam57.50%98,168,833
Kenya57.00%54,985,698
Ethiopia57.00%117,876,227
Gabon56.40%2,278,825
Seychelles55.00%98,908
Mongolia55.00%3,329,289
Kyrgyzstan54.10%6,628,356
Zimbabwe53.40%15,092,171
Laos53.34%7,379,358
Namibia53.30%2,587,344
Guyana52.90%790,326
Nicaragua52.50%6,702,385
Malaysia52.50%32,776,194
Serbia52.00%8,697,550
Dominican Republic50.53%10,953,703
China50.50%1,444,216,107
Ukraine50.30%43,466,819
Myanmar49.41%54,806,012
Ecuador49.40%17,888,475
Iraq49.40%41,179,350
Netherlands48.60%17,173,099
Central African Republic48.50%4,919,981
Azerbaijan48.40%10,223,342
Colombia48.40%51,265,844
Fiji48.00%902,906
Slovakia48.00%5,460,721
Tajikistan47.90%9,749,627
Senegal47.70%17,196,301
Oman47.50%5,223,375
Chad46.60%16,914,985
Algeria46.10%44,616,624
Poland46.00%37,797,005
Armenia45.60%2,968,127
Mexico45.50%130,262,216
Australia45.10%25,788,215
Honduras44.05%10,062,991
Equatorial Guinea43.30%1,449,896
Malta43.10%442,784
Georgia43.00%3,979,765
Thailand41.80%69,950,850
Philippines41.50%111,046,913
Rwanda41.10%13,276,513
Switzerland41.00%8,715,494
Lesotho40.90%2,159,079
Norway40.60%5,465,630
Papua New Guinea39.80%9,119,010
Panama39.48%4,381,579
Hong Kong38.40%7,552,810
Iran37.90%85,028,759
Tanzania37.80%61,498,437
South Korea37.70%51,305,186
Iceland37.00%343,353
Latvia36.90%1,866,942
Guinea Bissau36.50%2,015,494
Lithuania36.30%2,689,862
Romania35.20%19,127,774
Sweden35.10%10,160,169
Niger34.70%25,130,817
Cameroon34.00%27,224,265
Denmark33.20%5,813,298
Turkey33.10%85,042,738
Haiti33.00%11,541,685
Liberia32.00%5,180,203
Ivory Coast31.90%27,053,629
Czech Republic30.80%10,724,555
Nepal30.20%29,674,920
Madagascar30.10%28,427,328
Indonesia29.80%276,361,783
Togo29.50%8,478,250
Cambodia29.40%16,946,438
Turkmenistan29.30%6,117,924
Bangladesh29.30%166,303,498
Taiwan28.20%23,855,010
Chile27.90%19,212,361
Guatemala27.88%18,249,860
Peru27.50%33,359,418
Moldova27.40%4,024,019
Belarus26.50%9,442,862
Maldives24.80%543,617
Bosnia And Herzegovina24.80%3,263,466
Bulgaria24.50%6,896,663
Comoros23.60%888,451
Uzbekistan23.60%33,935,763
Botswana23.00%2,397,241
Venezuela23.00%28,704,954
Paraguay22.90%7,219,638
Saudi Arabia22.80%35,340,683
Burkina Faso22.60%21,497,096
Luxembourg22.10%634,814
Kazakhstan21.90%18,994,962
Benin21.60%12,451,040
Eritrea20.10%3,601,467
New Zealand19.00%4,860,643
United Arab Emirates18.60%9,991,089
Cuba18.20%11,317,505
Guinea18.00%13,497,244
Nigeria17.50%211,400,708
Libya16.50%6,958,532
Palestine16.40%5,222,748
Republic Of The Congo15.70%5,657,013
Burundi15.20%12,255,433
Kuwait14.80%4,328,550
Russia12.20%145,912,025
Bhutan11.00%779,898
Swaziland10.75%1,172,362
Egypt9.00%104,258,327
Estonia8.40%1,325,185
Afghanistan7.10%39,835,428
Cayman Islands5.70%66,497
Uganda4.00%47,123,531
Brunei2.40%441,532

Debt to GDP Ratio by Country 2021