Nations that changed from the Axis powers to the Allies
Do you know which countries hold the highest amounts of public debt worldwide in 2024? The debt-to-GDP ratio is the metric comparing a country's public debt to its gross domestic product (GDP). By comparing what a country owes with what it produces, the debt-to-GDP ratio shows the ability of a country to pay back its debts. Countries with similar debt-to-GDP ratios are ranked based on their GDP PPP. GDP PPP (purchasing power parity) adjusts the economic output of a country by taking into account differences in the cost of living and purchasing power.
Intrigued? To discover which countries have the most debt—calculated using the debt-to-GDP ratio data from the International Monetary Fund’s General Government Gross debt-to-GDP database—click through this gallery.
Debt-to-GDP Ratio (2024): 82.6
GDP (PPP): US$19.05 Billion
West African country Sierra Leone enters the list at number 30, with a debt-to-GDP ratio of 82.6%. Sharp depreciation of the leone currency and high fiscal overruns in 2022 are largely to blame for current overall high debt distress levels.
Debt-to-GDP Ratio (2024): 82.6
GDP (PPP): US$19.05 Billion
The richest country in the West Indies, the Bahamas' economy depends on tourism and offshore banking. The country's debt ratio has fallen in recent years, but it still ranks #29 on this list.
Debt-to-GDP Ratio (2024): 87.4
GDP (PPP): US$35.04 Trillion
China’s debt has risen dramatically in the past decade, largely due to credit given to state-owned enterprises in the wake of the global financial crisis in 2008.
Debt-to-GDP Ratio (2024): 88.1
GDP (PPP): US$1.92 Trillion
One of the largest economies in Africa, Egypt has a debt-to-GDP ratio of 88.1%.
Debt-to-GDP Ratio (2024): 89.2
GDP (PPP): US$2.13 Billion
The economy of Saint Vincent and the Grenadines was hit hard by the shocks of the pandemic as well as volcanic eruptions in 2021. Fiscal responses to the humanitarian crises pushed up public debt.
Debt-to-GDP Ratio (2024): 90.3
GDP (PPP): US$4.26 Trillion
High national debt in Brazil is due to the country's trade deficit. However, it is estimated that by 2030 Brazil will have the fourth highest gross domestic product in the world.
Debt-to-GDP Ratio (2024): 91
GDP (PPP): US$29.9 Billion
The overall and external debt of the Republic of Congo are classified as "in distress." But improved debt management measures are projected to help external liquidity and solvency indicators fall below their thresholds by 2026.
Debt-to-GDP Ratio (2024): 91
GDP (PPP): US$1.14 Billion
Debt levels increased sharply in Dominica from 2017, due to the devastating effect of Hurricane Maria on economic activity. Under current policies, the debt ratio will reach the regional target of 60% of GDP only in 2040, five years after the 2035 goal.
Debt-to-GDP Ratio (2024): 91.9
GDP (PPP): US$138.73 Billion
Jordan’s debt-to-GDP ratio reached a fiscal cliff in 2019 and 2022. In the last three decades or so, the country's budget has rarely been balanced or positive.
Debt-to-GDP Ratio (2024): 92.4
GDP (PPP): US$57.65 Billion
Mozambique has the third highest debt-to-GDP ratio on the African continent. The country's overall risk of debt distress is rated "high" by the International Monetary Fund (IMF).
Debt-to-GDP Ratio (2024): 93.9
GDP (PPP): US$12.04 Billion
Suriname faced economic crises in 2020 and 2021 in the context of the global pandemic, which led to a ballooning of the fiscal deficit in the country.
Debt-to-GDP Ratio (2024): 98.6
GDP (PPP): US$501.07 Billion
In October, the IMF predicted that Ukraine's public debt would exceed 100% of GDP by 2025. The devaluation of the hryvnia and financial assistance received to fund the ongoing war have contributed to the current situation.
Debt-to-GDP Ratio (2024): 103.3
GDP (PPP): US$2.47 Trillion
The vast majority of Canada’s government debt is held by provincial governments. Despite its ranking on the list, it still has one of the strongest balance sheets in the G7 group of countries.
Debt-to-GDP Ratio (2024): 104
GDP (PPP): US$482.85 Billion
Portugal’s debt ratio dropped to less than 100% of gross domestic product in 2023, for the first time since 2009. The country was one of the hardest hit in Europe by the Great Recession of 2008.
Debt-to-GDP Ratio (2024): 104.7
GDP (PPP): US$2.51 Trillion
Spain's public debt-to-GDP ratio fell in 2023 to just below the government's target. The fourth largest economy in the Eurozone, it grew 2.5% in 2023, as the country welcomed a record number—over 84 million—of foreign visitors.
Debt-to-GDP Ratio (2024): 105.9
GDP (PPP): US$3.98 Trillion
The UK's increase in total debt came after government borrowing soared to £20 billion (about US$25 billion) in May 2023, pushed higher by the cost of energy support schemes, inflation-linked benefit payments, and interest payments on debt.
Debt-to-GDP Ratio (2024): 106.8
GDP (PPP): US$793.83 Billion
Belgium’s public finances deteriorated substantially during the COVID-19 pandemic. An aging population is also set to increase pressure on Belgium's public finances in the medium term.
Debt-to-GDP Ratio (2024): 107.5
GDP (PPP): US$5.78 Billion
Low growth and recurring fiscal deficits have led to rapid accumulation of debt in Barbados, which is among the highest in the Latin American and Caribbean region.
Debt-to-GDP Ratio (2024): 109.7
GDP (PPP): US$6.11 Billion
Tourism accounts for about 25% of GDP in Cabo Verde. Post-pandemic, GDP has accelerated markedly. The country's debt-to-GDP ratio fell significantly in 2022, following a historical high in 2021. As of 2023, its outlook is rated "Positive" by Fitch Ratings.
Debt-to-GDP Ratio (2024): 110.5
GDP (PPP): US$4.01 Trillion
French public-sector debt topped €3 trillion (about US$3.2 trillion), for the first time ever, in 2023. The energy and cost of living crises sparked by Russia’s invasion of Ukraine prompted swathes of public spending to cushion the damage to households and the economy, coming in the aftermath of the COVID-19 pandemic.
Debt-to-GDP Ratio (2024): 111.8
GDP (PPP): US$15.83 Billion
Despite strong post-pandemic growth, the Maldives remains at high risk of debt distress, according to the IMF. The country's GDP is highly dependent on fisheries and tourism.
Debt-to-GDP Ratio (2024): 118.7
GDP (PPP): US$78.93 Billion
Chinese investments in roads and hydropower dams, as well as a high-speed rail connection, have contributed to the growth of Laos' public debt, to what's been described as "a critical level."
Debt-to-GDP Ratio (2024): 119
GDP (PPP): US$11.56 Billion
The economy of Bahrain is heavily dependent upon oil and gas, which generate around 75% of government revenues.
Debt-to-GDP Ratio (2024): 122.8
GDP (PPP): US$11.56 Billion
Bhutan's external debt is driven mainly by hydropower developments. Hydropower contributes to 14% of the country's GDP and 26% of government revenues. Delays and cost overruns to hydropower developments have put pressure on the balance sheet.
Debt-to-GDP Ratio (2024): 126.9
GDP (PPP): US$27.97 Trillion
American national debt now tops a record US$34 trillion. Currently, the federal government is spending 1.5 times as much money as it's taking in GDP.
Debt-to-GDP Ratio (2024): 143.2
GDP (PPP): US$3.29 Trillion
Italian public debt-to-GDP is one of the highest in the Eurozone. A return to a primary surplus is estimated in 2025, however, favoring a slowdown in the growth of the country's debt-to-GDP ratio.
Debt-to-GDP Ratio (2024): 160.2
GDP (PPP): US$434.83 Billion
Despite Greek debt remaining high, its sustainability is particularly strong. Between 2023 and 2030, it's forecasted Greece will register a world record reduction in the debt ratio, by 26 percentage points, according to analysis by Moody's.
Debt-to-GDP Ratio (2024): 168.3
GDP (PPP): US$786.87 Billion
Despite the high level of gross national debt held by Singapore, the picture is different when you look at the country's net debt. In fact, the Singaporean government’s assets outweigh its debts, so the country has a net debt-to-GDP ratio of 0%.
Debt-to-GDP Ratio (2024): 238.8
GDP (PPP): US$177.09 Billion
The risk of public debt distress for Sudan is assessed as high. The risks entailed by high levels of public debt are compounded by sluggish GDP growth, made worse by a very low tax-to-GDP ratio.
Debt-to-GDP Ratio (2024): 251.9
GDP (PPP): US$6.71 Trillion
An aging population has strained public finances, exacerbating Japan's public debt burden. The country has the lowest labor productivity in the G7.
Sources: (Yahoo Finance) (The Diplomat) (CBS News) (The Banker) (Radio Free Asia) (Inter-American Development Bank) (Fitch Ratings) (Barron's) (Statista) (Reuters) (IMF eLibrary)
Countries with the most debt
Can you guess which nation takes the top spot?
LIFESTYLE Economy
Do you know which countries hold the highest amounts of public debt worldwide in 2024? The debt-to-GDP ratio is the metric comparing a country's public debt to its gross domestic product (GDP). By comparing what a country owes with what it produces, the debt-to-GDP ratio shows the ability of a country to pay back its debts. Countries with similar debt-to-GDP ratios are ranked based on their GDP PPP. GDP PPP (purchasing power parity) adjusts the economic output of a country by taking into account differences in the cost of living and purchasing power.
Intrigued? To discover which countries have the most debt—calculated using the debt-to-GDP ratio data from the International Monetary Fund’s General Government Gross debt-to-GDP database—click through this gallery.