The updated ranking of the countries with the highest and lowest public debt in the world
The debt alarm continues to ring for all global powers and even emerging countries. The latest IMF report was clear in highlighting a very risky upward trajectory of debt: "Global public debt will increase by 2.8 percentage points this year, more than double the estimate for 2024, bringing debt levels above 95% of gross domestic product." The trend is estimated to be upward, and therefore, a debt of 100% of GDP by the end of the decade is likely.
Given the profound uncertainties surrounding growth, price trends, the trade war, and the arms race that requires increased debt to finance, analyzing the debt situation is extremely important.
Below is the updated ranking of the countries with the most and least debt in the world.
Countries with the highest public debt to GDP
The world is sitting on a mountain of debt: this is a grim summary of analyses from various international bodies dealing with global finance and the economy.
According to the Fiscal Monitor’s Debt at Risk report, which uses data through December 2024, in a highly adverse scenario, global public debt could reach 117% of GDP by 2027. This would be the highest level since World War II, exceeding baseline projections by almost 20 percentage points.
The OECD’s Global Debt Report also highlighted that sovereign bond issuance in the organization’s member countries will reach a record $17 trillion in 2025, up from $14 trillion in 2023.
But which countries are the most indebted? To provide an updated answer, let’s use IMF data from April 2025 as a reference. It should be noted, as the IMF emphasizes, that the ratio of general government gross debt to GDP is considered, i.e., all liabilities requiring the payment of interest and/or principal by the debtor (government) to the creditor at one or more future dates.
The following top ten includes a mix of developed and poorer countries.
- Sudan: 252%
- Japan: 234.9%
- Singapore: 174%
- Greece: 142.2%
- Bahrain: 141.4%
- Maldives: 140%
- Italy: 137.3%
- United States: 122.5%
- France: 116.3%
- Canada: 112.5%
It should be noted that three European countries make the list, with Italy and Greece not being a surprise, given that high debt has always been a weakness in their public finances. Compared to the previous analysis, the IMF has also included France among the 10 most indebted. Japan remains the most indebted economy among developed countries.
Public Debt in Europe: The Ranking
The latest public finance statistics compiled by Eurostat date back to April 2025. On the subject of debt, the organization first highlighted that in the euro area, the public debt-to-GDP ratio increased slightly, from 87.3% at the end of 2023 to 87.4% at the end of 2024; in the EU, it increased from 80.8% to 81.0%.
At the end of 2024, the public debt-to-GDP ratio ranged from 23.6% in Estonia to 153.6% in Greece.
This is the ranking of the 10 European countries with the highest debt-to-GDP ratio (2024):
- Greece: 153%
- Italy: 135.3%
- France: 113%
- Belgium: 104.7%
- Spain: 101.8%
- Portugal: 94.9%
- Finland: 82.1%
- Austria: 81.8%
- Hungary: 73.5%
- Slovenia: 67%
At the end of 2024, the lowest public debt-to-GDP ratios were recorded in Estonia (23.6%), Bulgaria (24.1%), Luxembourg (26.3%), Denmark (31.1%), Sweden (33.5%), and Lithuania (38.2%).
In total, 12 Member States had public debt-to-GDP ratios above 60%, with the highest values recorded in Greece (153.6%), Italy (135.3%), France (113.0%), Belgium (104.7%), and Spain (101.8%).
Which countries have the lowest public debt?
By analyzing the IMF’s April 2025 monitoring report, we can also extrapolate the Countries with the lowest debt/GDP.
A premise. Many economists believe that if a country is able to produce more without compromising its economic growth, it can be considered more stable, especially for the future.
However, stability does not always equate to wealth and prosperity. States with low debt, with the exception of Russia and Saudi Arabia, are not necessarily First World economic powers. Furthermore, economically powerful countries like the United States and France, for example, maintain one of the highest debt-to-GDP ratios, which means that debt does not necessarily harm the state of the economy and is sometimes necessary to help it develop.
Indeed, the economic dynamics of a country system are different. For example, Saudi Arabia has maintained one of the lowest debt-to-GDP ratios thanks to its high exports, which consist primarily of oil and petroleum products. Given the importance of oil in today’s world, Saudi Arabia produces enough oil and earns sufficient revenue to maintain a high GDP and also refrain from incurring debt.
The ranking of the 10 countries with the lowest debt in the world:
- Macau: 0%
- Tuvalu: 3.3%
- Turkmenistan: 4.5%
- Kuwait: 7.4%
- Kiribati: 8.8%
- Micronesia: 9.2%
- Hong Kong: 11%
- Haiti: 11%
- Nauru: 15.2%
- Marshall Islands: 15.3%
The aforementioned countries, Saudi Arabia and Russia, had debts of 34.8% and 21.4%, respectively.
Original article published on Money.it Italy. Original title: Paesi con debito pubblico più alto (e più basso), la classifica. Dov’è l’Italia?
