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30. Sierra Leone -

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.

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29. Bahamas -

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.

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28. China -

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.

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27. Egypt -

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%.

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26. Saint Vincent and the Grenadines -

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.

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25. Brazil -

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.

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24. Republic of Congo -

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.

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23. Dominica -

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.

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22. Jordan -

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.

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21. Mozambique -

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).

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20. Suriname -

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.

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19. Ukraine -

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.

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18. Canada -

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.

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17. Portugal -

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.

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16. Spain -

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.

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15. United Kingdom -

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.

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14. Belgium -

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.

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13. Barbados -

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.

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12. Cabo Verde -

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.

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11. France -

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.

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10. Maldives -

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.

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9. Laos -

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."

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8. Bahrain -

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.

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7. Bhutan -

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.

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6. United States -

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.

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5. Italy -

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.

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4. Greece -

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.

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3. Singapore -

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%.

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2. Sudan -

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.

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1. Japan -

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)

See also: The worst financial crises the world has ever seen

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