Visualizing Government Debt Around the World

What We’re Showing

This infographic ranks countries by their debt-to-GDP ratio. The debt-to-GDP ratio is an economic indicator that compares a country’s economic output to its public debt, measuring its ability to pay off what it owes (in theory). 

The data comes from the April 2025 edition of the IMF World Economic Outlook.

Key Takeaways

• Sudan tops the list with government debt at 252% of GDP, with prolonged internal conflicts and economic instability leading to high levels of borrowing.
• Japan has been a long-time leader in sovereign debt due to persistent fiscal deficits and low economic growth, with its debt-to-GDP ratio sitting at 235%.
• The U.S. ranks 8th, with gross public debt at 123% of GDP, largely due to large-scale quantitative easing measures and continued deficit spending.
• Other countries with high debt levels include Singapore (175%), Greece (142%), and Italy (137%).
• The average debt-to-GDP ratio of advanced economies is 110%, and that of emerging markets and developing economies is 74%.
• Germany has the lowest debt obligations of all G7 nations at 65% of its GDP.

Context

High public debt levels are typically a result of various factors, including aggressive monetary policies, quantitative easing, slow or negative economic growth, and public spending needs. 

Therefore, debt-to-GDP ratios usually balloon following periods of recessions or economic shocks, such as the 2008 Financial Crisis and the COVID-19 pandemic. 

While public debt can be of help during economic downturns, excessive debt carries long-term risks, including:

• A higher risk of public debt default
• Rising interest payments, which can crowd out public investments and expenditure
• Lower investor confidence, leading to capital outflows
• Currency depreciation and potential inflationary pressure