Countries with the Most Debt

The map showing 10 countries that have highest external debt.



National debt is a pressing issue for many countries around the world, with some countries carrying particularly high levels of debt. The table below provides an overview of the countries with the most debt, ranked by their debt-to-GDP ratio. The debt-to-GDP ratio is an important indicator of a country’s ability to repay its debt, as it measures the country’s debt relative to its economic output.

 

Countries with the Most Debt in the World

Country National Debt (in USD) Debt-to-GDP Ratio (2021) Possible Reason
Japan 11.8 trillion 236% High government spending and aging population
Greece 396 billion 177% Economic crisis and high public spending
United States 28.4 trillion 108% Government spending and COVID-19 pandemic
Italy 2.7 trillion 155% High government debt and slow economic growth
Portugal 307 billion 131% Economic recession and austerity measures
Belgium 542 billion 114% High public spending and slow economic growth
Spain 1.3 trillion 120% Financial crisis and high unemployment
France 2.7 trillion 118% High public spending and slow economic growth
Canada 1.2 trillion 108% Economic recession and government spending
United Kingdom 2.8 trillion 98% Government spending and Brexit uncertainty

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