World Ranking · Data for Every Country
Government Debt to GDP by Country
Which countries carry the highest government debt as a share of GDP in 2024?
Sudan ranks first with government gross debt at 261.43% of GDP in 2024, followed by Japan at 236.11%, according to the IMF World Economic Outlook. The full table covers 188 countries. Sudan's ratio is 4.6 times the median of 56.33%, while Japan's debt is 236.11% against real GDP growth of 0.1%. At the other end, Liechtenstein records 0.48% and Brunei Darussalam 2.29%. The top 15 includes both advanced economies such as Italy (135.33%) and the United States (122.32%), and lower-income economies such as Senegal (128.43%) and Zambia (114.94%). The complete ranking follows, with GDP in USD billions unless marked otherwise.
What is Government debt to GDP?
Government debt to GDP, also called the debt-to-GDP ratio, compares everything a government owes with the size of its economy. A ratio of 100% means public debt equals one full year of national output.
How it is measured. This ranking uses general government gross debt from the IMF World Economic Outlook: all liabilities that require payment of interest or principal, held by the central government, state and local governments and social security funds, divided by nominal GDP. It is gross debt, so it does not subtract government financial assets.
How to read it. A higher ratio means a heavier debt burden relative to the economy, but there is no universal danger threshold. What matters is the interest rate against growth, who holds the debt, the currency it is issued in, and the government's ability to raise revenue. Countries that borrow in their own currency, such as Japan or the United States, can sustain higher ratios than countries that borrow in foreign currency.
Source: IMF World Economic Outlook. See our methodology.
Government Debt to GDP by Country, 2024
| # | Country | Government Debt to GDP | GDP Growth | GDP |
|---|---|---|---|---|
| 1 | Sudan | 261.43% | -18.66% | $39.4B |
| 2 | Japan | 236.11% | 0.10% | $4.02T |
| 3 | Singapore | 173.51% | 4.39% | $547.4B |
| 4 | Lebanon | 163.76% | -7.50% | $28.3B |
| 5 | Greece | 154.79% | 2.18% | $256.7B |
| 6 | Italy | 135.33% | 0.71% | $2.38T |
| 7 | Bahrain | 133.38% | 2.60% | $47.1B |
| 8 | Maldives | 133.32% | 3.39% | $7.1B |
| 9 | Senegal | 128.43% | 6.23% | $32.8B |
| 10 | United States | 122.32% | 2.79% | $29.02T |
| 11 | Zambia | 114.94% | 3.93% | $25.8B |
| 12 | France | 113.15% | 1.15% | $3.16T |
| 13 | Canada | 111.30% | 1.55% | $2.24T |
| 14 | Cape Verde | 111.23% | 7.24% | $2.7B |
| 15 | Bhutan | 110.44% | 4.25% | $3.1B |
| 16 | Barbados | 104.81% | 3.24% | $7.3B |
| 17 | Belgium | 104.71% | 1.04% | $667.9B |
| 18 | Spain | 101.65% | 3.46% | $1.73T |
| 19 | United Kingdom | 101.23% | 1.11% | $3.67T |
| 20 | Sri Lanka | 100.84% | 5.01% | $99.0B |
| 21 | Laos | 100.48% | 4.21% | $16.2B |
| 22 | Dominica | 99.88% | 2.80% | $693.4M |
| 23 | Congo, Republic of | 98.03% | 2.35% | $15.2B |
| 24 | Bolivia, Plurinational State of | 97.95% | -0.20% | $50.9B |
| 25 | Portugal | 94.93% | 2.03% | $310.9B |
| 26 | Mozambique | 93.22% | 2.15% | $22.7B |
| 27 | St. Vincent and the Grenadines | 92.68% | 4.61% | $1.2B |
| 28 | Egypt | 90.93% | 2.40% | $386.1B |
| 29 | Jordan | 90.23% | 2.49% | $53.4B |
| 30 | Ukraine | 89.72% | 2.91% | $190.7B |
| 31 | China | 88.32% | 4.99% | $18.75T |
| 32 | Mauritius | 87.92% | 4.93% | $15.0B |
| 33 | Malawi | 87.58% | 1.74% | $11.6B |
| 34 | El Salvador | 87.51% | 2.61% | $35.4B |
| 35 | Suriname | 87.29% | 2.35% | $4.4B |
| 36 | Brazil | 87.28% | 3.41% | $2.18T |
| 37 | Argentina | 84.65% | -1.34% | $637.8B |
| 38 | Tunisia | 83.39% | 1.63% | $52.1B |
| 39 | Guinea-Bissau | 82.21% | 4.47% | $2.2B |
| 40 | Finland | 82.15% | 0.41% | $298.7B |
| 41 | India | 81.64% | 6.49% | $3.91T |
| 42 | Austria | 80.79% | -0.82% | $529.4B |
| 43 | Gambia | 79.96% | 5.44% | $2.4B |
| 44 | Fiji | 79.11% | 3.54% | $6.0B |
| 45 | Saint Lucia | 76.60% | 4.29% | $2.6B |
| 46 | South Africa | 75.97% | 0.53% | $401.1B |
| 47 | Bahamas | 73.81% | 3.38% | $15.8B |
| 48 | Hungary | 73.45% | 0.54% | $222.9B |
| 49 | Zimbabwe | 73.05% | 1.74% | $45.3B |
| 50 | Gabon | 72.72% | 3.37% | $20.9B |
| 51 | Grenada | 72.70% | 3.63% | $1.4B |
| 52 | Togo | 72.09% | 5.92% | $10.2B |
| 53 | Yemen, Republic of | 70.94% | -1.50% | $19.1B |
| 54 | Pakistan | 70.39% | 2.78% | $371.5B |
| 55 | Ghana | 70.35% | 5.64% | $82.6B |
| 56 | Aruba | 70.16% | 6.80% | $4.2B |
| 57 | Malaysia | 70.08% | 5.11% | $422.2B |
| 58 | Uruguay | 68.69% | 3.11% | $81.0B |
| 59 | Morocco | 67.73% | 3.79% | $160.6B |
| 60 | Namibia | 67.70% | 3.71% | $13.4B |
| 61 | Israel | 67.64% | 0.91% | $541.3B |
| 62 | Antigua and Barbuda | 67.58% | 3.66% | $2.2B |
| 63 | Kenya | 67.34% | 4.72% | $119.8B |
| 64 | Rwanda | 67.24% | 8.89% | $14.3B |
| 65 | Slovenia | 66.59% | 1.73% | $73.0B |
| 66 | Palau | 66.26% | 12.01% | $322.0M |
| 67 | West Bank and Gaza | 65.57% | -26.56% | $13.7B |
| 68 | Belize | 65.44% | 3.50% | $3.2B |
| 69 | Cyprus | 65.09% | 3.69% | $37.0B |
| 70 | São Tomé and Principe | 64.81% | 1.10% | $825.1M |
| 71 | Trinidad and Tobago | 64.58% | 2.51% | $25.6B |
| 72 | San Marino | 63.94% | 0.70% | $2.1B |
| 73 | Germany | 63.47% | -0.50% | $4.68T |
| 74 | Thailand | 63.20% | 2.54% | $526.5B |
| 75 | Jamaica | 62.43% | -0.54% | $22.0B |
| 76 | Colombia | 61.24% | 1.60% | $418.8B |
| 77 | Montenegro | 60.76% | 3.16% | $8.3B |
| 78 | Central African Republic | 60.66% | 1.71% | $2.8B |
| 79 | Angola | 59.91% | 4.42% | $108.1B |
| 80 | Costa Rica | 59.75% | 4.32% | $95.4B |
| 81 | Iceland | 59.45% | -0.97% | $33.3B |
| 82 | Myanmar | 59.34% | -1.05% | $67.9B |
| 83 | Côte d'Ivoire | 59.25% | 6.01% | $87.1B |
| 84 | Dominican Republic | 58.79% | 4.95% | $124.4B |
| 85 | Mexico | 58.31% | 1.43% | $1.86T |
| 86 | Seychelles | 57.61% | 3.21% | $2.2B |
| 87 | Croatia | 57.56% | 3.88% | $92.8B |
| 88 | Romania | 57.44% | 0.87% | $382.7B |
| 89 | Panama | 57.38% | 2.75% | $86.5B |
| 90 | Burkina Faso | 57.25% | 4.80% | $23.1B |
| 91 | Slovakia | 57.23% | 2.00% | $141.3B |
| 92 | Liberia | 57.18% | 4.02% | $4.8B |
| 93 | Lesotho | 56.83% | 2.52% | $2.3B |
| 94 | Philippines | 56.63% | 5.69% | $461.6B |
| 95 | Albania | 56.03% | 4.05% | $27.1B |
| 96 | Poland | 55.27% | 2.98% | $916.2B |
| 97 | North Macedonia | 54.83% | 2.87% | $16.8B |
| 98 | St. Kitts and Nevis | 53.82% | 1.14% | $1.1B |
| 99 | Ecuador | 53.75% | -2.00% | $124.7B |
| 100 | Benin | 53.44% | 7.45% | $21.5B |
| 101 | Papua New Guinea | 52.08% | 3.79% | $31.6B |
| 102 | Burundi | 52.02% | 3.83% | $4.0B |
| 103 | Mali | 51.73% | 4.85% | $24.8B |
| 104 | Uganda | 51.49% | 6.17% | $55.1B |
| 105 | Australia | 50.72% | 1.20% | $1.78T |
| 106 | South Sudan | 50.68% | -26.14% | $4.6B |
| 107 | Madagascar | 50.33% | 4.20% | $17.4B |
| 108 | New Zealand | 50.24% | 0.36% | $259.3B |
| 109 | Armenia | 49.96% | 5.88% | $26.0B |
| 110 | Tanzania | 49.86% | 5.49% | $79.0B |
| 111 | South Korea | 49.82% | 2.00% | $1.88T |
| 112 | Guinea | 48.84% | 5.71% | $24.6B |
| 113 | Nepal | 48.33% | 3.67% | $42.9B |
| 114 | Algeria | 48.07% | 3.70% | $269.2B |
| 115 | Niger | 47.22% | 10.30% | $19.9B |
| 116 | Honduras | 47.07% | 3.55% | $37.1B |
| 117 | Latvia | 46.76% | -0.24% | $43.6B |
| 118 | Iraq | 46.46% | -0.86% | $279.2B |
| 119 | Malta | 46.17% | 6.80% | $25.0B |
| 120 | Vanuatu | 45.34% | 0.94% | $1.1B |
| 121 | Paraguay | 44.77% | 4.25% | $44.5B |
| 122 | Serbia | 44.48% | 3.91% | $89.6B |
| 123 | Mongolia | 44.06% | 5.12% | $23.8B |
| 124 | Netherlands | 43.80% | 1.08% | $1.21T |
| 125 | Czechia | 43.34% | 1.23% | $347.0B |
| 126 | Cameroon | 42.83% | 3.49% | $53.8B |
| 127 | Mauritania | 42.82% | 6.31% | $11.0B |
| 128 | Norway | 42.72% | 2.10% | $483.6B |
| 129 | Sierra Leone | 41.74% | 4.36% | $7.4B |
| 130 | Chile | 41.65% | 2.64% | $330.2B |
| 131 | Qatar | 41.18% | 2.36% | $219.4B |
| 132 | Bangladesh | 40.97% | 4.22% | $450.3B |
| 133 | Indonesia | 40.17% | 5.03% | $1.40T |
| 134 | Belarus | 39.89% | 4.01% | $76.1B |
| 135 | Nigeria | 39.33% | 4.06% | $252.2B |
| 136 | Eswatini | 39.21% | 2.88% | $4.9B |
| 137 | Nicaragua | 39.15% | 3.59% | $19.7B |
| 138 | Moldova | 38.78% | 0.10% | $18.2B |
| 139 | Ireland | 38.77% | 2.60% | $609.1B |
| 140 | Lithuania | 38.22% | 2.75% | $84.9B |
| 141 | Kyrgyzstan | 37.52% | 9.04% | $17.5B |
| 142 | Switzerland | 37.52% | 1.33% | $937.4B |
| 143 | Tonga | 36.96% | 2.07% | $558.0M |
| 144 | Equatorial Guinea | 36.44% | 0.89% | $12.8B |
| 145 | Georgia | 36.10% | 9.55% | $34.0B |
| 146 | Oman | 35.52% | 1.65% | $107.0B |
| 147 | United Arab Emirates | 34.94% | 3.99% | $552.3B |
| 148 | Iran | 33.99% | 3.66% | $446.0B |
| 149 | Andorra | 33.23% | 3.37% | $4.0B |
| 150 | Sweden | 32.99% | 0.82% | $603.7B |
| 151 | Djibouti | 32.86% | 6.75% | $4.2B |
| 152 | Chad | 32.66% | 3.85% | $19.7B |
| 153 | Uzbekistan | 32.66% | 6.52% | $115.0B |
| 154 | Comoros | 32.16% | 3.34% | $1.4B |
| 155 | Peru | 32.15% | 3.30% | $291.9B |
| 156 | Denmark | 31.45% | 3.48% | $424.5B |
| 157 | Vietnam | 31.27% | 7.09% | $467.9B |
| 158 | Botswana | 29.87% | -2.99% | $19.4B |
| 159 | Bosnia and Herzegovina | 29.53% | 2.97% | $29.6B |
| 160 | Guatemala | 26.32% | 3.65% | $113.2B |
| 161 | Luxembourg | 26.29% | 0.36% | $93.3B |
| 162 | Saudi Arabia | 26.15% | 2.00% | $1.24T |
| 163 | Cambodia | 25.90% | 6.00% | $46.2B |
| 164 | Samoa | 25.17% | 4.65% | $1.2B |
| 165 | Tajikistan | 24.95% | 8.38% | $14.2B |
| 166 | Kazakhstan | 24.38% | 4.90% | $291.5B |
| 167 | Guyana | 24.31% | 43.69% | $24.7B |
| 168 | Bulgaria | 24.08% | 3.10% | $112.8B |
| 169 | Türkiye | 24.04% | 3.33% | $1.36T |
| 170 | Estonia | 23.41% | -0.09% | $43.1B |
| 171 | Congo, Democratic Republic of | 22.55% | 6.29% | $72.7B |
| 172 | Solomon Islands | 22.09% | 2.77% | $1.7B |
| 173 | Azerbaijan | 21.67% | 4.07% | $74.3B |
| 174 | Russia | 20.25% | 4.34% | $2.17T |
| 175 | Nauru | 17.39% | 1.49% | $162.3M |
| 176 | Puerto Rico (US) | 16.87% | 3.20% | $125.9B |
| 177 | Haiti | 15.50% | -4.17% | $25.3B |
| 178 | Timor-Leste | 13.33% | -2.50% | $1.9B |
| 179 | Marshall Islands | 13.22% | 2.75% | $285.6M |
| 180 | Micronesia, Federated States of | 10.92% | 0.72% | $471.2M |
| 181 | Kiribati | 9.92% | 5.27% | $307.9M |
| 182 | Hong Kong | 9.25% | 2.50% | $406.9B |
| 183 | Afghanistan | 8.80% | 1.75% | $18.1B |
| 184 | Tuvalu | 6.96% | 3.08% | $56.0M |
| 185 | Turkmenistan | 4.11% | 4.66% | $60.0B |
| 186 | Kuwait | 2.92% | -2.56% | $160.2B |
| 187 | Brunei | 2.29% | 4.05% | $15.4B |
| 188 | Liechtenstein | 0.49% | 1.50% | $8.5B |
Reference year 2024; 188 countries. Sources: World Bank WDI, IMF WEO. Values are current-year figures as published; the European Union aggregate is excluded.
Download the full table as CSV. Cite this page: GDPIndex, “Government Debt to GDP by Country”, 2024, https://gdpindex.org/world/debt-to-gdp-by-country/.
Top of the ranking: Sudan and Japan lead
Top of the ranking: Sudan and Japan lead
Sudan records the highest government gross debt ratio in the 2024 IMF WEO set at 261.43% of GDP, against a median of 56.33% across 188 countries. That ratio is 4.6 times the median. Sudan's real GDP contracted by 18.66% and nominal GDP stands at USD 39.4 billion, so the debt stock is large relative to a shrinking output base. The gap to second place is 25.32 percentage points.
Japan ranks second at 236.11% of GDP, with real GDP growth of 0.1% and nominal GDP of USD 4.02 trillion. Japan's ratio is 179.78 percentage points above the 56.33% median. The two leaders differ by 25.32 percentage points, yet their output profiles diverge: Sudan's GDP is USD 39.4 billion against Japan's USD 4.02 trillion. Debt ratios near or above 236% therefore appear in both a small, contracting economy and a large, near-static one.
Singapore ranks third at 173.51% of GDP, with real GDP growth of 4.39% and nominal GDP of USD 547.4 billion. Lebanon follows at 163.76% of GDP, with real GDP growth of -7.5% and nominal GDP of USD 28.3 billion. The spread from Sudan's 261.43% to Lebanon's 163.76% is 97.67 percentage points. Growth outcomes across these four range from 4.39% to -18.66%.
Greece ranks fifth at 154.79% of GDP, with real GDP growth of 2.18% and nominal GDP of USD 256.7 billion. Italy ranks sixth at 135.33% of GDP, with growth of 0.71% and nominal GDP of USD 2.38 trillion. Bahrain ranks seventh at 133.38% of GDP, with growth of 2.6% and nominal GDP of USD 47.1 billion. The top seven spans ratios from 261.43% to 133.38%.
- Sudan: 261.43% of GDP, growth -18.66%, GDP USD 39.4 billion
- Japan: 236.11% of GDP, growth 0.1%, GDP USD 4.02 trillion
- Singapore: 173.51% of GDP, growth 4.39%, GDP USD 547.4 billion
- Lebanon: 163.76% of GDP, growth -7.5%, GDP USD 28.3 billion
- Greece: 154.79% of GDP, growth 2.18%, GDP USD 256.7 billion
- Italy: 135.33% of GDP, growth 0.71%, GDP USD 2.38 trillion
- Bahrain: 133.38% of GDP, growth 2.6%, GDP USD 47.1 billion
Concentration and spread: top versus bottom
Concentration and spread: top versus bottom
The 2024 distribution is heavily right-skewed. The median government gross debt ratio across 188 countries is 56.33% of GDP. Sudan's 261.43% is 4.6 times that median. Japan follows at 236.11%, Singapore at 173.51%, Lebanon at 163.76% and Greece at 154.79%. Every one of the top five exceeds 154%. At the opposite end, Liechtenstein records 0.48%, Brunei Darussalam 2.29%, Kuwait 2.92%, Turkmenistan 4.11% and Tuvalu 6.96%. All five sit below 7%. The gap between Sudan and Liechtenstein alone is 260.95 percentage points.
Size does not track the ratio. The United States carries 122.32% of GDP on a nominal economy of USD 29.02 trillion, while Sudan's 261.43% sits on USD 39.4 billion. Japan combines 236.11% with GDP of USD 4.02 trillion and growth of 0.1%. Singapore's 173.51% accompanies GDP of USD 547.4 billion and growth of 4.39%. Kuwait holds 2.92% debt against USD 160.2 billion of GDP, yet its economy contracted 2.56%. Tuvalu's 6.96% rests on USD 0.1 billion of output. The 254-point spread therefore reflects creditor status, commodity receipts and statistical capacity as much as fiscal stance.
Growth outcomes diverge within both tails. Among the top fifteen, Sudan contracted 18.66% and Lebanon 7.5%, while Senegal expanded 6.23% at a ratio of 128.43%. Cabo Verde grew 7.24% at 111.23%, and Bhutan 4.25% at 110.44%. In the bottom five, Turkmenistan grew 4.66% at 4.11% debt and Brunei Darussalam 4.05% at 2.29%. Liechtenstein grew 1.5% at 0.48%. Kuwait is the outlier, with 2.92% debt and negative growth. High debt and weak growth coincide in some cases, but not all.
- Top five range: 154.79% to 261.43% of GDP.
- Bottom five range: 0.48% to 6.96% of GDP.
- Median across 188 countries: 56.33% of GDP.
- Sudan exceeds the median by a factor of 4.6.
Caveats: what the ratio hides
Caveats: what the ratio hides
Gross debt as a share of GDP records liabilities only. It excludes government assets, so a state with large sovereign funds can show a high ratio while holding offsetting claims. Singapore reports 173.51% of GDP, the third-highest figure in the 2024 set, yet its nominal GDP of USD 547.4 billion is the largest among the top fifteen. The same measure places the United States at 122.32% on GDP of USD 29.02 trillion. Neither figure indicates net worth.
Currency composition is not captured. A ratio of 261.43% for Sudan, with real GDP growth of -18.66%, reflects a small nominal base of USD 39.4 billion. Debt denominated in foreign currency behaves differently from debt issued in domestic currency when exchange rates move. The headline percentage is silent on both the denomination split and the maturity profile, which determine refinancing risk more directly than the stock itself.
Estimation and revision
The 2024 values are estimates from the IMF World Economic Outlook and are subject to revision. Across 188 countries the median ratio is 56.33%, and the top value, Sudan at 261.43%, is 4.6 times that median. Rankings can shift on restatement alone. Lebanon, at 163.76% with growth of -7.5%, illustrates how a contracting nominal base inflates a ratio without any change in debt stock. Japan, at 236.11% with growth of 0.1%, shows the opposite case of a large, slow-growing base.
- Gross debt excludes financial assets held by government.
- Currency denomination and maturity are not shown.
- 2024 figures are estimates and may be revised.
- Nominal GDP size affects comparability: Sudan USD 39.4 billion against the United States USD 29.02 trillion.
- Low ratios can coexist with weak growth: Kuwait at 2.92% recorded -2.56% growth.
Cross-country comparison therefore requires the underlying debt stock, the asset position and the exchange-rate regime. The ratio alone ranks 188 economies but explains none of the differences between them.
Frequently asked questions
Which country has the highest government debt as a percentage of GDP?
Sudan ranks first at 261.43% of GDP, more than four times the 56.33% median across the 188 countries listed. Its real GDP contracted by 18.66% in 2024, the steepest fall in the top 15, on a nominal GDP of USD 39.4 billion. Japan follows at 236.11%, with growth of 0.1% and GDP of USD 4.02 trillion. The two leaders therefore reflect different conditions: Sudan combines conflict-driven contraction with a very small nominal base, while Japan carries a large absolute debt stock against a high-income economy.
What is the median government debt to GDP ratio across countries?
The median is 56.33% of GDP across 188 countries in the IMF WEO 2024 dataset. Sudan's 261.43% is 4.6 times that median, and Japan's 236.11% is roughly 4.2 times it. At the other end, Liechtenstein records 0.48% and Brunei Darussalam 2.29%, both far below the midpoint. The distribution is therefore heavily right-skewed: a small group of sovereigns carries ratios above 110%, while the typical country sits near 56%. Comparing a single ratio to the median gives a clearer sense of relative position than the raw rank alone.
Which economies have the lowest government debt relative to GDP?
Liechtenstein has the lowest ratio at 0.48% of GDP, with real growth of 1.5% and nominal GDP of USD 8.5 billion. Brunei Darussalam follows at 2.29%, growing 4.05% on GDP of USD 15.4 billion. Kuwait records 2.92% but contracted 2.56% in 2024, on GDP of USD 160.2 billion. Turkmenistan sits at 4.11% with growth of 4.66%, and Tuvalu at 6.96% with growth of 3.08%. These five occupy ranks 184 to 188. Low ratios here often reflect commodity revenue or sovereign asset holdings rather than an absence of gross liabilities.
How does the United States compare on government debt to GDP?
The United States ranks 10th at 122.32% of GDP, above the 56.33% median and above France at 113.15% and Canada at 111.3%. Its real GDP grew 2.79% in 2024, stronger than Japan's 0.1% and Italy's 0.71%, on nominal GDP of USD 29.02 trillion, the largest in the top 15. The ratio sits below Greece at 154.79% and Italy at 135.33%. The US position therefore combines a high debt ratio with comparatively firm growth, unlike Sudan at 261.43% with an 18.66% contraction.
Do high debt ratios always coincide with weak GDP growth?
No. Singapore carries 173.51% of GDP yet grew 4.39% in 2024, and Cabo Verde at 111.23% grew 7.24%, the fastest in the top 15. Senegal at 128.43% expanded 6.23%. Conversely Kuwait holds only 2.92% debt but contracted 2.56%. Sudan at 261.43% and Lebanon at 163.76% both shrank, by 18.66% and 7.5% respectively. Across the top 15, ratios above 110% appear alongside growth rates from -18.66% to 7.24%. The relationship between debt level and growth is therefore not fixed; composition, currency and creditor structure matter.