30 Countries with the Highest Debt-to-GDP Ratio: 2024 Ranking

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In this article, we’ll take a look at the 30 countries with debt-to-GDP ratios. You can skip our in-depth research and jump straight to the top 10 countries with the debt-to-GDP ratio: 2024 ranking.

The global debt overhang is a complex factor for authorities who continue to work to maintain debt sustainability. In 2021, complex and global economies grew by 5. 3% and 5. 9%, respectively. While 2021 was a year of recovery for the global economy, the expansion bubble was short-lived. According to the IMF Global Debt Database, global public debt rose from 10% of GDP in 2022 for the second consecutive year to 238% of GDP. The fall in global debt is basically explained by the withdrawal of fiscal measures related to the effects of the COVID-19 pandemic. Other points that played a vital role were the rebound in economic activity, inflationary surprises and interest rate increases. In complex and diverse emerging economies, personal debt has decreased. While countries like China and some low-income emerging countries have followed the opposite trend by increasing debt. After 3 years of sustainability, the global debt point appears to be returning to its long-term upward trend. China is at the forefront of the global debt expansion process.

Prior to the pandemic, the global debt-to-GDP ratio was on an upward phase that had lasted for decades. Global public debt has tripled since the mid-1970s, reaching 92% of GDP, or $91 trillion at the end of 2022. Private debt also tripled to 146% of GDP, reaching $144 trillion between 1960 and 2022. China has played a pivotal role in increasing global debt in recent decades. Similarly, the United States has contributed to the increase in the debt share. in the PIB. La China’s total debt amounts to about $47. 5 trillion, even lower than the United States’ debt, which is around $70 trillion. While China’s share of non-financial corporate debt is 28%, the highest in the world. China and the United States The United States remains two of the most sensible countries in terms of debt-to-GDP ratios.

Emerging economies and low-income economies are especially affected by debt vulnerability. Among emerging economies, 25% are most at risk of facing “default-like” spreads on their sovereign debt. Among low-income economies, about 15% are in debt distress, and 45% are in the highest threat of debt distress. As the IMF reports, emerging and low-income economies would need around $440 billion in additional financing between 2022 and 2026 to drive the convergence of their incomes with those of complex economies. IMF authorities believe that the upward trend in debt is returning to what it was before the COVID-19 pandemic. On January 25, Reuters reported that the IMF was still focusing on a case-by-case approach to handling sovereign debt issues. At the same time, IMF authorities are closely monitoring developments to prepare for a more systemic approach if necessary. IMF strategy leader Ceyla Pazarbasioglu said the usual 20 frameworks for debt restructuring helped countries that wanted debt relief. However, Pazarbasioglu is also under pressure that she wants to do more and she added that she offers faster and more predictable aid to more countries.

Banks have a role to play in economies where many loans are obtained in the markets. At the government level, the central bank remains a key player that defines everything and sets the tone for the economy. Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG), DBS Group Holdings Ltd (OTC: DBSDY), and Intesa Sanpaolo SpA (BIT: ISP) are the largest banking corporations founded in some of the most indebted countries.

Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) is a leading Japanese bank holding and financial services company. On October 27, 2023, the company announced that its consolidated subsidiaries MUFG Bank, Ltd. (MUFG Bank) and Mitsubishi UFJ Trust and Banking Corporation (MUTB) had created a debt fund framework. The debt fund ecosystem will allow Japanese institutional investors to be part of providing loans to overseas startups. To execute the debt fund framework, Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) has a comprehensive insurance underwriting framework agreement with Nippon Export and Investment Insurance (NEXI) and The Hachijuni Bank, Ltd., among others. On January 22, the company’s subsidiary MUFG Bank (China), Ltd. received a lead underwriting license for corporate panda bonds from the Chinese regulatory body to operate in the Chinese Interbank Bond Market.

DBS Group Holdings Ltd (OTC: DBSDY) is a leading multinational banking and money services corporation founded in Singapore. On December 20, 2023, DBS Group Holdings Ltd (OTC:D BSDY) announced that its banking subsidiary in Indonesia had collaborated with Kredivo, a fintech startup. With Kredivo’s help, DBS Indonesia will provide loans to more than one million accounts under a co-financing agreement. Nearly 48% of Indonesians do not have good enough access to monetary services, according to Bank Indonesia 2023 data. Loans made through DBS Indonesia will target the country’s monetary inclusion index for other people who do not meet banking standards.

Intesa Sanpaolo SpA (BIT:ISP) is a foreign banking organization founded in Italy. On January 8, Intesa Sanpaolo SpA (BIT:ISP) announced the renewal of its partnership with SACE. In partnership with SACE, Intesa Sanpaolo SpA (BIT:ISP) will provide financing against strategic investments for companies in Italy. The agreement follows a new agreement concerning Garanzia Futuro. So far, in partnership with SACE, Intesa Sanpaolo SpA (BIT:ISP) has supported loans of more than €21. 2 billion through the Garanzia Italia, Garanzia SupportItalia and Garanzia Green programs.

Now let’s take a look at the countries with the debt-to-GDP ratio in 2024.

30 Countries with Debt-to-GDP Ratio: Ranking 2024

Our Methodology

To compile or list the countries with the highest debt-to-GDP ratios in 2024, we pulled the debt-to-GDP ratio knowledge from the IMF’s General Government Gross Debt/GDP knowledge base. We also extracted knowledge of GDP (PPP) from the IMF Knowledge Base. The countries with the highest debt-to-GDP ratio in 2024 are ranked in ascending order of their debt-to-GDP ratio. For countries with debt-to-GDP ratios, we rank them according to their GDP (PPP).

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Note: Data for Afghanistan, Cuba, Libya, Somalia, Sri Lanka, Syria, Venezuela and Zambia were not in the IMF database and we did not include them in our classification.

Debt-to-GDP ratio (2024): 82. 6

GDP (PPP): $19. 05 billion

Sierra Leone is located in West Africa with a GDP of $19. 05 billion. With a debt-to-GDP ratio of 82. 6, Sierra Leone ranks 30th among countries with the highest debt-to-GDP ratio in 2024.

Debt-to-GDP ratio (2024): 83. 7

GDP (PPP): $18. 9 billion

Officially the Commonwealth of The Bahamas has a GDP of $18.9 billion. The Caribbean country has a debt-to-GDP ratio of 83.7 and ranks among the countries with highest debt-to-GDP in 2024.

Debt-to-GDP ratio (2024): 87. 4

GDP (PPP): $35. 04 billion

China is one of the largest economies in the world with a GDP of $35. 04 trillion. China has a debt-to-GDP ratio of 87. 4 and ranks 28th among countries with a debt-to-GDP ratio in 2024.

Debt-to-GDP ratio (2024): 88. 1

GDP (PPP): $1. 92 trillion

Egypt is one of the largest economies in Africa. The country has a GDP of $1.92 trillion and a debt-to-GDP ratio of 88.1. Egypt is one of the countries with highest debt-to-GDP in 2024.

Debt-to-GDP ratio (2024): 89. 2

GDP (PPP): $2. 13 billion

St. Vincent and the Grenadines has a GDP of $2. 13 billion and a debt-to-GDP ratio of 89. 2. St. Vincent and the Grenadines ranks 26th with a debt-to-GDP ratio in 2024.

Debt/GDP ratio (2024): 90. 3

GDP (PPP): $4. 26 trillion

Brazil is one of the largest economies in South America, with a GDP of $4. 26 trillion. With a debt-to-GDP ratio of 90. 3, Brazil ranks among the countries with a debt-to-GDP ratio in 2024.

Debt-to-GDP Ratio (2024): 91

GDP (PPP): $29. 9 billion

The Republic of Congo has a GDP of $29.9 billion and a debt-to-GDP ratio of 91. The Republic of Congo is one of the countries with highest debt-to-GDP.

Debt/GDP ratio (2024): 91

GDP (PPP): $1. 14 billion

Dominica has a similar debt-to-GDP ratio as the Republic of Congo. With a GDP of $1.14 billion, Dominica is placed 23rd among the countries with highest debt-to-GDP in 2024.

Debt-to-GDP Ratio (2024): 91.9

GDP (PPP): $138.73 Billion

Jordan is one of the countries with a debt-to-GDP ratio of 91. 9 in 2024. Jordan has a GDP of $138. 73 billion.

Debt/GDP ratio (2024): 92. 4

GDP (PPP): $57. 65 billion

Mozambique’s economy has a debt-to-GDP ratio of 92. 4, with a GDP of $57. 65 billion. Mozambique is among the countries with a debt-to-GDP ratio in 2024.

Debt-to-GDP ratio (2024): 93. 9

GDP (PPP): $12. 04 billion

Suriname has a debt-to-GDP ratio of 93. 9 and a GDP of $12. 04 billion. Suriname ranks as the twentieth country with a debt-to-GDP ratio in 2024.

Debt-to-GDP ratio (2024): 98. 6

GDP (PPP): $501. 07 billion

Ukraine’s economy is hugely affected by the war, and the country has a debt-to-GDP ratio of 98. 6. With a GDP of $501. 07 billion, Ukraine is among the countries with the highest debt-to-GDP ratio in 2024.

Debt-to-GDP ratio (2024): 103. 3

GDP (PPP): $2. 47 trillion

Canada is one of the largest economies in the world and has one of the highest debt-to-GDPs. Canada has a GDP of $2.47 trillion and a debt-to-GDP ratio of 103.3.

Debt-to-GDP ratio (2024): 104

GDP (PPP): $482. 85 billion

Portugal is one of the fastest-growing economies in Europe and has a GDP of $482. 85 billion. With a debt-to-GDP ratio of 104, Portugal ranks 17th among countries with a debt-to-GDP ratio in 2024.

Debt-to-GDP Ratio (2024): 104.7

GDP (PPP): $2.51 Trillion

Spain has a GDP of $2.51 trillion and a debt-to-GDP ratio of 104.7. Spain is one of the countries with highest debt-to-GDP in 2024.

Debt-to-GDP ratio (2024): 105. 9

GDP (PPP): $3.98 Trillion

The United Kingdom is one of the largest economies in the world and the country’s debt continues to increase. The United Kingdom has a GDP of $3.98 trillion and ranks 15th among the countries with highest debt-to-GDP in 2024.

Debt-to-GDP ratio (2024): 106. 8

GDP (PPP): $793. 83 billion

Belgium has a debt-to-GDP ratio of 106.8 and a GDP of $793.83 billion. Belgium is one of the countries with highest debt-to-GDP in 2024.

Debt-to-GDP ratio (2024): 107. 5

GDP (PPP): $5. 78 billion

Barbados is a small economy with a GDP of $5. 78 billion. With a debt-to-GDP ratio of 107. 5, Barbados is among the countries with the highest debt-to-GDP ratio in 2024.

Debt-to-GDP ratio (2024): 109. 7

GDP (PPP): $6.11 Billion

Cape Verde is one of the smallest economies on our list, with one of the highest debt-to-GDP ratios. Cape Verde has a debt-to-GDP ratio of 109. 7 and a GDP of $6. 11 billion.

Debt-to-GDP ratio (2024): 110. 5

GDP (PPP): $4,010 million

France is one of the world’s largest economies, with a GDP of $4. 01 trillion. The country has a debt-to-GDP ratio of 110. 5.

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