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The debt-to-GDP ratio is an important metric used by economists to compare a country’s gross national debt to its gross domestic product. It measures how much a country owes, in comparison to everything the country produces. In this post, we’ve compiled the top 10 most indebted countries in the world in 2022 based on the most recent data obtained from The World Population Review and the International Monetary Forum, IMF.
Here is a rundown of the top 10 most indebted countries in the world, according to our sources. The debt-to-GDP ratio of each country is a straightforward metric that compares a nation’s debt to its ability to pay off the debt. Check it out!
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1. Japan (234.18%)
With a population of over 126 million people, the ratio of Japan’s total foreign debt to the size of its economy is 80.64 %. In addition, the debt-to-GDP ratio is 234.18%, making it first on the list of the most indebted countries in the world. Japan’s national debt is in the region of ¥1,028 trillion ($9.087 trillion USD).
With a population of 127,185,332, Japan has the biggest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%, according to our source. Currently, Japan has a national debt of 1,028 trillion ($9.087 trillion USD).
2. Sudan (210%)
Sudan has a debt-to-GDP ratio of 210%, with its external debt increasing from 50.5 billion dollars to 77.2 billion dollars between December 2019-20.
3. Greece (207%)
Greece’s government debt represented 193.3% in 2021, dropped to 188.4 %, and later peaked at 207% in March 2022. In addition, data on Greece’s government debt to GDP ratio is updated quarterly. The National debt is in the region of €332.6 billion ($379 billion US), according to our source.
4. Eritrea (175%)
Eritrea has a debt-to-GDP ratio of 175% presently, with a minimum of 136.56 percent in 2014 and a top of 263.94 percent in 2003. The ratio was 185.61 percent in 2018.
5. Cape Verde (161%)
Cape Verde tops 5 on the list of the most indebted countries in the world, with a national debt of 2715 million dollars in 2020. Furthermore, this debt in the said year was a 239 million rise from the previous year. Additionally, it’s worthy of note that, the debt to GDP ratio in 2020 was 145.13%, an increase of 31.15 % from 2019.
6. Italy (155%)
Presently Italy has a debt-to-GDP ratio of 155%, while this ratio as of January 2014 was 131.1%. Hence it incurred a raise in debt to-GDP ratio of 23.9% over 8 years. However, of all the nations in the eurozone, Italy has the lowest percentage of public debt held by non-residents.
Italy’s national debt is in the region of $350 billion ($254 billion US). Also, its national wealth is four times more than its public debt.
7. Suriname (141%)
Suriname ranks 7th on the list of the top 10 most indebted countries in the world. Its national debt in 2021 was about 3,587 million dollars, having dropped from 626 million dollars in 2020. Currently, Suriname holds a debt-to-GDP ratio of 141%.
8. Barbados (138%)
Barbados presently has a debt-to-GDP ratio of 138%. Furthermore, the figure applies to the entire nation and takes into account the federal government, local government, and social insurance obligations. However, Barbados’ public debt in 2020 was equal to 146.71% of the GDP.
9. Singapore (138%)
Singapore takes up the penultimate position on our list of the top 10 most indebted countries in the world in 2022. It has a debt-to-GDP ratio of 138% (national debt of $350 billion ($254 billion US). Additionally, this figure applies to the entire nation and takes into account the federal government and social insurance obligations.
10. USA (126.7%)
The USA is 10th on our list of the most indebted countries in the world. In June 2022, the United States government debt was 126.7% of the nation’s nominal GDP, down from the previous quarter’s ratio of 128.9%. The USA’s debt to GDP ratio peaked at 133.8 % in March 2021, with the lowest ever recorded being 31.8% in September 1974.
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