* indicates monthly or quarterly data series

Government debt as percent of GDP, 2022:

The average for 2022 based on 174 countries was 60.01 percent. The highest value was in Japan: 236.58 percent and the lowest value was in Liechtenstein: 0.5 percent. The indicator is available from 1960 to 2024. Below is a chart for all countries where data are available.

Measure: percent; Source:
Select indicator
* indicates monthly or quarterly data series


Countries Government debt, 2022 Global rank Available data
Japan 236.58 1 2013 - 2023
Greece 172.7 2 1995 - 2023
Singapore 158.25 3 1990 - 2023
Italy 140.5 4 1995 - 2023
Laos 130.73 5 2001 - 2023
Cape Verde 125.29 6 2000 - 2023
Barbados 120.3 7 2012 - 2023
Bhutan 117.34 8 1993 - 2023
USA 116.86 9 1960 - 2023
Suriname 115.2 10 2006 - 2023
Maldives 114.3 11 2012 - 2023
Sri Lanka 114.2 12 2000 - 2023
Portugal 112.4 13 1995 - 2023
France 111.9 14 1978 - 2023
Spain 111.6 15 1995 - 2023
Canada 107.37 16 1980 - 2023
Belgium 104.3 17 1995 - 2023
Dominica 104.3 18 2000 - 2022
Zimbabwe 102.14 19 2005 - 2023
Mozambique 100.26 20 1999 - 2023
Zambia 99.48 21 2000 - 2022
UK 99.42 22 1974 - 2023
Aruba 97.4 23 1989 - 2023
Ghana 92.69 24 1990 - 2023
R. of Congo 92.48 25 2000 - 2023
Bahamas 91.5 26 2003 - 2023
Euro area 90.8 27 1995 - 2023
Egypt 88.53 28 1998 - 2023
St. Vincent & ... 87.77 29 2000 - 2022
Fiji 87.3 30 2016 - 2022
Cyprus 85.6 31 1995 - 2023
Saint Lucia 85.6 32 2000 - 2022
Argentina 85 33 1997 - 2022
Ant.& Barb. 84.83 34 2000 - 2022
Bahrain 84.4 35 2010 - 2023
Gambia 82.86 36 2000 - 2023
India 81.68 37 1991 - 2023
Costa Rica 81.33 38 1991 - 2023
Mauritius 81.2 39 2000 - 2023
G.-Bissau 80.84 40 1997 - 2022
Bolivia 80.1 41 2000 - 2022
Tunisia 79.91 42 1986 - 2023
El Salvador 79.25 43 1991 - 2023
Ukraine 78.5 44 1997 - 2023
Austria 78.4 45 1988 - 2023
China 77.39 46 1995 - 2023
Jamaica 77.04 47 1999 - 2024
Jordan 76.8 48 1988 - 2023
Malawi 76.7 49 2002 - 2023
Senegal 75.95 50 1996 - 2022
San Marino 74.51 51 2001 - 2022
Hungary 74.1 52 1995 - 2023
Pakistan 73.9 53 1997 - 2023
Finland 73.5 54 1975 - 2023
Slovenia 72.5 55 1995 - 2023
Brazil 71.68 56 2006 - 2023
South Africa 71.1 57 2000 - 2023
Montenegro 70.09 58 2014 - 2022
Morocco 69.8 59 1990 - 2022
Seychelles 69 60 1990 - 2023
Croatia 67.8 61 1995 - 2023
Togo 67.41 62 2005 - 2023
Uruguay 67.08 63 2012 - 2023
Kenya 66.7 64 2000 - 2024
Germany 66.1 65 1991 - 2023
Yemen 65.83 66 1999 - 2022
Gabon 65.59 67 1990 - 2022
Tr.&Tobago 65.5 68 2007 - 2023
Grenada 64.75 69 2000 - 2022
Colombia 64.6 70 2006 - 2023
Albania 64.47 71 1993 - 2023
Thailand 60.95 72 1996 - 2023
Philippines 60.93 73 1986 - 2023
Rwanda 60.58 74 1995 - 2023
Nicaragua 60.5 75 2003 - 2023
Israel 60.49 76 1983 - 2023
Malaysia 60.3 77 1970 - 2023
Lesotho 59.55 78 2005 - 2023
Domin. Rep. 58.8 79 2000 - 2023
Burkina Faso 58.4 80 2002 - 2023
Panama 58.04 81 1997 - 2023
Burundi 57.9 82 2007 - 2022
Slovakia 57.7 83 1993 - 2023
Ivory Coast 56.63 84 1997 - 2023
Angola 56.11 85 2000 - 2022
S.T.&Principe 55.86 86 2001 - 2023
Serbia 55.6 87 2000 - 2023
Ecuador 55.36 88 1990 - 2023
Benin 54.19 89 1998 - 2023
Liberia 53.99 90 2000 - 2023
Sierra Leone 53.97 91 2001 - 2023
Madagascar 53.9 92 1990 - 2022
Mali 53.08 93 2000 - 2022
Malta 51.6 94 1995 - 2023
C.A. Republic 51.04 95 1997 - 2022
Niger 50.6 96 1995 - 2023
North Macedonia 50.49 97 1999 - 2023
Mauritania 50.46 98 2000 - 2023
Australia 50.26 99 1989 - 2022
Netherlands 50.1 100 1980 - 2023
Uganda 49.6 101 1997 - 2023
Armenia 49.2 102 2006 - 2023
Poland 49.2 103 1995 - 2023
Honduras 48.45 104 2002 - 2023
Papua N.G. 48.1 105 1990 - 2023
Algeria 48.08 106 1991 - 2023
Romania 47.5 107 1995 - 2023
Kyrgyzstan 46.82 108 2000 - 2023
South Korea 45.9 109 1990 - 2023
Cameroon 45.58 110 1998 - 2022
Tanzania 44.85 111 2001 - 2023
Ethiopia 44.7 112 2014 - 2023
Vanuatu 44.45 113 1991 - 2022
Ireland 44.4 114 1995 - 2023
Czechia 44.17 115 1995 - 2023
Samoa 43.71 116 1998 - 2023
Qatar 42.58 117 1990 - 2023
Latvia 41.8 118 1995 - 2023
Belarus 41.3 119 2004 - 2022
Georgia 40.7 120 2004 - 2023
Swaziland 40.7 121 1993 - 2023
Nepal 40.4 122 1975 - 2023
Oman 40.2 123 1990 - 2022
Guinea 40.18 124 1990 - 2023
Indonesia 40.14 125 2000 - 2023
Mexico 39.5 126 1998 - 2023
Andorra 38.9 127 2008 - 2023
Chile 37.98 128 1991 - 2023
Vietnam 37.4 129 2010 - 2022
Iran 36.93 130 1996 - 2022
Switzerland 36.92 131 1991 - 2023
Djibouti 36.62 132 2009 - 2023
Norway 36.5 133 1980 - 2023
Paraguay 35.76 134 2004 - 2023
Chad 34.54 135 1999 - 2022
Moldova 34.5 136 2008 - 2023
Peru 33.88 137 1999 - 2023
Sweden 33.2 138 1995 - 2023
New Zealand 33.1 139 1972 - 2023
Tajikistan 32.5 140 1998 - 2023
UA Emirates 32.06 141 1999 - 2023
Bosnia & Herz. 31.01 142 1998 - 2022
Turkey 30.8 143 2002 - 2023
Uzbekistan 30.53 144 1997 - 2023
Eq. Guinea 30.2 145 1980 - 2023
Denmark 29.8 146 2000 - 2023
Taiwan 29.69 147 1997 - 2023
Haiti 29.51 148 1997 - 2023
Bangladesh 29.5 149 1995 - 2023
Comoros 28.07 150 1984 - 2022
Guatemala 27.27 151 2007 - 2023
Guyana 26.53 152 1997 - 2023
Cambodia 25.04 153 1996 - 2023
Luxembourg 24.73 154 1995 - 2023
Saudi Arabia 23.93 155 1991 - 2023
Kazakhstan 23.52 156 2002 - 2023
Nigeria 22.85 157 2004 - 2023
Bulgaria 22.6 158 1997 - 2023
Estonia 18.5 159 1995 - 2023
Palestine 18.5 160 1995 - 2023
Azerbaijan 17.32 161 1995 - 2022
Russia 17.2 162 1997 - 2022
Puerto Rico 16.73 163 2006 - 2023
Solomon Isl. 16 164 2005 - 2022
DR Congo 14.35 165 2000 - 2022
Kiribati 13.3 166 1988 - 2022
Afghanistan 10.93 167 2002 - 2022
Tuvalu 9.36 168 2005 - 2023
Turkmenistan 5.77 169 1997 - 2022
Montserrat 4.67 170 2000 - 2022
Hong Kong 4.28 171 2001 - 2024
Kuwait 2.94 172 1991 - 2023
Brunei 2.06 173 1985 - 2023
Liechtenstein 0.5 174 2011 - 2022



Definition: Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.
Why and how do governments borrow money?

Governments engage in various activities but tax revenue often falls short of the financing needed to fund these activities. That results in a fiscal deficit, a situation where government expenditure exceeds revenue. To finance such a deficit, governments borrow to undertake their fundamental roles. In addition, governments consider borrowing over the printing of money or an increase in tax due to the risk of inflation or reducing household consumption and private investment.

Governments owe public debt either to local or foreign lenders. Most government debts are usually in the form of bills, bonds, notes, etc., which the governments are expected to pay back the domestic holders at an agreed time. Furthermore, governments also accumulate foreign debt by borrowing from foreign banks, foreign governments, or multilateral organizations such as the World Bank and the IMF. The major distinction between domestic and foreign debts is that while the former is owed in the country’s currency, the latter is owed in a foreign currency, usually the U.S. dollar. Maintaining government debt in the domestic currency is preferable but countries often resort to foreign borrowing when the amount needed cannot be provided via local sources.

At what threshold does debt become a problem?

The general prudence prescription is that advanced economics should aim for debt no greater than 60 percent of GDP while emerging markets should not exceed 40 percent of GDP. However, these levels are not set in stone as various studies point to debt of 100 percent or even more for developed countries. Clearly, most advanced economies have government debt to GDP well in excess of 60 percent and these debts are sustainable and do not seem to reduce economic growth. For emerging markets the 40 percent threshold seems more binding as the debt is more likely to be denominated in dollars and the countries have more limited access to global financial markets. If the dollar appreciates or global liquidity declines, these countries could enter into debt problems.

A major consideration is whether the debt service, i.e. the interest paid on debt, is a large fraction of government spending. If it is, then servicing the debt could become a problem in economic downturns when government revenue declines or when interest rates increase.

At the far end of the debt scale are the heavily indebted poor countries (HIPCs) with debt levels as high as 200 percent of GDP or even greater. These are poor nations that cannot service these debts without the sustained help of the multilateral institutions. For more information about the list of countries and the HIPC initiative, you can visit the International Monetary Fund Factsheet page.

Measures to maintain debt sustainability

There are several approaches to promoting debt sustainability. First, maintaining sustained high GDP growth helps to reduce the debt-to-GDP ratio, which significantly lowers the volume of debt relative to GDP. Second, governments can also use low interest payments to reduce the burden of debt repayment. Third, if debt is acquired in a foreign currency, countries can ensure debt sustainability by maintaining a low depreciation in their exchange rate in order to reduce the cost of repaying the debt.

And, overall, debt to GDP does not increase if fiscal deficits to GDP are lower than the rate of GDP growth. Then, while fiscal deficits add to the level of debt, these additions are smaller than the expansion of the economy. The debt to GDP ratio then does not increase. In other words, the surest path to debt sustainability is to keep the debt level low by not running large fiscal deficits.



Selected articles from our guide:

The unholy trinity of international finance

Most commonly used measures of corruption

All articles

236.58
172.70
158.25
140.50
130.73
125.29
120.30
117.34
116.86
115.20
114.30
114.20
112.40
111.90
111.60
107.37
104.30
104.30
102.14
100.26
99.48
99.42
97.40
92.69
92.48
91.50
90.80
88.53
87.77
87.30
85.60
85.60
85.00
84.83
84.40
82.86
81.68
81.33
81.20
80.84
80.10
79.91
79.25
78.50
78.40
77.39
77.04
76.80
76.70
75.95
74.51
74.10
73.90
73.50
72.50
71.68
71.10
70.09
69.80
69.00
67.80
67.41
67.08
66.70
66.10
65.83
65.59
65.50
64.75
64.60
64.47
60.95
60.93
60.58
60.50
60.49
60.30
59.55
58.80
58.40
58.04
57.90
57.70
56.63
56.11
55.86
55.60
55.36
54.19
53.99
53.97
53.90
53.08
51.60
51.04
50.60
50.49
50.46
50.26
50.10
49.60
49.20
49.20
48.45
48.10
48.08
47.50
46.82
45.90
45.58
44.85
44.70
44.45
44.40
44.17
43.71
42.58
41.80
41.30
40.70
40.70
40.40
40.20
40.18
40.14
39.50
38.90
37.98
37.40
36.93
36.92
36.62
36.50
35.76
34.54
34.50
33.88
33.20
33.10
32.50
32.06
31.01
30.80
30.53
30.20
29.80
29.69
29.51
29.50
28.07
27.27
26.53
25.04
24.73
23.93
23.52
22.85
22.60
18.50
18.50
17.32
17.20
16.73
16.00
14.35
13.30
10.93
9.36
5.77
4.67
4.28
2.94
2.06
0.50
0
59.1
118.3
177.4
236.58


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