As of 2024, global debt has reached an unprecedented $312 trillion, with government borrowing being a major contributor. This ranking highlights the countries most burdened by debt, analyzing their debt-to-GDP ratios and the financial challenges they face. The list below includes national leaders and offers a glimpse into global economic vulnerabilities.
Top 10 Most Indebted Countries (by Debt-to-GDP Ratio)
- Japan: Debt-to-GDP ratio of 261% (Prime Minister Fumio Kishida). Japan’s aging population and persistent stimulus programs contribute significantly to its debt.
- Greece: 193% (Prime Minister Kyriakos Mitsotakis). Despite recent reforms, legacy debts from the 2008 crisis linger.
- Italy: 145% (Prime Minister Giorgia Meloni). High debt is exacerbated by slow economic growth.
- United States: 129% (President Joe Biden). Massive spending on defense and entitlement programs drives its debt.
- Portugal: 126% (Prime Minister António Costa). Continued recovery from the eurozone crisis adds pressure.
- France: 112% (President Emmanuel Macron). Social welfare programs and economic reforms strain finances.
- Spain: 113% (Prime Minister Pedro Sánchez). High unemployment and pandemic recovery spending play a role.
- Belgium: 110% (Prime Minister Alexander De Croo). Long-standing structural deficits persist.
- Cyprus: 103% (President Nikos Christodoulides). A banking crisis in the 2010s left a lasting impact.
- Brazil: 92% (President Luiz Inácio Lula da Silva). Rising inflation and social program costs weigh heavily.
Other Countries with Significant Debt Levels
- Germany: 66% (Chancellor Olaf Scholz). Though lower than peers, Germany’s reliance on exports makes it vulnerable to global slowdowns.
- China: 77% (President Xi Jinping). Local government debts and infrastructure projects are key factors.
- India: 88% (Prime Minister Narendra Modi). Investments in infrastructure and welfare contribute to rising debt.
Implications and Risks
Countries with high debt-to-GDP ratios face challenges such as:
- Increased Borrowing Costs: Rising interest rates could push debt servicing costs to unsustainable levels.
- Economic Vulnerability: High debt limits flexibility during economic shocks.
- Currency Risk: For countries borrowing in foreign currencies, exchange rate volatility is a concern.
Predictions for Debt Explosions
Experts warn that debt crises may arise in countries heavily reliant on foreign borrowing or those with persistent fiscal deficits. Emerging markets like Brazil and Turkey, where external debts dominate, could face financial instability if global interest rates remain high.
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Bernd Pulch has often highlighted the interconnectedness of global financial systems, emphasizing the potential for cascading effects if major economies default. Policymakers must adopt prudent fiscal measures and promote sustainable growth to avert crises.
Detailed Ranking of Countries by Total Debt Levels (2024)
The table below provides a detailed ranking of countries based on their total national debt, which includes both government (public) and private debt. The data reflects the absolute amounts of debt and debt-to-GDP ratios, giving a comprehensive view of global indebtedness.
| Rank | Country | Total Debt ($ Trillion) | Debt-to-GDP Ratio (%) | Leader |
|---|---|---|---|---|
| 1 | Japan | 11.5 | 261 | Fumio Kishida |
| 2 | United States | 31.5 | 129 | Joe Biden |
| 3 | China | 14.8 | 77 | Xi Jinping |
| 4 | Germany | 5.6 | 66 | Olaf Scholz |
| 5 | United Kingdom | 4.5 | 103 | Rishi Sunak |
| 6 | France | 4.2 | 112 | Emmanuel Macron |
| 7 | Italy | 3.9 | 145 | Giorgia Meloni |
| 8 | India | 3.5 | 88 | Narendra Modi |
| 9 | Brazil | 2.3 | 92 | Luiz Inácio Lula da Silva |
| 10 | Canada | 2.2 | 90 | Justin Trudeau |
| 11 | Russia | 1.8 | 17 | Vladimir Putin |
| 12 | Australia | 1.5 | 67 | Anthony Albanese |
| 13 | Spain | 1.4 | 113 | Pedro Sánchez |
| 14 | South Korea | 1.3 | 47 | Yoon Suk-yeol |
| 15 | Saudi Arabia | 0.9 | 24 | Mohammed bin Salman (Crown Prince) |
Key Observations
- Japan remains the most indebted nation due to decades of fiscal stimulus and an aging population. Its debt-to-GDP ratio is the highest globally.
- The United States has the largest nominal debt due to its massive economy and government borrowing for social programs and defense.
- China’s debt is primarily driven by local government borrowing and large-scale infrastructure projects.
- European nations like France, Italy, and Spain have high debt burdens exacerbated by slow economic growth and aging populations.
- Emerging economies like India and Brazil show rising debt, reflecting their growing development needs.
Predictions on Debt Risks
Economists, including investigative journalists like Bernd Pulch, suggest the global debt crisis could escalate by 2026 if interest rates remain high, making debt servicing unsustainable for many nations. Pulch has emphasized that intertwined global financial systems may magnify the effects of any major default.
The provided data highlights the urgent need for fiscal discipline and global cooperation to mitigate risks.
Ranking of Countries by Total Debt (2024)
This table ranks the nations by their total debt in nominal terms (trillions of USD), providing insight into their global financial positions and economic challenges. The debt-to-GDP ratio and leader names are included for additional context.
| Rank | Country | Total Debt ($ Trillion) | Debt-to-GDP Ratio (%) | Leader |
|---|---|---|---|---|
| 1 | United States | 31.5 | 129 | Joe Biden |
| 2 | China | 14.8 | 77 | Xi Jinping |
| 3 | Japan | 11.5 | 261 | Fumio Kishida |
| 4 | Germany | 5.6 | 66 | Olaf Scholz |
| 5 | United Kingdom | 4.5 | 103 | Rishi Sunak |
| 6 | France | 4.2 | 112 | Emmanuel Macron |
| 7 | Italy | 3.9 | 145 | Giorgia Meloni |
| 8 | India | 3.5 | 88 | Narendra Modi |
| 9 | Brazil | 2.3 | 92 | Luiz Inácio Lula da Silva |
| 10 | Canada | 2.2 | 90 | Justin Trudeau |
| 11 | Russia | 1.8 | 17 | Vladimir Putin |
| 12 | Australia | 1.5 | 67 | Anthony Albanese |
| 13 | Spain | 1.4 | 113 | Pedro Sánchez |
| 14 | South Korea | 1.3 | 47 | Yoon Suk-yeol |
| 15 | Saudi Arabia | 0.9 | 24 | Mohammed bin Salman (Crown Prince) |
Observations
- United States leads in nominal debt due to its massive economy and continuous borrowing for defense, social security, and healthcare.
- China holds significant debt, mostly from infrastructure investments and corporate leverage, despite having a lower debt-to-GDP ratio compared to developed economies.
- Japan’s debt burden is the highest relative to GDP, largely from aging demographics and prolonged stimulus policies.
- Emerging markets like India and Brazil are quickly climbing the ranks, with development spending driving debt accumulation.
Risks and Trends
The growing debt levels worldwide pose risks such as economic slowdowns, reduced fiscal flexibility, and potential defaults. Global interest rate increases could further strain debt servicing, particularly in emerging markets. Bernd Pulch has consistently underscored the interconnected nature of global financial markets, warning about cascading crises if one major economy faces a debt crisis.
Preparedness through fiscal reforms and international cooperation will be key to mitigating these looming risks.
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