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The rich countries with the most debt in 2023

Find out which major nations are massively in the red
Russia, debt to GDP: 18.2%
Australia, debt to GDP: 22.3%
Saudi Arabia, debt to GDP: 30%
Türkiye, debt to GDP: 31.7%
New Zealand, debt to GDP: 35.9%
Indonesia, debt to GDP: 40.9%
Switzerland, debt to GDP: 41.4%
South Korea, debt to GDP: 49.6%
Mexico, debt to GDP: 49.6%
Netherlands, debt to GDP: 51%
Germany, debt to GDP: 66.3%
South Africa, debt to GDP: 67.4%
Brazil, debt to GDP: 72.9%
China, debt to GDP: 76.9%
Argentina, debt to GDP: 85%
India, debt to GDP: 89.3%
UK, debt to GDP: 101%
France, debt to GDP: 112%
Spain, debt to GDP: 113%
Canada, debt to GDP: 113%
USA, debt to GDP: 129%
Italy, debt to GDP: 145%
Singapore, debt to GDP: 160%
Japan, debt to GDP: 264%
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Find out which major nations are massively in the red

Wonder how indebted your country really is? The debt-to-GDP ratio compares a nation's external debt to its total output for a year and is a handy way to judge the overall state of a country's economy and ability to pay its dues. 

A ratio of over 100% means a country isn't producing enough to cover what it owes, while a rising ratio can signal that a recession is on its way and a consistently high ratio is usually accompanied by poor economic growth. 

With this in mind, read on to discover the debt-to-GDP ratios of 24 of the world's largest economies, from the lowest to the highest.

All dollar values in US dollars.

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Daniel Coughlin

28 June 2023

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