Global debt 2025: Top 10 countries with highest debt-to-GDP ratio
The global debt-to-GDP ratio has increased to 94.7 per cent from 92.4 per cent in 2024, a continuous increase in the debt level compared to the global economic output, though it's still behind the 98.7 per cent of 2020. Here are the top 10 countries with the highest debt-to-GDP ratios.
Japan
Japan has the highest debt-to-GDP ratio of at 230 per cent due to decades of fiscal stimulus and ageing demographics.
Sudan
Sudan is the second most indebted nation, at 222 per cent of the GDP. British colonial plunder, years of civil war, have pushed the nation into a debt trap.
Singapore
Singapore's high ratio of 176 per cent is unique, as it is driven by the deposits in its banks rather than by government spending. Singapore is the only country which has zero net debt; its financial assets outweigh its debt
Venezuela
Venezuela's 164 per cent debt-to-GDP ratio is due to its massive social spending, poor economic management, over-dependency on oil revenue and persistent economic sanctions.
Lebanon
Lebanon's situation in 2025 is marked by ongoing political and security instability, a severe economic crisis, and a complex humanitarian emergency. The country's debt-to-GDP ratio remains exceptionally high at 164 per cent, though a new government has been installed with the goal of enacting reforms.
Greece
Greece is the 1st European nation in the list. As it continues to recover from its debt crisis of the 2010s. According to IMF reports, Greece's projected debt-to-GDP ratio for 2025 is at 147 per cent.
Bahrain
Bahrain has a 143 per cent debt-to-GDP ratio due to years of fiscal deficit; however, there has been positive development, and it has diversified its economy from 85 per cent of its GDP coming from the non-oil sector in Q1 of 2025, compared to 55 per cent in 2002.
Italy
Italy's debt-to-GDP ratio is one of the highest in the Eurozone. This is due to the high tax evasion entrenched in the psyche of the rich; poor fiscal management, like debt-fueled spending on things like pensions and healthcare to win votes, has pushed the nation to crisis. As of 2025, the debt-to-GDP ratio is projected at 137 per cent
Maldives
The Maldives faces a serious debt crisis, with its public debt-to-GDP ratio reaching approximately 132% in 2025, according to the IMF. Despite a strong rebound in its tourism-driven economy, the nation is grappling with significant financial vulnerabilities, raising concerns of a potential default.
Mozambique
Mozambique is grappling with high public debt, ongoing insecurity from an Islamist insurgency, and significant humanitarian needs. As of 2025, the IMF projects its debt-to-GDP ratio at 131 per cent.
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