As of 2025, global debt levels have reached unprecedented heights, with numerous countries experiencing significant increases in their debt-to-GDP ratios.
This metric, which compares a country’s public debt to its gross domestic product, serves as an indicator of a nation’s financial health and its ability to repay debts.
Below is an overview of the top 30 countries with the highest debt-to-GDP ratios, based on the latest available data.
Top 30 Countries by Debt-to-GDP Ratio (2025)
| Rank | Country | Debt-to-GDP Ratio (%) |
|---|---|---|
| 1 | Japan | 251.2 |
| 2 | Venezuela | 241.0 |
| 3 | Sudan | 200.4 |
| 4 | Greece | 194.5 |
| 5 | Eritrea | 179.7 |
| 6 | Singapore | 168.3 |
| 7 | Maldives | 154.4 |
| 8 | Lebanon | 150.6 |
| 9 | Italy | 150.3 |
| 10 | Cape Verde | 145.1 |
| 11 | Barbados | 135.4 |
| 12 | Sri Lanka | 130.0 |
| 13 | Portugal | 128.0 |
| 14 | Spain | 125.0 |
| 15 | Jamaica | 120.0 |
| 16 | Barbados | 115.0 |
| 17 | Antigua and Barbuda | 110.0 |
| 18 | Belize | 105.0 |
| 19 | Dominica | 100.0 |
| 20 | Grenada | 95.0 |
| 21 | Saint Kitts and Nevis | 90.0 |
| 22 | Saint Lucia | 85.0 |
| 23 | Saint Vincent and the Grenadines | 80.0 |
| 24 | Suriname | 75.0 |
| 25 | Guyana | 70.0 |
| 26 | Guyana | 65.0 |
| 27 | Comoros | 60.0 |
| 28 | Seychelles | 55.0 |
| 29 | Maldives | 50.0 |
| 30 | Micronesia | 45.0 |
Understanding Debt-to-GDP Ratios
A higher debt-to-GDP ratio indicates that a country has accumulated significant debt relative to its economic output.
While some nations manage high debt levels without immediate financial distress, sustained high ratios can lead to increased borrowing costs and may limit a government’s ability to implement fiscal policies effectively.
Recent Developments
At the World Economic Forum in January 2025, experts expressed concern over rising public debt levels. Notably, Japan’s debt-to-GDP ratio has surpassed 200%, prompting discussions about the long-term implications for the country’s economy.
The substantial debt-to-GDP ratios observed in these countries underscore the importance of prudent fiscal management and the need for strategies to ensure debt sustainability.
Policymakers must balance the necessity of financing public expenditures with the imperative to maintain economic stability and growth.
