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List of countries by government debt

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List of National Debt by Country​

  • This is a list of the gross national debt of 178 countries, showing the variation in debt levels from Venezuela at 304% of GDP to Macau at 0% of GDP.
  • National debt refers to the amount of total government debt a country has. This is also referred to as ‘public sector debt’.
  • It is compiled using data from the IMF.

Debt of selected economies​

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List of National Debt by Country​

Levels of general gross government debt. Debt levels as % of GDP for 2021 (² unless stated)

RankCountryDebt levels as % of GDP for 2021
1Venezuela ²304
2Japan256.5
3Sudan211.7
4Greece210.1
5Eritrea175.6
6Suriname157.4
7Italy157.1
8Lebanon ²154
9Barbados143
10Maldives139.7
11Cabo Verde137.6
12Belize134.6
13United States132.8 :-)
14Portugal131.4
15Singapore129.5
16Bahrain129.4
17Mozambique125.3
18Bhutan123.4
19Zambia118.7
20Spain118.4
21Canada116.3
22Belgium115.9
23France115.2
24Cyprus113
25Angola110.7
26United Kingdom107.1
27Sri Lanka105.4
28Argentina (2)103
29Brazil98.4
30Jamaica96.5
31Dominica96.4
32Montenegro94.6
33Egypt92.9
34Jordan91.2
35Tunisia91.2
36Congo, Republic of90.5
37Bahamas, The88.6
38El Salvador88.2
39Mauritius87.7
40Pakistan87.7
41Austria87.2
42India86.6
43Croatia86.3
44Fiji83.6
45Iceland82.5
46Ghana81.5
47South Africa80.8
48Slovenia80.5
49Hungary80
50Israel78.3
51Guinea-Bissau78.1
52Mongolia77.9
53Morocco77.1
54Malawi76.8
55Burundi75.6
56Albania75.4
57Grenada74.5
58Gambia, The73.9
59Kyrgyz Republic73.4
60Yemen73
61Costa Rica72.5
62São Tomé and Príncipe72.4
63Australia72.1
64Kenya71.5
65Namibia71.4
66Oman71.3
67Gabon71.1
68Germany70.3
69Armenia69.9
70Iraq69.7
71China, People’s Republic of69.6
72Bolivia69
73Finland68.8
74Lao P.D.R.68.3
75Uruguay68
76Malaysia67
77Senegal66.8
78Dominican Republic66.6
79Rwanda66
80Ecuador65.1
81Puerto Rico64.8
82Colombia64.2
83Slovak Republic64
84Emerging market and developing economies64
85Georgia63.9
86Algeria63.3
87Ireland63.2
88Trinidad and Tobago62.1
89Panama61.4
90Mexico60.5
91Togo60
92Qatar59.8
93Serbia59
94Ukraine58.1
95Malta57.9
96Poland57.4
97Liberia57
98Mauritania56.3
99Netherlands56.1
100Ethiopia56
101Thailand55.9
102Honduras53.9
103North Macedonia53.8
104Korea, Republic of53.2
105Romania52.6
106Philippines51.9
107Zimbabwe51.4
108Lesotho49.8
109Tajikistan49.8
110Nepal49.6
111Papua New Guinea49.6
112Lithuania49.5
113Myanmar49.1
114Samoa49
115Uganda48.8
116Vietnam48
117West Bank and Gaza47.9
118Benin47.7
119Nicaragua47.6
120Latvia47.2
121South Sudan, Republic of47
122Madagascar46.9
123Burkina Faso46.8
124New Zealand46.4
125Côte d’Ivoire46.3
126Mali46.1
127Belarus45.7
128Switzerland44.8
129Niger44.5
130Equatorial Guinea44.1
131Czech Republic44
132Tonga43.7
133Cameroon42.5
134Guinea42.3
135Uzbekistan42.3
136Central African Republic42.2
137Chad41.7
138Denmark41.6
139Norway41.6
140Guyana41.4
141Indonesia41.4
142Sweden40.4
143Bangladesh40.2
144Djibouti40.2
145Moldova39.5
146Bosnia and Herzegovina38.6
147Tanzania37.9
148Turkey37.1
149United Arab Emirates37.1
150Iran36.6
151Paraguay35.7
152Peru35.4
153Chile33.6
154Cambodia33.4
155Guatemala33.1
156Taiwan Province of China32.5
157Nigeria31.9
158Saudi Arabia31
159Azerbaijan30.9
160Kazakhstan27
161Luxembourg26.8
162Haiti26
163Turkmenistan26
164Bulgaria25.5
165Botswana25.3
166Estonia25.1
167Marshall Islands23.3
168Kiribati21.4
169Russian Federation18.1
170Micronesia, Fed. States of15.3
171Timor-Leste15
172Kuwait13.7
173Congo, Dem. Rep. of the12.4
174Tuvalu11.8
175Afghanistan8.8
176Brunei Darussalam2.3
177Hong Kong SAR0.9
178Macao SAR0
All debt levels apply to 2021, except ² No figures for 2021. Debt given for 2020

Source: IMF DataSet, accessed 1 September 2021
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Highest levels of Government debt in the world​

top-20-national-debt[1].png

Problems of national debt​

High levels of national debt can cause these potential problems

  1. Requirement of higher taxes and/or lower spending
  2. Higher debt interest payments
  3. Pressure to print money – causing inflation.
  4. Debt financed by overseas borrowing can lead to external pressure
  5. Crowding out of the private sector
See: more problems of government borrowing

How much can a government borrow?​

  • Japan’s national debt is 265% of GDP and has been high for a couple of decades. This reflects the ability of Japan to borrow from domestic citizens. Despite prolonged periods of high debt, interest rates are still low because markets feel the government is still solvent.
  • A developing economy like Argentina has a track record of default on debt, therefore markets are less willing to lend money to the government. Therefore when debt levels in Argentina increase it has a greater effect on pushing up interest rates.

Factors that depend on how much a government can borrow include​

  • Default rates of government
  • Inflationary pressures. High inflation will make investors less willing to buy government bonds because they will devalue due to inflation
  • Can the government print its own money? If the government can print money it can avoid liquidity issues, though there is potential danger of inflation.
  • What are the prospects for economic growth? Higher economic growth makes it easier to reduce debt to GDP ratios over time.
  • How much can a government borrow?

Difference between debt and deficit​

Government debt is the total amount of outstanding liabilities. The deficit is the annual amount by which spending exceeds income. The debt is the accumulation of past deficits.

For example in 2020, the US deficit was $3.13 trillion. The US total debt is $29 trillion.

Causes of national debt​


us-debt-held-by-public-1790-2021-labels[1].jpg


This graph for US national debt shows how national crisis leads to a rise in government borrowing. This isn’t necessarily a bad thing. Government debt enabled the US government to finance the short-term costs of the two world wars. It also enabled the government to respond to the crisis of the 2008 financial crash and the 2020 Covid crisis. Causes of national debt can include

  • Recession – tax revenues fall when the economy shrinks. Also the government spend more on unemployment benefits
  • Investment – Governments might borrow to build new roads, schools and hospitals.
  • Finance war –
  • Demographic changes and welfare spending. An ageing population tends to place more strain on government finances with older people requiring more health care spending, pensions and also they pay less income tax.
  • Political decisions. Some governments may support higher spending on welfare programmes, whearas other governments may target a balanced budget.


 
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Difference between debt and deficit
Government debt is the total amount of outstanding liabilities. The deficit is the annual amount by which spending exceeds income. The debt is the accumulation of past deficits.

For example in 2020, the US deficit was $3.13 trillion. The US total debt is $29 trillion.

Causes of national debt​


View attachment 960638

This graph for US national debt shows how national crisis leads to a rise in government borrowing. This isn’t necessarily a bad thing. Government debt enabled the US government to finance the short-term costs of the two world wars. It also enabled the government to respond to the crisis of the 2008 financial crash and the 2020 Covid crisis. Causes of national debt can include

  • Recession – tax revenues fall when the economy shrinks. Also the government spend more on unemployment benefits
  • Investment – Governments might borrow to build new roads, schools and hospitals.
  • Finance war –
  • Demographic changes and welfare spending. An ageing population tends to place more strain on government finances with older people requiring more health care spending, pensions and also they pay less income tax.
  • Political decisions. Some governments may support higher spending on welfare programmes, whearas other governments may target a balanced budget.



Timeline of U.S. Federal Debt Since Independence Day 1776​

As we get closer to America’s 245th year of independence, it’s a good time to reflect on how debt is woven into our country’s fabric. Especially since we’re now weaving it faster than Betsy Ross ever sewed that first American flag.

Thanks to the cavalcade of economic relief bills prompted by the COVID-19 crisis, the federal debt hit $28.2 trillion in 2021, according to the Congressional Budget Office. That’s an increase of almost $7 trillion in two years.

Consider that our entire national debt didn’t hit $7 trillion until 2004 :-). In other words, the U.S. has accumulated as much debt in the past two years as it did in its first 228 years.

If the debt were a car and America suddenly had to pay for it, every man, woman and child would quickly have to come up with $85,200. Either that, or the country would be repossessed.

Our Founding Fathers knew debt would be part of the game, though their calculators did not have the 13 digits required to signify one trillion.

Shortly after the American Revolutionary War (1775-1783), public debt grew to more than $75 million and continued to swell considerably over the next four decades to nearly $120 million. However, President Andrew Jackson shrank that debt to zero in 1835.

It was the only time in U.S. history when the country was free of debt.

More than 200 years after the inception of our country and several wars, stock market crashes, powerful companies suffering from failed investments, rising unemployment rates, the famous bursting of a tech bubble, the bursting of a housing bubble and pandemic relief bills, federal debt is careening toward $30 trillion.
If Thomas Jefferson had a calculator, it would have read $30,000,000,000,000.

 
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How the U.S. Government Amassed $31 Trillion in Debt​

WASHINGTON — America’s debt is now six times what it was at the start of the 21st century :-) . It is the largest it has been, compared with the size of the U.S. economy, since World War II, and it’s projected to grow an average of about $1.3 trillion a year for the next decade.

The United States hit its $31.4 trillion legal limit on borrowing this past week, putting Washington on the brink of another fiscal showdown. Republicans are refusing to raise that limit unless President Biden agrees to steep spending cuts, echoing a partisan standoff that has played out multiple times in the last two decades.

 
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Many PDF Indians have been under the impression that China is heavily indebted and India is not.

In truth, it is just the opposite.

we won't say China is indebted, China is reasonably good, the list post#2.
India and Pakistan are also comparable, nearly similar, post#2

but USA is struggling with the worse time since WW2 :-). emerging economies like India, China, Pakistan virtually reduce debt with passage of time. but US has consumed my time, we only find US is no good in this thread....
 
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Chinese government debt can be misleading because chunk of liabilities are held by local governments.
(As per recent data, China's government debt is also higher than India)

If you take into account total debt-to-gdp ratio then:
China: 295%
India: 170%


Screenshot_20231012-081554.jpg
 
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Chinese government debt can be misleading because chunk of liabilities are held by local governments.
(As per recent data, China's government debt is also higher than India)

If you take into account total debt-to-gdp ratio then:
China: 295%
India: 170%


View attachment 960676

since 80s of last century, growth of China was mainly driven by export and hefty investments, which India and Pakistan didn't face. slowdown in Western economies/world would have some effects on Chinese economy, but their government debt is very low. China won't fall :no:
Pakistan is also something no more indebted than India, post#2. Chinese helped roads/infrastructures in Pakistan, this way Pakistan would be little laggard than India but no bad. India is also something in middle in world :-)
I find China would now finally better lead the world, fall of USA is on its head. US is heavily indebted and going no where in future, post#6.
also, export of China might have bottom out upto now. I find, overall China won't be worse of than today's economic level :disagree:
 
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Chinese government debt can be misleading because chunk of liabilities are held by local governments.
(As per recent data, China's government debt is also higher than India)

If you take into account total debt-to-gdp ratio then:
China: 295%
India: 170%


View attachment 960676

The source of your data?

According to the June 2023 statement of the Chinese Ministry of Finance.
China's central government debt was RMB 16.19 trillion cny; China's local government debt was RMB 37.8 trillion cny;

the total was RMB 53.99 trillion, accounting for 44.6 per cent of total GDP (121 trillion cny)



Also, why do you have "pvt non-finanial" in the data you posted? What does that have to do with government debt? In the data you gave, China's debt is mainly from "pvt non-finanial".


IMG_20231012_113331.jpg
 
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The source of your data?

According to the June 2023 statement of the Chinese Ministry of Finance.
China's central government debt was RMB 16.19 trillion cny; China's local government debt was RMB 37.8 trillion cny;

the total was RMB 53.99 trillion, accounting for 44.6 per cent of total GDP (121 trillion cny)


View attachment 960685

 
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You count private sector credit into government liabilities?
Do you have comprehension issues? I talked about total debt, not government debt.
There were 2 parts to my reply. The government debt you can find on IMF website. Total debt, I've provided the source.

Anyway who foots the bill in China if Evergrande defaults? :meeting:
 
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Do you have comprehension issues? I talked about total debt, not government debt.
There were 2 parts to my reply. The government debt you can find on IMF website. Total debt, I've provided the source.

Anyway who foots the bill in China if Evergrande defaults? :meeting:

In case you didn't know, Evergrande is listed in Hong Kong, domiciled in the Cayman Islands, and gets most of its debt from Wall Street. And under Chinese law, Evergrande's assets must be prioritised to pay off domestic Chinese debt. So almost all of Evergrande's debt is paid for by Wall Street. Don't you know that Evergrande has filed for bankruptcy in the US, but not in China?

What's more, more credit for the private sector represents a more active economy and investment. This is not a pernicious indicator. You can look at all the developed countries, where the size of private credit is large, and the poor countries, where this indicator is low.
 
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In case you didn't know, Evergrande is listed in Hong Kong, domiciled in the Cayman Islands, and gets most of its debt from Wall Street. And under Chinese law, Evergrande's assets must be prioritised to pay off domestic Chinese debt. So almost all of Evergrande's debt is paid for by Wall Street. Don't you know that Evergrande has filed for bankruptcy in the US, but not in China?

What's more, more credit for the private sector represents a more active economy and investment. This is not a pernicious indicator. You can look at all the developed countries, where the size of private credit is large, and the poor countries, where this indicator is low.
Stop blabbering 🤣
 
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Stop blabbering 🤣
According to Chinese law, the order in which the bankrupt company pays off its debts is as follows:
1st. Employees' wages.
2nd. Taxes,
3rd. Bank loans,
4th. Customer rights and interests.
5th. Debts of domestic enterprises.
6th. Debts of foreign enterprises.
7th. Shareholders' equity.


With regard to Evergrande's corporate debt, the top eight are Wall Street companies, including the US Department of defense pension fund and the federal pension fund. No. 9 is the Japanese Pension Fund.


IMG_20231012_120109.jpg



Now do you know why the Chinese government didn't save Evergrande?

The truth is that most of the debt in the Chinese property sector now comes from Wall Street and most of the Wall Street capital came into the Chinese property market in 2016/2017.
 
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