Public debt measured as a percentage of a country’s gross domestic product (GDP) indicates how large government liabilities are relative to the size of the economy.
A debt ratio above 100 percent means a country owes more than it produces in a year. Below are several of the countries with the highest debt ratios, each discussed in its own section.
1. Sudan
Sudan currently has the highest public debt burden among countries, with its debt exceeding about 250 percent of GDP. Multiple factors have driven the debt level so high, especially prolonged conflict, economic instability, and a collapse in revenue collection.
War and political turmoil have disrupted oil exports and other income sources, forcing the government to borrow heavily just to cover basic expenditure.
Servicing this debt is extremely difficult when inflation is high, currency value is unstable, and foreign creditors demand more favorable terms or higher interest to compensate for perceived risk.
2. Japan
Japan is among the most indebted major economies, with debt to GDP ratios often cited around 230‑250 percent.
Its high level of debt reflects decades of fiscal stimulus, large public spending especially on pensions and healthcare driven by an ageing population, and periods of very low economic growth.
Because of its large debt, interest payments and budgeting for social welfare consume a big share of public finances.
Nonetheless, Japan has advantages such as borrowing in its own currency and a strong domestic saver base that helps it avoid some of the external risks that more indebted nations might face.
3. Singapore
Singapore’s debt to GDP ratio is much lower than the extremes seen in Sudan or Japan but is still very high compared to most countries. It is reported in many recent datasets as between 170‑180 percent. However, much of Singapore’s government debt is considered very low risk.
The country has strong institutions, high creditworthiness, and efficient use of public funds. The size of its debt is partly due to borrowing to finance infrastructure, public housing, and sovereign securities that are held domestically.
Because many Singaporean government bonds are held by domestic investors, the risk of foreign currency exposure or sudden capital flight is smaller.
4. Greece
Greece has long been a poster child of debt crises in Europe. Its ratio is usually placed above 140 percent of GDP. The country accumulated large debts through government spending, structural inefficiencies, and low revenue growth in some years.
The sovereign debt crisis of the 2010s forced Greece to accept bailouts and implement strict austerity measures, which hurt growth.
Even after reforms, political pressures and the need for public spending on pensions and social services continue to keep debt burdens heavy and economic recovery fragile.
5. Bahrain
Bahrain’s debt is also among the highest in relative terms, with numbers roughly similar to Greece or Maldives in recent rankings.
The tiny island state has relatively limited economic diversification, and expenses often arise from subsidies, oil price dependency, foreign borrowing, and servicing sovereign obligations.
External pressures, such as fluctuations in oil revenues, currency risks, and geopolitical uncertainty, make maintaining stability more challenging.
6. Maldives
The Maldives appears in the high bracket as well, with debt levels over 140 percent of GDP in many recent sources.
Tourism dependency, infrastructure investment (including costs of adapting to environmental threats such as sea level rise), and limited domestic tax bases all contribute to large borrowing.
When revenues drop (for example because of tourism downturns), the government must still meet debt service obligations, which can stretch financial capacity.
7. Italy
Italy has one of the highest public debts among European Union members, with its debt ratio often cited around 135‑140 percent of GDP. Slow growth, aging population, high social welfare and health spending, and challenges in boosting productivity are major contributors.
Italy also faces borrowing cost risk: as interest rates rise, servicing its debt becomes pricier, especially since much of its debt is held by external or non‑domestic entities.
8. United States
The United States is lower than some of the extreme cases above, but still has a very large debt burden: its debt to GDP ratio is in the range of 120‑125 percent in many 2025 estimates.
Because of its large economy, the U.S. can borrow vast sums, but interest obligations and deficit spending (on social programs, defense, stimulus during crises) contribute significantly to debt growth.
Also, since the U.S. borrows in its own currency and benefits from strong global demand for its debt, it has more flexibility, though growing deficits raise concerns about long‑term sustainability.
9. France
France’s public debt also crosses the 110 percent of GDP mark in many rankings. France carries heavy social welfare and public sector obligations, significant government spending, and structural rigidities in labor laws and other areas.
Economic slowdowns, periods of high interest rates, and inflationary pressures also drive up the cost of servicing debt.
10. Canada
Canada rounds out the top ten in many lists, with debt about 110‑115 percent of GDP. Canada’s debt burden reflects both large government expenditures (health, social services) and borrowing for stimulus, infrastructure, and public investment.
Because Canada has relatively strong institutions and a stable economy, risk is moderate compared to more fragile states, yet rising interest costs and global economic shocks present ongoing concerns.
