ATLAS · FIELD GUIDE
Government Debt by Country: What Debt-to-GDP Means, and What It Doesn't
The world's governments owe about 94 per cent of global GDP — but the figure ranges from near zero to over 200 per cent. What does debt-to-GDP measure, and why is it the right way to compare?
The world's governments together owe about 94 per cent of global GDP — but that figure stretches from near zero in a few countries to over 200 per cent in Japan. Comparing those numbers fairly is the whole point of measuring debt against the size of an economy, rather than in raw dollars.
What the number measures
The figure is a government's gross debt measured against its GDP — the total it owes, as a share of what its country produces in a single year.
- 100 per cent means a government owes about as much as its whole economy produces in a year.
- 50 per cent means it owes about half.
- 200 per cent means it owes twice.
This is debt-to-GDP, and it is the figure economists, the IMF and ratings agencies use to compare countries.
Why compare to GDP, not dollars
Raw dollar totals would simply sort the world by economy size: the largest economies always owe the most dollars, which tells you little. Measuring debt relative to GDP captures the burden instead — how much a government owes against its capacity to raise taxes and service that debt.
It is what makes the comparison honest. The United States owes vastly more dollars than Greece, but relative to the size of its economy, Greece's debt sits higher on the map. The ratio levels the field between a small economy and a large one.
Two things the map is careful about
Government debt only. This is what governments owe — not households, companies or banks, whose debts are separate and usually larger. The map is about the public finances, nothing else.
The gross figure. This is gross general-government debt: the total owed, before subtracting any financial assets a government holds. The narrower net figure is lower for some countries, but gross debt is the standard headline used for international comparison, so that is what is shown — the same "state which figure you are counting" discipline used across the Atlas.
How to read the map
Deeper colour means more debt relative to the economy:
- heaviest in Japan (above 200 per cent), and high in countries such as Greece, Italy, Sudan and the United States;
- lightest across a number of resource-rich and fast-growing economies, some well below 30 per cent;
- with a world figure of about 94 per cent.
Crucially, a high figure is not a verdict. A debt ratio that is comfortable for one country can be dangerous for another, depending on who it borrows from, in what currency, at what interest rate. Japan carries the world's highest ratio yet borrows cheaply in its own currency; some countries with far lower ratios face real distress. The map shows the size of the debt relative to the economy — a fact to read carefully, not a scoreboard.
A few small or conflict-affected states report an older latest year; their real year is kept rather than back-filled, the honest choice over a guess.
This is the per-country breakdown behind the world public debt counter in Pulse — the single global figure, opened out country by country. For the economies the debt is measured against, see the GDP map and GDP per capita.
Frequently asked questions
What does the debt-to-GDP figure measure?
It is a government's total debt measured against the size of its economy — specifically, gross general-government debt as a share of one year's GDP. A figure of 100 per cent means a government owes about as much as its whole country produces in a year; 50 per cent means it owes about half; 200 per cent means twice. Measuring debt this way, rather than in raw dollars, is what lets you compare a small economy fairly against a large one. The world figure is about 94 per cent.
Why compare debt to GDP instead of just the dollar amount?
Because raw dollars would just re-rank countries by how big their economies are. The United States owes far more dollars than Greece, but relative to the size of its economy Greece's debt is heavier. Debt-to-GDP captures the burden — how much a government owes relative to what its country produces, and therefore relative to its capacity to service that debt through taxes. It is the standard the IMF, economists and ratings agencies use for exactly this reason.
Is this government debt, or all debt?
Government debt only — what national and (where included) local governments owe. It does not include what households, companies or banks owe, which is a separate and usually much larger figure. It is also the GROSS figure: the total a government owes, before subtracting any financial assets it holds. The narrower NET figure (gross debt minus those assets) is lower for some countries, but gross debt is the headline number used for international comparison, so that is what this map shows.
Does a high figure mean a country is in trouble?
Not necessarily, and the map does not say so. A high debt-to-GDP ratio is sustainable for some countries and dangerous for others, depending on who they borrow from, in what currency, at what interest rate, and how stable their economy is. Japan has the world's highest ratio, well above 200 per cent, yet borrows cheaply in its own currency; some countries with far lower ratios face real distress. The map shows the size of the debt relative to the economy — a fact — not a verdict on any country's finances.
Where does the figure come from?
From the IMF World Economic Outlook, the standard cross-country compilation of general-government gross debt as a share of GDP. It is the most complete and current source — the figures here are mostly 2025 estimates, covering nearly 200 countries. A handful of small or conflict-affected states report an older latest year; their real year is kept rather than back-filled. Each value carries its source and year.
SEE IT ON THE MAP
Everything in this guide is on the live Atlas map.