List of countries by future gross government debt

Last updated March 12, 2022

This is a list of countries by estimated future gross^{[ clarification needed ]} central government debt based on data released in October 2020 by the International Monetary Fund, with figures in percentage of national GDP.

Projected debt estimates

**Gross government debt (sortable; in percent of GDP)**
Country	2017	2018	2019	2020	2021	2022	2023	2024	2025
Afghanistan	7.998	7.384	6.130	7.848	8.906	9.423	9.910	10.374	10.879
Albania	71.895	69.509	67.748	83.288	83.201	77.099	74.801	71.915	69.149
Algeria	16.693	17.964	18.288	18.109	17.256	16.888	16.314	15.940	15.754
Angola	69.265	89.000	109.210	120.290	107.526	93.772	83.692	74.324	67.237
Antigua and Barbuda	92.322	90.718	84.468	113.687	112.659	102.007	92.089	86.103	80.340
Argentina	57.028	86.431	90.382	96.693	n/a	n/a	n/a	n/a	n/a
Armenia	53.704	51.233	49.945	60.710	61.751	60.560	59.199	57.574	56.061
Aruba	86.741	83.412	81.286	127.142	120.295	117.528	117.821	117.283	115.729
Australia	41.076	41.664	46.277	60.411	70.198	74.392	74.972	73.603	70.902
Austria	78.405	73.964	70.347	84.757	84.281	82.442	81.115	79.313	76.966
Azerbaijan	22.509	18.685	17.703	20.113	20.036	21.422	23.642	23.576	26.211
Baha The Bahamas	53.014	60.955	58.841	68.709	81.959	80.183	78.496	76.383	74.872
Bahrain	88.138	95.018	103.363	128.282	130.581	132.871	134.797	136.262	137.132
Bangladesh	33.376	34.561	35.819	39.619	41.915	42.290	42.386	41.862	41.311
Barbados	158.264	125.585	122.222	134.094	124.526	117.242	111.337	105.678	100.112
Belarus	53.160	47.515	41.863	50.896	48.584	48.174	45.211	44.340	42.981
Belgium	101.765	99.898	98.748	117.696	117.068	118.340	119.598	121.248	123.024
Belize	104.397	101.458	105.081	134.609	132.268	129.574	129.109	128.154	127.046
Benin	39.598	41.080	41.230	41.786	41.365	39.870	38.371	36.777	35.189
Bhutan	111.724	110.469	104.405	121.263	125.713	121.030	114.527	104.318	97.524
Bolivia	51.260	53.850	59.000	69.447	68.313	67.570	66.906	66.585	65.992
Bosnia and Herzegovina	39.240	34.271	32.804	38.869	40.399	40.113	40.417	39.096	37.309
Botswana	13.397	14.197	15.101	20.571	24.002	25.916	27.916	30.118	31.465
Brazil	83.659	87.071	89.471	101.399	102.764	103.473	103.766	104.210	104.409
Brunei	2.826	2.586	2.575	3.208	2.880	2.723	2.629	2.557	2.493
Bulgaria	23.003	20.116	18.576	24.070	23.683	22.226	21.015	19.941	18.939
Burkina Faso	33.498	37.654	42.672	46.616	48.062	48.423	48.270	47.690	47.142
Burundi	44.720	50.506	57.371	65.033	68.927	70.702	71.903	71.972	71.027
Cabo Verde	127.218	125.592	124.981	136.789	137.577	136.272	129.852	122.962	115.437
Cambodia	29.995	28.638	28.613	31.472	31.441	32.110	33.355	35.121	36.855
Cameroon	37.679	39.474	42.669	44.727	44.968	44.898	44.085	42.832	41.386
Canada	90.548	89.747	88.619	114.648	114.972	114.671	112.831	110.017	106.24
Central African Republic	50.275	50.031	47.177	46.574	44.029	40.992	38.868	37.144	35.865
Chad	50.268	49.055	44.286	46.371	44.352	41.873	39.147	37.830	35.104
Chile	23.598	25.558	27.907	32.806	37.510	41.745	44.893	47.738	47.981
China	46.358	48.796	52.629	61.702	66.530	71.200	74.599	76.8341	78.068
Colombia	49.436	53.685	52.285	68.231	68.065	67.325	65.472	62.343	59.524
Comoros	18.445	21.053	25.237	30.424	32.406	32.941	33.435	33.833	33.940
Democratic Republic of the Congo	19.053	15.298	14.750	16.140	13.420	11.276	9.270	7.693	6.259
Republic of the Congo	94.224	98.465	83.672	104.518	98.419	90.367	81.848	70.270	63.729
Costa Rica	48.336	53.078	58.380	70.052	74.763	76.758	77.165	76.306	74.163
Croatia	77.756	74.717	73.236	87.670	85.459	82.711	80.273	77.969	75.97
Cyprus	93.884	100.561	95.507	118.402	112.418	105.063	101.037	93.873	85.713
Czech Republic	34.236	32.071	30.246	39.133	41.390	42.507	42.792	42.446	41.858
Côte d'Ivoire	36.854	39.662	37.888	41.732	42.614	42.401	42.183	41.894	42.113
Denmark	35.820	34.214	29.393	34.544	39.287	42.556	44.451	45.278	45.883
Djibouti	48.184	46.508	38.474	40.556	41.726	40.839	40.033	39.521	38.916
Dominica	83.806	78.822	85.718	90.758	88.986	84.354	80.520	76.019	71.001
Dominican Republic	49.163	50.661	53.758	68.771	68.203	66.762	65.006	63.349	61.674
Ecuador	44.617	46.139	51.825	68.921	67.438	65.781	62.280	59.950	56.058
Egypt	103.161	92.652	83.800	86.590	90.598	87.801	84.441	80.814	77.018
El Salvador	67.184	68.000	69.402	88.987	92.538	95.584	98.916	102.771	106.800
Equatorial Guinea	36.235	39.151	41.063	51.174	48.223	49.384	48.484	47.493	46.134
Eritrea	202.536	185.607	189.351	185.790	173.471	165.657	157.733	149.848	142.185
Estonia	9.124	8.296	8.396	18.687	22.378	25.560	28.047	30.330	31.890
Eswatini (Swaziland)	25.115	33.836	38.049	47.926	49.902	52.134	52.556	51.996	51.389
Ethiopia	57.723	61.106	57.603	56.072	58.511	56.925	53.914	48.604	43.306
Eurozone	87.619	85.734	83.984	101.142	99.975	98.366	96.954	95.574	94.265
European Union	83.283	81.293	79.205	95.347	94.607	93.200	91.850	90.506	89.255
Fiji	43.745	46.155	48.996	83.789	83.329	79.528	76.893	74.533	73.449
Finland	61.267	59.626	59.011	67.912	68.590	69.120	69.765	70.278	70.540
France	98.318	98.060	98.120	118.738	118.573	119.959	121.271	122.270	123.307
Gabon	62.886	60.914	62.401	73.857	70.525	65.197	59.855	54.767	48.98
Ga The Gambia	87.008	84.611	80.010	83.102	77.006	73.908	67.793	61.942	57.003
Georgia	40.760	39.952	42.641	58.655	58.779	56.381	54.611	53.112	52.034
Germany	64.993	61.630	59.525	73.278	72.206	68.492	65.526	62.571	59.549
Ghana	58.306	59.129	62.763	76.668	74.653	74.637	72.393	71.860	71.33
Greece	179.275	184.759	180.915	205.249	200.533	187.331	176.990	169.749	165.910
Grenada	70.109	64.358	59.079	71.496	73.497	70.199	64.236	57.122	50.343
Guatemala	25.091	26.490	26.591	32.229	33.894	35.034	35.600	35.666	35.458
Guinea	40.483	37.956	34.498	44.883	45.919	44.314	42.916	41.971	40.958
Guinea-Bissau	50.734	60.184	67.616	79.810	79.037	77.816	75.317	72.691	70.04
Guyana	38.909	43.114	39.792	36.981	34.843	27.658	21.971	21.100	20.488
Haiti	37.970	39.659	47.686	54.363	52.442	48.906	46.315	44.775	43.84
Honduras	38.912	40.083	40.287	45.957	50.419	52.366	53.852	53.710	51.09
Hong Kong	0.055	0.052	0.269	0.290	0.272	0.255	0.242	0.000	0.00
Hungary	72.903	70.233	66.344	77.420	75.869	73.219	69.836	66.449	63.47
Iceland	43.246	37.376	36.997	51.732	52.529	52.747	52.868	52.514	53.096
India	69.423	69.575	72.344	89.330	89.856	89.517	89.022	88.552	88.155
Indonesia	29.396	30.069	30.490	38.477	41.828	43.181	43.261	43.168	43.068
Iran	38.187	40.327	44.743	45.367	40.435	39.210	38.641	38.502	38.350
Iraq	58.887	48.885	46.904	68.265	74.981	81.685	84.842	88.307	90.834
Ireland	67.411	62.915	57.331	63.676	61.254	59.227	55.804	52.512	49.239
Israel	60.607	60.877	59.979	76.521	80.002	81.420	82.239	82.647	82.683
Italy	134.145	134.808	134.804	161.849	158.305	156.569	154.874	153.830	152.568
Jamaica	101.292	94.405	93.861	101.334	92.432	84.277	77.427	72.159	67.323
Japan	234.462	236.568	237.955	266.176	263.968	263.045	262.785	263.016	263.985
Jordan	76.022	75.061	78.015	88.382	88.839	88.019	86.123	82.749	79.885
Kazakhstan	19.869	20.259	19.944	23.441	24.108	25.340	26.241	28.019	29.770
Kenya	56.881	60.235	62.099	66.389	70.463	73.329	76.262	77.745	78.625
Kiribati	21.423	19.708	18.344	17.722	24.952	31.521	37.600	43.223	48.452
Kosovo	16.232	16.953	17.529	23.379	25.853	27.998	29.613	31.152	32.567
Kuwait	20.485	14.838	11.771	19.255	36.570	49.341	65.225	78.422	89.925
Kyrgyzstan	58.786	54.818	54.144	68.082	66.785	64.055	61.243	59.684	58.638
Laos	57.198	59.650	62.643	70.937	70.659	70.617	70.037	68.848	67.443
Latvia	40.327	36.509	36.756	44.063	45.024	42.998	40.853	39.619	38.503
Lebanon	149.668	154.907	174.482	171.666	n/a	n/a	n/a	n/a	n/a
Lesotho	38.005	46.521	46.460	47.168	45.776	43.795	41.893	40.560	39.032
Liberia	33.901	39.419	53.274	61.750	63.555	64.188	63.178	61.640	60.294
Libya	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Lithuania	39.344	34.078	37.665	48.252	47.682	44.928	42.249	40.001	37.636
Luxembourg	22.348	20.996	22.056	26.906	27.485	28.321	28.370	28.416	28.42
Macau	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Madagascar	40.031	39.894	38.422	44.171	44.961	47.046	48.758	50.014	50.966
Malawi	61.488	63.117	63.431	70.663	75.072	74.942	73.420	72.786	71.341
Malaysia	54.395	55.543	57.243	67.581	66.025	65.043	64.123	63.008	61.996
Maldives	61.299	71.254	77.987	118.318	119.178	116.667	113.914	110.033	106.509
Mali	35.985	37.718	40.464	44.797	46.241	46.195	46.553	46.449	46.236
Malta	48.793	45.185	42.570	56.697	57.083	55.424	54.554	53.092	51.385
Marshall Islands	26.635	24.547	22.626	27.433	24.730	24.318	24.946	28.663	32.298
Mauritania	55.100	61.389	58.115	65.565	65.909	64.659	61.764	58.877	56.932
Mauritius	64.340	66.223	82.804	85.653	84.165	83.749	85.782	88.311	85.258
Mexico	53.963	53.606	53.749	65.541	65.599	65.406	65.164	65.023	64.905
Micronesia	21.923	18.761	16.998	16.495	14.978	13.673	12.424	15.799	19.046
Moldova	34.300	31.640	28.378	37.847	39.238	40.425	40.717	39.848	38.917
Montenegro	66.207	71.885	79.343	90.848	88.145	86.110	84.187	82.239	80.201
Morocco	65.109	75.177	80.500	91.100	95.073	101.961	102.893	100.832	98.856
Mozambique	102.443	106.246	104.378	121.331	123.511	123.351	116.803	104.885	92.081
Myanmar	38.470	40.415	38.844	42.375	45.211	46.959	48.411	49.673	50.549
Namibia	43.507	49.811	54.660	67.615	68.166	72.679	74.539	75.648	76.476
Nauru	76.689	74.316	61.992	59.739	57.298	55.502	54.105	65.965	78.821
Nepal	26.087	30.238	30.069	39.220	43.700	45.039	46.284	47.353	48.229
Netherlands	56.913	52.391	48.384	59.319	61.140	61.011	60.113	58.596	56.391
New Zealand	31.267	28.518	31.542	48.023	60.217	65.564	68.018	68.510	66.903
Nicaragua	34.080	37.550	42.139	48.255	50.259	50.474	51.249	53.366	55.501
Niger	39.530	38.939	41.726	48.350	48.645	45.491	43.023	42.201	41.625
Nigeria	25.340	27.657	29.142	34.978	35.509	36.231	36.538	36.977	37.449
North Macedonia	39.383	40.599	40.166	50.254	50.526	50.620	50.810	51.075	51.506
Norway	38.636	39.915	41.250	40.000	40.000	40.000	40.000	40.000	40.000
Oman	46.416	53.168	63.056	81.529	88.651	86.677	90.833	95.278	99.074
Pakistan	67.060	72.077	85.555	87.203	85.965	82.112	78.304	73.639	69.263
Panama	34.784	36.777	41.037	54.951	60.139	60.644	58.942	57.320	55.286
Papua New Guinea	32.484	36.782	40.059	46.702	47.738	49.160	47.776	47.727	45.690
Paraguay	19.841	22.243	26.107	35.453	35.697	35.247	34.429	33.919	33.357
Peru	25.413	26.164	27.122	39.482	39.131	39.681	39.394	38.803	37.796
Philippines	38.108	37.134	36.969	48.858	52.512	54.970	56.963	58.412	59.333
Poland	50.626	48.843	45.969	60.001	60.179	59.239	59.341	59.865	60.893
Portugal	126.143	122.004	117.737	137.240	130.047	124.059	119.607	117.789	115.895
Puerto Rico	51.628	54.647	56.206	64.806	65.271	65.569	66.307	66.971	67.502
Qatar	51.552	46.543	56.182	68.059	60.578	54.031	48.031	43.008	37.955
Romania	36.811	36.427	36.761	44.833	49.591	54.382	58.475	62.196	65.351
Russia	14.311	13.520	13.915	18.942	18.982	18.528	18.201	18.048	17.915
Rwanda	41.317	44.991	51.361	61.604	69.387	69.548	67.571	67.015	66.872
Saint Kitts and Nevis	59.413	57.212	56.220	69.069	63.943	58.402	54.119	53.179	52.216
Saint Lucia	59.869	59.979	61.321	85.096	87.702	88.650	86.511	85.696	84.545
Saint Vincent and the Grenadines	73.501	75.642	75.196	87.927	89.694	90.831	90.802	89.239	86.809
Samoa	49.655	52.894	47.525	55.606	65.339	70.368	73.502	73.333	73.227
San Marino	76.641	78.769	85.708	97.408	95.173	94.517	94.117	94.846	95.321
São Tomé and Príncipe	85.839	83.079	73.069	73.637	66.710	62.639	58.756	55.056	51.84
Saudi Arabia	17.160	18.980	22.790	33.418	34.349	34.088	32.970	34.409	35.546
Senegal	61.139	63.198	64.051	65.405	65.424	64.621	60.361	58.290	57.473
Serbia	58.727	54.452	52.836	59.546	56.965	53.105	50.242	47.591	45.040
Seychelles	62.275	57.682	55.260	88.562	84.984	80.337	73.030	67.290	61.361
Sierra Leone	69.155	69.089	70.049	77.366	78.483	76.434	73.384	70.194	67.296
Singapore	108.403	110.447	130.023	131.186	132.353	133.519	134.701	135.898	137.112
Slovakia	51.312	49.463	48.000	61.792	60.625	58.989	56.923	55.623	55.178
Slovenia	74.122	70.425	66.130	80.956	78.005	77.309	75.466	73.862	72.747
Solomon Islands	8.386	8.199	8.913	15.346	18.785	21.375	23.753	25.738	27.830
South Africa	53.022	56.710	62.151	78.821	82.758	85.679	87.275	86.921	85.174
South Korea	40.050	40.022	41.924	48.410	52.241	55.801	59.254	62.268	64.960
South Sudan	65.209	48.189	65.427	71.737	56.748	47.498	40.742	36.951	35.333
Spain	98.556	97.601	95.466	123.038	121.310	120.375	119.308	118.120	118.813
Sri Lanka	77.902	83.769	86.781	98.255	98.295	97.807	97.683	97.253	96.550
Sudan	159.180	186.708	201.578	259.385	250.713	221.157	210.023	204.861	198.865
Suriname	77.986	75.563	82.295	145.268	107.704	110.882	112.157	116.466	120.489
Sweden	40.696	38.803	34.826	41.863	41.720	41.429	39.541	37.766	36.035
Switzerland	42.703	40.956	42.138	48.749	48.476	47.945	47.333	46.242	45.279
Syria	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Taiwan	34.514	33.978	32.769	35.602	35.611	34.569	32.967	31.189	29.330
Tajikistan	50.293	47.819	43.087	47.768	48.860	48.454	48.344	48.242	47.963
Tanzania	37.671	38.699	38.220	38.507	39.248	38.959	38.258	37.396	36.814
Thailand	41.782	41.957	41.095	50.448	56.371	56.096	56.859	56.937	56.866
Togo	75.952	76.152	70.854	73.458	71.108	68.887	65.571	62.229	59.212
Trinidad and Tobago	42.502	42.164	45.116	57.460	64.286	67.575	71.231	75.164	78.925
Tunisia	70.595	78.176	72.333	84.765	86.201	88.193	87.639	83.570	78.025
Turkey	28.027	30.173	32.986	41.666	45.517	47.342	48.055	49.332	50.379
Turkmenistan	30.592	31.366	32.783	30.911	26.681	25.857	29.794	32.362	33.322
Tuvalu	34.564	25.258	19.524	16.002	7.902	4.553	3.878	3.477	3.111
Uganda	33.800	35.122	38.229	46.048	50.933	54.865	57.314	57.785	55.372
Ukraine	71.620	60.551	50.055	65.692	64.301	61.838	58.191	54.985	52.140
United Arab Emirates	21.623	20.906	27.272	36.929	38.195	39.551	39.648	39.347	38.802
United Kingdom	86.245	85.724	85.352	108.026	111.522	113.437	115.265	116.388	116.970
United States	105.746	106.890	108.679	131.177	133.640	134.496	135.171	135.991	136.888
Uruguay	60.986	63.401	65.911	69.496	69.025	69.185	69.441	69.841	69.531
Uzbekistan	20.226	20.433	29.316	36.131	40.115	40.197	40.166	39.344	38.786
Vanuatu	46.360	48.083	45.342	47.688	50.863	52.883	54.075	55.636	57.143
Venezuela	26.004	180.789	232.786	n/a	n/a	n/a	n/a	n/a	n/a
Vietnam	46.309	43.580	43.365	46.623	47.104	47.179	46.907	46.381	45.644
Yemen	77.426	74.544	76.527	81.651	79.330	78.375	71.932	65.499	60.356
Zambia	65.523	77.243	91.898	119.974	119.567	116.462	112.258	107.743	102.683
Zimbabwe	52.866	37.343	10.806	2.358	2.226	2.202	2.148	2.060	1.975

Sources

International Monetary Fund, World Economic Outlook Database of October 2020, for countries: , for the European Union:

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The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion.

The economy of Moldova is an upper-middle income economy with a high Human Development Index. Moldova is a landlocked Eastern European country, bordered by Ukraine on the east and Romania to the west. It is a former Soviet republic.

The economy of San Marino is a developed free-market economy focused around industries such as tourism, banking and the manufacture of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. Taken together, the manufacturing and financial sector make up more than half of the national GDP. The primary sector contribution to the GDP of the country is marginal, with the main agricultural products being wine and cheeses. In addition, San Marino sells collectible postage stamps to philatelists.

The economy of Guyana is the fastest growing in the world with a projected GDP growth of 26.2% in 2020. Guyana had a per capita gross domestic product of $8,300 in 2016 and an average GDP growth of 4.2% over the previous decade. Crude oil production started in 2019.

A country's gross external debt is the liabilities that are owed to nonresidents by residents. The debtors can be governments, corporations or citizens. External debt may be denominated in domestic or foreign currency. It includes amounts owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank.

Government debt Total amount of debt owed to lenders by a government/state

A country's gross government debt is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt.

Foreign exchange reserves are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more reserve currencies, nowadays mostly the United States dollar and to a lesser extent the euro.

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP was estimated to be around $15 trillion (nominal) in 2020, representing around 1/6 of the global economy.

The net international investment position (NIIP) is the difference between the external financial assets and liabilities of a country. External debt of a country includes government debt and private debt. External assets publicly and privately held by a country's legal residents are also taken into account when calculating NIIP. Commodities and currencies tend to follow a cyclical pattern of significant valuation changes, which is also reflected in NIIP.

The economy of Montenegro is currently in a process of transition, as it navigates the impacts of the Yugoslav Wars, the decline of industry following the dissolution of the Socialist Federal Republic of Yugoslavia, and economic sanctions imposed by the United Nations.

Canadian public debt Debt owed by the government sector in Canada

Canadian government debt is the liabilities of the government sector. For 2020, the market value of financial liabilities, or gross debt, was $2,852 billion for the consolidated Canadian general government. As a ratio of GDP, gross debt was 129.2% in 2020, the highest level ever recorded. Approximately half, or 66.4% as a ratio of GDP, was debt of the federal government. The increase in debt in 2020 was driven primarily by massive deficits generated to finance numerous relief measures, notably in the form of transfers to households and subsidies to businesses during the COVID-19 pandemic.

The Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a 'temporary' borrowing. Government debt and borrowings have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy.

The external debt of India is the total debt the country owes to foreign creditors. The debtors can be the Union government, state governments, corporations or citizens of India. The debt includes money owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and World Bank.

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List of countries by future gross government debt

Contents

Projected debt estimates

See also

Sources

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