For many countries that were already struggling with their economic situation, this has been made worse by the coronavirus pandemic. The International Monetary Fund (IMF) illustrates the debt ratio of individual countries based on gross domestic product.
According to MISEREOR’s 2023 debt report, 136 countries in the global south are critically indebted, and some countries in the north are also deeply in debt to their creditors. In particular, countries that were already economically unstable were hit hard by the Corona crisis: “64 percent of the countries in the Global South are critically or very critically indebted, compared to 37 percent before the outbreak of the Corona pandemic,” explains expert Kristina Rehbein according to MISEREOR. The International Monetary Fund (IMF) illustrates the debt ratio of individual countries; the ranking lists the top 20 countries with the highest debt based on gross domestic product in percent. The status is April 28, 2023.
Editorial team finanzen.net
21st place: The ranking
According to MISEREOR’s 2023 debt report, 136 of 152 countries examined in the global south are critically indebted. In particular, the situation of countries that were already economically unstable before the corona pandemic continued to worsen during the global crisis. The International Monetary Fund (IMF) shows the debt ratio of individual countries; the following ranking lists the top 20 countries with the highest debt based on gross domestic product in percent. The data comes from Statista, as of April 28, 2023.
Source: IMF, Image: Christian Zachariasen/Getty Images
20th place: Canada
The ranking begins with Canada. The USA’s neighbor has a debt of 106.59 percent of GDP. Nevertheless, Canada is clearly one of the wealthier countries in a global comparison.
Source: Statista, Image: Mark Heirreid / Shutterstock.com
19th place: France
Germany’s neighboring country France comes in 19th place in the ranking of the most indebted countries worldwide. The French debt is 111.06 percent of GDP.
Source: Statista, Image: Nataliia K / Shutterstock.com
18th place: Spain
Spain is ranked 18th in the ranking of the most indebted countries in the world. The Spanish economy is the 12th largest economy in the world, but economic growth has declined noticeably in recent years and the country in southern Europe has a national debt of 111.98 percent.
Source: Statista, IMF, Image: cla78 / Shutterstock.com
17th place: Maldives
The Maldives is formed by an island chain of 19 islands. The popular holiday resort is located southwest of India and Sri Lanka in the Indian Ocean. With a national debt of 114.94 percent, the Maldives ranks 17th among the countries with the highest public debt.
Source: IMF, Image: Siraphob Werakijpanich / Shutterstock.com
16th place: Portugal
The Portugal peninsula in the Atlantic, with an area of 92,212 square kilometers, borders Spain. Overall, the country on the Iberian Peninsula has a national debt of 116.05 percent. 16th place for Portugal.
Source: Statista, IMF, Image: cla78 / Shutterstock.com
15th place: Bahrain
The Kingdom of Bahrain consists of 33 islands located in a bay in the Persian Gulf. The main island of Bahrain accounts for around 80 percent of the total national area of 695 square kilometers. One of the most important sources of income for the Kingdom’s economy is oil and gas reserves. Overall, the state has a debt of 117.59 percent, putting it in 15th place in the ranking.
Source: Statista, IWF, Image: tokamuwi / pixelio.de
14th place: Sri Lanka
With a national debt of 117.66 percent, the island of Sri Lanka comes in 14th place in the ranking. Sri Lanka lies off the coast of India.
Source: Statista, Image: Iryna Rasko / Shutterstock.com
13th place: Barbados
13th place is also an island state. Barbados lies in the Atlantic Ocean with an area of 431 square kilometers. Overall, the country has a national debt of 120.78 percent.
Source: Statista, IWF, Image: Axel / pixelio.de
12th place: USA
The third largest country in the world and one of the largest economic powers comes in at number 12. With an area of 9,826,657 square kilometers, the USA is around 27 times larger than the Federal Republic of Germany. Over 70 percent of the gross domestic product is generated through the service sector. Overall, the United States has a national debt of 121.68 percent.
Source: IMF, Image: Vacclav / Shutterstock.com
11th place: Suriname
The Republic of Suriname is located on the northern coast of South America, and bauxite mining in the mines of the eastern hill country is the economically most important area of industry in Suriname. With a national debt of 123.16 percent, the republic takes eleventh place in the ranking.
Source: Statista, Image: hyotographics / Shutterstock.com
10th place: Bhutan
The South Asian kingdom of Bhutan comes in tenth. The approximately 46,000 square kilometer country has around 700,000 inhabitants. For a long time, Bhutan was one of the poorest countries in the world, and the kingdom also receives economic aid from its neighboring country India. Overall, Bhutan’s national debt is 124.8 percent.
Source: Statista, IMF, Image: Tatohra / Shutterstock.com
9th place: Cape Verde
The island state of Cape Verde is located about 650 kilometers off the western tip of Africa in the Atlantic Ocean. With just 4,033 square kilometers, the island state is one of the smallest countries in Africa in terms of area. With a national debt of 127.41 percent, Cape Verde is ranked ninth in the ranking of countries with the highest public debt.
Source: Statista, IWF, Image: tokamuwi / pixelio.de
8th place: Sudan
The state of Sudan, located in northeast Africa, comes in eighth place. Since civil war, mismanagement, political instability and natural disasters continue to occur in Sudan, the economy there is very strained and famine disasters occur again and again. With a national debt of 127.55 percent, Sudan is one of the most indebted countries in the world.
Source: Statista, IWF, Image: Ink Drop / Shutterstock.com
7th place: Laos
The state of Laos in Southeast Asia borders Cambodia, Vietnam, Myanmar, Thailand and China and is in seventh place in the ranking of the most indebted countries in the world. Laos has a national debt of 128.51 percent
Source: Statista, Image: PixelWookie / pixelio.de
6th place: Singapore
With a national debt of 134.16 percent, the city state of Singapore ranks sixth in the ranking of the most indebted countries. The 718 square kilometer Asian island in the south of Malaysia is also called the Lion City and, despite its national debt, is one of the wealthiest countries in the world.
Source: Statista, IWF, Image: Dieter Schütz / pixelio.de
5th place: Italy
The country of Italy in southern Europe is in fifth place in the ranking with a national debt of 144.7 percent. Over 40 million tourists visit the country every year, making tourism one of the most important sources of income for the Italian economy.
Source: Statista, IWF, Image: Katharina Wieland Müller / pixelio.de
4th place: Venezuela
Venezuela is located in northern South America and borders the countries of Colombia, Brazil and Guyana. About 80 percent of Venezuela’s export revenue comes from petroleum. With a national debt of 157.81 percent, Venezuela is in fourth place in the ranking.
Source: Statista, IMF, Image: istock/ Pawel Gaul
3rd place: Eritrea
Eritrea is located in northeast Africa on the Red Sea and is one of the poorest countries in the world. Around 80 percent of workers in Eritrea work in agriculture. With a national debt of 136.77 percent, the African country comes third in the ranking.
Source: Statista, IWF, Image: hyotographics / Shutterstock.com
2nd place: Greece
With a national debt of 177.43 percent, Greece is in second place in the ranking. It was only in 2009 that Greece experienced an enormous debt crisis, which is why the country was dependent on bridging loans from the EU, the European Central Bank and the International Monetary Fund.
Source: Statista, IWF, Image: istock/Aleksandar Nakic
1st place: Japan
Japan consists of around 3,900 islands located in the Pacific Ocean. The three areas of economics, finance and politics are traditionally closely linked in the Asian country, which is one of the leading industrial nations. With a total national debt of 261.29 percent, Japan takes first place in the ranking.
Source: Statista, IMF, Image: SeanPavonePhoto / Shutterstock.com