Government Debt by Country
The General Government Debt by Country ranking compares nations by their year-over-year debt change as a share of GDP, ranking those with the largest reductions higher to reflect improved fiscal responsibility and reduced economic burdens.
Mongolia ranks #1 in 2023, showing a positive change from 64.49 to 46.79. Venezuela takes #2 with a positive change from 160.67 to 146.26, and Portugal is #3, showing a positive change from 112.42 to 99.08.
Meanwhile, Egypt, Norway, and Yemen are at the bottom of the ranking. Egypt shows a negative change from 88.53 to 95.93, Norway sees a negative change from 36.27 to 44.00, and Yemen has a negative change from 65.84 to 81.21.
Rank | Country | Most Recent Year | Previous Year | Change |
---|---|---|---|---|
1 | Mongolia | 46.79% (2023) | 64.49% (2022) | -17.69 pp |
2 | Venezuela | 146.26% (2023) | 160.67% (2022) | -14.40 pp |
3 | Portugal | 99.08% (2023) | 112.42% (2022) | -13.33 pp |
4 | Georgia | 41.62% (2022) | 52.51% (2021) | -10.89 pp |
5 | Greece | 168.87% (2023) | 179.59% (2022) | -10.72 pp |
6 | Montenegro | 61.50% (2023) | 70.55% (2022) | -9.05 pp |
7 | Ethiopia | 38.74% (2023) | 46.92% (2022) | -8.18 pp |
8 | Cyprus | 77.41% (2023) | 85.60% (2022) | -8.18 pp |
9 | Japan | 249.67% (2023) | 256.30% (2022) | -6.63 pp |
10 | Colombia | 54.32% (2023) | 60.06% (2022) | -5.74 pp |
11 | Albania | 59.81% (2023) | 65.55% (2022) | -5.73 pp |
12 | Iceland | 62.24% (2023) | 67.36% (2022) | -5.12 pp |
13 | Honduras | 41.98% (2023) | 46.97% (2022) | -4.99 pp |
14 | Croatia | 63.02% (2023) | 67.78% (2022) | -4.76 pp |
15 | Serbia | 48.91% (2023) | 53.50% (2022) | -4.58 pp |
16 | Spain | 105.03% (2023) | 109.40% (2022) | -4.37 pp |
17 | Saint Kitts and Nevis | 55.93% (2023) | 60.20% (2022) | -4.27 pp |
18 | Switzerland | 33.32% (2023) | 37.19% (2022) | -3.88 pp |
19 | Mauritius | 82.90% (2023) | 86.76% (2022) | -3.86 pp |
20 | Italy | 134.79% (2023) | 138.35% (2022) | -3.55 pp |
21 | Netherlands | 45.02% (2023) | 48.35% (2022) | -3.33 pp |
22 | Slovenia | 69.22% (2023) | 72.48% (2022) | -3.26 pp |
23 | Nicaragua | 41.68% (2023) | 44.64% (2022) | -2.96 pp |
24 | Micronesia | 12.42% (2023) | 14.57% (2022) | -2.15 pp |
25 | Hungary | 69.44% (2023) | 71.58% (2022) | -2.14 pp |
26 | Germany | 62.66% (2023) | 64.79% (2022) | -2.13 pp |
27 | Kyrgyzstan | 44.72% (2023) | 46.82% (2022) | -2.11 pp |
28 | Costa Rica | 61.60% (2023) | 63.50% (2022) | -1.90 pp |
29 | Slovakia | 56.05% (2023) | 57.74% (2022) | -1.70 pp |
30 | Nauru | 20.11% (2023) | 21.72% (2022) | -1.62 pp |
31 | Kiribati | 11.72% (2023) | 13.30% (2022) | -1.58 pp |
32 | Tajikistan | 30.93% (2023) | 32.50% (2022) | -1.57 pp |
33 | Türkiye | 29.26% (2023) | 30.80% (2022) | -1.54 pp |
34 | France | 110.64% (2023) | 111.95% (2022) | -1.31 pp |
35 | Panama | 52.39% (2023) | 53.68% (2022) | -1.29 pp |
36 | Australia | 49.01% (2023) | 50.26% (2022) | -1.25 pp |
37 | Malta | 50.40% (2023) | 51.63% (2022) | -1.23 pp |
38 | Marshall Islands | 18.67% (2023) | 19.81% (2022) | -1.14 pp |
39 | Turkmenistan | 4.67% (2023) | 5.77% (2022) | -1.11 pp |
40 | Philippines | 56.47% (2023) | 57.39% (2022) | -0.92 pp |
41 | Austria | 77.55% (2023) | 78.41% (2022) | -0.86 pp |
42 | Peru | 31.17% (2023) | 31.85% (2022) | -0.68 pp |
43 | Belarus | 40.72% (2023) | 41.30% (2022) | -0.58 pp |
44 | Indonesia | 39.60% (2023) | 40.14% (2022) | -0.54 pp |
45 | Vietnam | 34.37% (2023) | 34.74% (2022) | -0.37 pp |
46 | Bulgaria | 32.92% (2023) | 33.11% (2022) | -0.19 pp |
47 | South Korea | 37.85% (2018) | 38.01% (2017) | -0.16 pp |
48 | Czech Republic | 42.38% (2023) | 42.52% (2022) | -0.14 pp |
49 | Denmark | 29.66% (2023) | 29.70% (2022) | -0.04 pp |
50 | Democratic Republic of the Congo | 14.37% (2023) | 14.35% (2022) | +0.02 pp |
51 | Canada | 107.50% (2023) | 107.37% (2022) | +0.13 pp |
52 | Ireland | 43.27% (2023) | 43.14% (2022) | +0.13 pp |
53 | Kazakhstan | 19.87% (2017) | 19.68% (2016) | +0.19 pp |
54 | Lithuania | 38.29% (2023) | 38.03% (2022) | +0.26 pp |
55 | United Arab Emirates | 32.44% (2023) | 32.06% (2022) | +0.38 pp |
56 | Poland | 49.59% (2023) | 49.20% (2022) | +0.40 pp |
57 | Moldova | 35.31% (2023) | 34.90% (2022) | +0.40 pp |
58 | Cambodia | 25.73% (2023) | 25.04% (2022) | +0.69 pp |
59 | United Kingdom | 101.15% (2023) | 100.43% (2022) | +0.72 pp |
60 | Brazil | 84.68% (2023) | 83.94% (2022) | +0.74 pp |
61 | Belgium | 105.17% (2023) | 104.28% (2022) | +0.89 pp |
62 | Luxembourg | 25.67% (2023) | 24.73% (2022) | +0.94 pp |
63 | Thailand | 54.73% (2023) | 53.74% (2022) | +0.99 pp |
64 | Russia | 19.55% (2023) | 18.51% (2022) | +1.04 pp |
65 | Estonia | 19.31% (2023) | 18.27% (2022) | +1.04 pp |
66 | Bosnia and Herzegovina | 32.22% (2023) | 31.01% (2022) | +1.20 pp |
67 | El Salvador | 84.68% (2023) | 83.35% (2022) | +1.34 pp |
68 | India | 83.02% (2023) | 81.68% (2022) | +1.34 pp |
69 | Romania | 48.85% (2023) | 47.49% (2022) | +1.36 pp |
70 | Israel | 61.94% (2023) | 60.49% (2022) | +1.45 pp |
71 | Chile | 39.41% (2023) | 37.80% (2022) | +1.62 pp |
72 | Latvia | 43.57% (2023) | 41.78% (2022) | +1.79 pp |
73 | Uzbekistan | 32.51% (2023) | 30.53% (2022) | +1.99 pp |
74 | Tanzania | 46.87% (2023) | 44.85% (2022) | +2.02 pp |
75 | Saint Vincent and the Grenadines | 87.14% (2023) | 84.66% (2022) | +2.48 pp |
76 | United States | 123.01% (2023) | 120.44% (2022) | +2.57 pp |
77 | Sweden | 36.37% (2023) | 33.75% (2022) | +2.62 pp |
78 | North Macedonia | 54.50% (2023) | 51.56% (2022) | +2.95 pp |
79 | Finland | 77.03% (2023) | 73.94% (2022) | +3.08 pp |
80 | Malaysia | 69.76% (2023) | 65.50% (2022) | +4.26 pp |
81 | Ukraine | 82.33% (2023) | 77.72% (2022) | +4.61 pp |
82 | Nigeria | 46.41% (2023) | 39.70% (2022) | +6.71 pp |
83 | China | 84.38% (2023) | 77.39% (2022) | +6.99 pp |
84 | Egypt | 95.93% (2023) | 88.53% (2022) | +7.40 pp |
85 | Norway | 44.00% (2023) | 36.27% (2022) | +7.73 pp |
86 | Yemen | 81.21% (2023) | 65.84% (2022) | +15.37 pp |
Source: IMF DataMapper. Only countries with consecutive data in the past 10 years are shown.