10 Countries with the Highest Debt to GDP Ratios

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9. Italy

Debt to GDP Ratio: 145%

Italy has a huge public debt of about 145% and mostly runs a current account surplus. About 45% of the stock is foreign-owned, while rich Italian savers hold it too. As of 2023, Italy’s national government debt stood at nearly $3 trillion. However, the country’s economy is expected to show some resilience considering fiscal support and natural gas supply diversion from Russia.

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