5 Countries with the Highest Debt to GDP Ratios

3. Singapore

  • Current Debt-to-GDP Ratio: ~176%
  • Trend Since 2023: Stable
  • Analysis: Singapore’s rank is a technicality. The government does not borrow to spend but to invest. Every dollar of debt is backed by more than a dollar of assets in its sovereign wealth funds (GIC and Temasek). While the gross debt ratio appears high, Singapore actually has no net debt, making it the most fiscally secure nation on this entire list.