5 Countries with the Highest Debt to GDP Ratios

In this article we are going to list the 5 countries with the highest debt to GDP ratios. For our extended coverage please see 25 Countries with the Highest Debt to GDP Ratios. 

5. Lebanon

• Current Debt-to-GDP Ratio: ~164%
• Trend Since 2023: Stable (Crisis State)
• Analysis: Lebanon’s economy remains in a state of suspended animation. Since 2023, there has been little progress on a definitive IMF deal or banking sector reform. The debt-to-GDP ratio remains at a staggering 164% (though some estimates vary due to multiple exchange rates), representing a complete collapse of the national financial system.

4. Venezuela

• Current Debt-to-GDP Ratio: ~164% – 180%
• Trend Since 2023: Moderate Increase
• Analysis: The IMF warned in February 2026 that Venezuela’s humanitarian and economic situation remains “quite fragile.” Public debt has climbed as the country struggles with triple-digit inflation and a depreciating currency. This figure does not yet factor in potential court rulings from old defaults, which could push the total even higher if ties with global lenders are restored.

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.

2. Sudan

• Current Debt-to-GDP Ratio: ~222% – 250%+
• Trend Since 2023: Massive Increase
• Analysis: Sudan’s fiscal situation has catastrophic. The ongoing civil war, which began shortly after the 2023 report, has caused a 37.5% contraction in GDP. With tax revenue collapsing to just 2% of GDP and massive displacement of the population, Sudan is in total debt distress, with the ratio soaring as the economy vanishes.

1. Japan

• Current Debt-to-GDP Ratio: ~230% – 242%
• Trend Since 2023: Stable / Slight Decrease
• Analysis: Japan remains the world’s most indebted nation. However, 2026 marks a turning point: as the Bank of Japan finally raises interest rates to 1.0%–1.5%, the government’s interest payments are projected to double by 2029. While nominal GDP growth has finally returned, the cost of servicing this mountainous debt will be the defining economic challenge for Japan’s aging society over the next decade.

READ NEXT: 25 Countries with the Highest Debt to GDP Ratios in 2023.