Debt larger than the economy: which countries have a high debt burden?
According to estimates for 2026, the gross national debt of the US is equal to 126.8 percent of its gross domestic product, while Italy's stands at 137.9 percent. In China, this figure is estimated to have exceeded 100 percent for the first time. However, a low level of debt does not always signify the strength of a country's public finances.
Debt larger than the economy: which countries have the highest debt burden?
In it, countries were compared not by the absolute amount of national debt, but by its ratio to gross domestic product. Countries with a population of less than one million people were not included in the ranking.
**Debt burden in the US and China**
It is noted that in China, the ratio of national debt to GDP exceeding 100 percent is influenced by the ongoing crisis in the real estate market and the growing debt obligations of local authorities.
In the US, the national debt accounts for 126.8 percent of GDP. According to the provided forecast, the federal government's net interest expenses to service the debt could reach one trillion dollars in 2026, and more than double by 2036.
In Europe, the national debt of Italy, Greece, France, Belgium, and the United Kingdom is higher than their annual GDP. In Italy, this indicator is estimated at 137.9 percent.
**How does Singapore's high debt differ?**
Along with large debt obligations, Singapore also possesses substantial financial assets. Therefore, assessing its gross debt indicator without taking assets into account does not give the complete picture.
In the country, borrowed funds are mainly directed toward investments and the development of the domestic market for government bonds. They are not the primary means of financing current budget expenditures, as in many other countries.
**Countries with relatively low debt**
In Denmark, the national debt is equal to 26.4 percent of GDP. At the same time, government spending accounts for about 44 percent of the size of the economy.
The fact that the country ended 2025 with a budget surplus equal to 2.9 percent of GDP helped reduce the need for borrowing.
In Russia, the national debt is indicated as 19.3 percent of GDP. Taiwan and Hong Kong are also listed among economies with a relatively low debt burden.
However, the reasons for a low indicator can vary. For example, in Haiti, the national debt is equal to 10.5 percent of GDP. This can be explained not only by low debt obligations, but also by limited opportunities to obtain credit and attract funds.