Countries with the highest public debt 2019

The statistic shows the twenty countries with the highest public debt in relation to GDP in 2019. In 2019, Japan ranked first among the countries with the highest public debt levels; it had an estimated debt of around 237.69 percent of GDP.

Japanese public debt

Public debt, also known as national and government debt, is the debt owed by a nation’s central government. However, as a government draws in much of its income from its population, government debt is an indirect debt on taxpayers. The countries with the highest public debt are unsurprising, and although the United States' debt is much vaster; no nation in the world has a higher public debt in relation to GDP than Japan. The nation’s soaring debt is at around a quadrillion yen, roughly 10.5 trillion US dollars, and larger than the German, French and British economies combined. The Japanese government is currently spending around half of its total tax revenue on servicing its massive debt. Despite this, the yield on 10-year Japanese bonds remains at a surprisingly low level at under 1 percent.

The Japanese have limited options available to them. A possibility could be to default on their debt; this would probably result in a renegotiation of the interest rate and the length of the loan of the principal payments. At present, however, Japan has decided to try and inflate its debt away and have begun to implement the greatest QE experiment attempted by any nation. The Bank of Japan plans to print money to the value of around 60 trillion yen and use it to buy government bonds. The Japanese government is counting on investors to buy up its bonds, despite the fact that the nation plans to almost double its monetary base, effectively halving the purchasing power. For the moment, it seems to be working, but a change in attitudes on the part of the buyers and an increase in interest rates could have catastrophic repercussions for Japan.

The 20 countries with the highest public debt in 2019 in relation to the gross domestic product

Public debt in relation to the GDP
Japan 237.69%
Sudan 207%
Greece 176.64%
Eritrea 165.11%
Lebanon 155.13%
Italy 133.15%
Cabo Verde 123.47%
Portugal 117.55%
Barbados 115.41%
Singapore 114.1%
Mozambique 108.82%
Bhutan 108.64%
United States 106.22%
Bahrain 101.71%
Belgium 101.01%
France 99.31%
Spain 96.41%
Cyprus 96.07%
Angola 94.99%
Jordan 94.59%
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Source

Release date

October 2019

Region

Worldwide

Survey time period

2019

Supplementary notes

* Estimates.

Values were rounded for a better understanding of the statistic.

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