The 10 Countries with the Highest Government Debt Relative to GDP in 2026
Ranked by general government gross debt as a share of GDP, using the IMF's April 2026 projections. See who leads, why Singapore's number needs context, and where the US lands.
Quick Answer
Japan has the highest government debt relative to the size of its economy, projected at 204.4% of GDP in 2026 in the IMF's April 2026 data. Singapore is second at 171.9% and Sudan third at 169.1%. The United States is ninth at 125.8%.
This ranking uses the International Monetary Fund's measure of general government gross debt as a percentage of GDP, which adds up what all levels of government owe and compares it with a year of economic output. The figures are the IMF's 2026 projections from its April 2026 World Economic Outlook, read from the IMF DataMapper, and all countries with a 2026 figure in that dataset were compared. A high ratio does not by itself mean a country is in trouble: it depends on who holds the debt, what interest it pays and what assets the government holds. The ratio is not the amount of debt in dollars, and the figures are projections that the IMF revises twice a year.
Why are Venezuela and Lebanon not on this list?
This ranking only includes countries for which the IMF's April 2026 edition gives a 2026 figure. The IMF shows no 2026 value for Venezuela, Lebanon or Eritrea, so they are not ranked, even though earlier data put some of them very high. For example, the IMF's 2025 estimate for Venezuela is 308.7% of GDP, which would be above Japan's. Gross debt also ignores assets: Singapore's government says it has no net debt once its assets are counted. Compare countries carefully, and treat the order as a snapshot of one IMF edition.
Government Gross Debt · % of GDP, 2026 projection
Source: IMF World Economic Outlook, April 2026 (DataMapper)Tap any country to jump to its full breakdown below.
Ranked #10 to #1
Ukraine
2025 estimate: 108.7%- Government debt (% of GDP, 2026):
- 122.6%
- Category:
- Europe
- Revenue sources:
- Up about 14 points in one year
The IMF projects Ukraine's government debt at 122.6% of GDP in 2026, up from 108.7% in 2025 and 50.5% in 2019, before Russia's full-scale invasion in 2022.
Ukraine's debt ratio has more than doubled since 2019, from 50.5% to a projected 122.6%.
Source: IMF World Economic Outlook, April 2026
United States
2025 estimate: 123.9%- Government debt (% of GDP, 2026):
- 125.8%
- Category:
- North America
- Revenue sources:
- Higher than China, Germany and India
The IMF projects US general government gross debt at 125.8% of GDP in 2026, up from 123.9% in 2025. This measure includes federal, state and local government debt.
The US ratio is about twice Germany's 64.6%, and above China's 106.9% and the United Kingdom's 103.6%.
Source: IMF World Economic Outlook, April 2026
Maldives
2025 estimate: 125.4%- Government debt (% of GDP, 2026):
- 129.4%
- Category:
- South Asia
- Revenue sources:
- Up about 4 points in one year
The IMF projects the Maldives' government debt at 129.4% of GDP in 2026, up from 125.4% in 2025.
The Maldives has the highest debt ratio in South Asia and is ahead of the United States.
Source: IMF World Economic Outlook, April 2026
Senegal
2025 estimate: 130.2%- Government debt (% of GDP, 2026):
- 132.3%
- Category:
- Africa
- Revenue sources:
- Up from 81.5% in 2019
Senegal's government debt is projected at 132.3% of GDP in 2026, up from 130.2% in 2025 and well above its 81.5% in 2019.
Senegal's debt ratio is projected to be higher than the United States' in 2026.
Source: IMF World Economic Outlook, April 2026
Greece
2025 estimate: 145.7%- Government debt (% of GDP, 2026):
- 136.9%
- Category:
- Europe
- Revenue sources:
- Down about 9 points in one year
The IMF projects Greece's debt at 136.9% of GDP in 2026, down from 145.7% in 2025, which moves Greece below Italy in this ranking.
Greece was ahead of Italy in the IMF's 2025 estimates (145.7% to 137.1%) but is projected to fall behind in 2026.
Source: IMF World Economic Outlook, April 2026
Italy
2025 estimate: 137.1%- Government debt (% of GDP, 2026):
- 138.4%
- Category:
- Europe
- Revenue sources:
- Highest debt ratio in the euro area
The IMF projects Italy's government debt at 138.4% of GDP in 2026, up slightly from 137.1% in 2025.
Italy is the only G7 country other than Japan and the United States in the top 10 by this measure, with France just outside at 118.4%.
Source: IMF World Economic Outlook, April 2026
Bahrain
2025 estimate: 147.6%- Government debt (% of GDP, 2026):
- 152.4%
- Category:
- Middle East
- Revenue sources:
- Up from 97.1% in 2019
The IMF projects Bahrain's government debt at 152.4% of GDP in 2026, up from 147.6% in 2025 and 97.1% in 2019.
Bahrain's ratio has risen by more than 55 percentage points since 2019.
Source: IMF World Economic Outlook, April 2026
Sudan
2025 estimate: 187.6%- Government debt (% of GDP, 2026):
- 169.1%
- Category:
- Africa
- Revenue sources:
- Down from 262.6% in 2024
The IMF projects Sudan's government debt at 169.1% of GDP in 2026, down from 187.6% in 2025 and from 262.6% in 2024.
Sudan's ratio swings sharply from year to year in the IMF data, so its position depends heavily on the edition. The IMF's April 2026 projections for Sudan assume the ongoing conflict ends by the end of 2026, with re-engagement and reconstruction beginning soon after, so the projected fall in the ratio is especially uncertain.
Source: IMF World Economic Outlook, April 2026
Singapore
2025 estimate: 171.3%- Government debt (% of GDP, 2026):
- 171.9%
- Category:
- Asia
- Revenue sources:
- Gross debt; the government says it has no net debt
The IMF projects Singapore's gross government debt at 171.9% of GDP in 2026, a measure that does not subtract the government's assets. Singapore's Ministry of Finance says most government borrowing is for non-spending purposes: the proceeds are invested or used to develop the domestic bond market and meet Central Provident Fund savings needs. A smaller portion can finance nationally significant infrastructure.
Because Singapore's financial assets exceed its liabilities, its government says it has no net debt, so its second place reflects gross debt only.
Source: IMF World Economic Outlook, April 2026; Singapore Ministry of Finance
Japan
2025 estimate: 206.5%- Government debt (% of GDP, 2026):
- 204.4%
- Category:
- Asia
- Revenue sources:
- About 3.2 times Germany's ratio
The IMF projects Japan's general government gross debt at 204.4% of GDP in 2026, slightly lower than 206.5% in 2025 and 214.5% in 2024.
Japan's ratio is about 3.2 times Germany's (64.6%) and about 1.6 times the United States'.
Source: IMF World Economic Outlook, April 2026
What the numbers tell us
Japan's ratio is about 1.6 times the US ratio and about 3.2 times Germany's 64.6%. Just outside the top 10 are Bhutan (120.3%), Saint Vincent and the Grenadines (120.1%) and France (118.4%), and China (106.9%) ranks 16th. Because these are IMF projections for one edition, countries close together, such as Italy and Greece, can swap places when the numbers are revised.
- Data period:
- IMF World Economic Outlook, April 2026 edition; 2026 projections
- Last updated:
- October 12, 2026
- Sources:
- International Monetary Fund, World Economic Outlook (April 2026), general government gross debt, percent of GDP, via the IMF DataMapper; Singapore Ministry of Finance for the explanation of Singapore's borrowing
Countries are ranked by general government gross debt as a percentage of GDP for 2026, taken from the IMF DataMapper's April 2026 World Economic Outlook series (GGXWDG_NGDP). All countries and territories with a 2026 value in that series were compared. Countries with no 2026 value in this edition, such as Venezuela, Lebanon and Eritrea, are not ranked. Figures for 2026 are IMF projections or estimates, not final outturns, and the IMF revises them in each edition, so rankings can differ from earlier editions or from national statistics. Gross debt does not subtract government assets, and the ratio compares debt with one year of GDP rather than with tax revenue or the amount owed in dollars. The comparison figures for the United States, Germany, China, the United Kingdom and France come from the same series.
Figures marked as estimates are based on publicly available information and may vary from other published sources.
Frequently Asked Questions
Japan, at a projected 204.4% of GDP in the IMF's April 2026 data. Singapore (171.9%) and Sudan (169.1%) follow. Countries with no 2026 figure in that edition, such as Venezuela and Lebanon, are not ranked.