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Top 10 countries with the highest debt-to-GDP in 2025: Where does India rank?

Top 10 Most Indebted Countries in 2025: IMF projects global debt to approach 100% of GDP by 2030 amidst economic uncertainties. Insights on debt ratios worldwide and how is India faring in comparison to the US, Japan, and China.

Highest debt-to-GDP Ratio by Country: Enlisted below are the top 10 countries with the highest public debt in 2025 (Image: Freepik)

Debt to GDP Ratio by Country 2025: The International Monetary Fund’s (IMF) recent projections indicate that global public debt could surpass levels from the COVID-19 pandemic era, which reached 98.9% of GDP in 2020.

According to the Fiscal Monitor’s debt-at-risk analysis, the worldwide public debt might exceed 117% of GDP by 2027, in the worst-case scenario, which could be the greatest level since WWII, surpassing reference predictions by nearly 20 percentage points.

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Furthermore, it forecasts the global public debt to reach nearly 100% (99.6%) of global GDP by the end of this decade (2030), a result of the ongoing economic and geopolitical uncertainties caused by the latest U.S. tariff declarations, which have contributed to the acceleration of debt levels.

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An outlook of global public debt, per cent of GDP, over the years. (Source: IMF)

Where do China and India stand globally?

China is ranked 21st and has a public debt ratio of 96%, which is comparatively lower than that of other developed nations.

Meanwhile, India’s debt-to-GDP ratio of 80% places it 31st globally; the central government of India is aiming for a decline in the debt-to-GDP ratio to 50±1 per cent by March 31, 2031.

Top 10 countries with the highest debt-to-GDP ratio in 2025

Sudan, primarily due to prolonged conflict and significant economic challenges, surpassed Japan, having the highest debt-to-GDP ratio in the world, at 252%.

Among developed and advanced economies, Japan has the highest debt-to-GDP ratio at 234.9%, exacerbated by ongoing fiscal deficits and an ageing population.

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The United States, the world’s largest economy, ranks eighth globally with a high debt-to-GDP ratio of 123% in 2025. France follows closely at 9th with a public debt ratio of 116.3%, and Canada rounds up the top ten.

A global outlook of general government gross debt in per cent of GDP, as of 2025. (Credit: IMF)

Below are the top 10 countries with the highest public debt in 2025:

Rank	Country	General government gross debt (% of GDP)
1	Sudan	252%
2	Japan	234.9%
3	Singapore	174.9%
4	Greece	142.2%
5	Bahrain	141.4%
6	Maldives	140.8%
7	Italy	137.3%
8	United States	122.5%
9	France	116.3%
10	Canada	112.5%

Source: IMF – World Economic Forum (April 2025)

Note: Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardised guarantee schemes, and other accounts payable. Thus, all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face value (As noted on the IMF).

Cherry Gupta

Cherry Gupta is an Assistant Manager – Content at The Indian Express. She leads the Top 10 section, curating list-based features on key national and international developments, and manages daily news content. She also produces SEO-driven articles and collaborates with the Lifestyle team to conduct interviews with notable artists and write workplace culture features. ... Read More