The statistic shows the 20 countries with the lowest national debt in 2022 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2022, Russia's estimated level of national debt reached about 18.89 percent of the GDP, ranking 16th of the countries with the lowest national debt.
National debt and GDP
The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it.
Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.
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Countries with the Lowest National Debt
- Brunei. 3.2%
- Afghanistan. 7.8%
- Kuwait. 11.5%
- Democratic Republic of Congo. 15.2%
- Eswatini. 15.5%
- Palestine. 16.4%
- Russia. 17.8%
The 20 countries with the lowest national debt in 2023 in relation to gross domestic product (GDP)
| Characteristic | National debt in relation to GDP |
|---|
| Macao SAR | 0% |
| Brunei Darussalam | 2.33% |
| Kuwait | 3.18% |
| Turkmenistan | 4.7% |
9 more rowsJapan has the highest percentage of national debt in the world at 259.43% of its annual GDP.
Which country has the highest national debt 2022? ›
Japan consistently ranks among the countries with the highest national debt. In 2022, the nation's debt was estimated at almost 10 trillion U.S. dollars , while it's GDP is just 4.2 trillion . The Japanese government is currently spending around half of its total tax revenue on servicing its massive debt.
How Much Does China owe to US? ›
The United States pays interest on approximately $850 billion in debt held by the People's Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.
Which country holds the most US debt? ›
Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).
Who does America owe money to? ›
In total, other territories hold about $7.4 trillion in U.S. debt. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion. In isolation, this $7.4 trillion amount is a lot, said Scott Morris, a senior fellow at the Center for Global Development.
Why is the US in so much debt? ›
One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.
Which country has the highest debt in the World Bank? ›
India takes the top spot. The world's most populous country owed $38.3bn to the WB at the end of 2022, down by almost $1.5bn from a year earlier. India's outstanding balance is almost double that of the next biggest debtor, Indonesia, with $20.6bn.
Will the US ever get out of debt? ›
Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).
Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.
Who has the most debt on earth? ›
The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023. Washington's debt now stands at $31.4 trillion, raising further concerns about US government spending and borrowing costs.
What country has the lowest debt? ›
On the other end of the spectrum, Brunei has the lowest debt to GDP ratio at 1.90%, followed by the Cayman Islands at 4.50%, Kuwait at 7.10%, and Afghanistan at 7.40%. There are regional trends when it comes to debt to GDP ratios.
What is Canada's national debt? ›
General government net debt, or gross debt minus financial assets, reached $1,453 billion or 57.9% as a share of GDP in the fiscal year ending 31 March 2022.
What state has the most debt? ›
U.S. state and local government outstanding debt 2021, by state. In 2021, the federal state of California had about 541.24 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2021.
What is the top 10 countries' national debt? ›
- China, People's Republic of. no data.
- France. 92.15.
- Germany. 45.95.
- Italy. 140.57.
- Japan. 214.27.
- United Kingdom. 100.75.
- United States. 110.15.
Russia National Government Debt reached 284.6 USD bn in Apr 2024, compared with 283.2 USD bn in the previous month. Russia National Government Debt data is updated monthly, available from May 2009 to Apr 2024. The data reached an all-time high of 384.2 USD bn in Jun 2022 and a record low of 86.1 USD bn in May 2009.
