Who Owes the Most?
Public Sector Debt (% of GDP) · 2026 · 192 countries
Government + state-owned enterprises, development banks, and GSEs
🇯🇵
👑 Japan ranks #1 with 259.7%
Compare top 5 in The Arena →32 of 192 countries have incomplete data for this view
🥇🇯🇵Japan259.7%
Central Government 199%
28%
21%
12
🥈🇻🇪Venezuela210.7%
Central Government 164%
Energy SOEs 45%
2
🥉🇧🇹Bhutan202.9%
Central Government 121%
Energy SOEs 64%
17%
#4🇸🇬Singapore190.4%
Central Government 176%
10%
4
#5🇸🇩Sudan188.4%
Central Government 172%
6
10%
#6🇺🇸United States184.9%
Central Government 131%
22%
31%
#7🇧🇭Bahrain184.8%
Central Government 146%
18%
15%
5
#8🇱🇧Lebanon183.6%
Central Government 164%
18%
2
#9🇬🇷Greece157.7%
Central Government 154%
4
#10🇮🇹Italy153.3%
Central Government 129%
6
17%
1
#11🇲🇩Maldives152.9%
Central Government 136%
13%
4
#12🇸🇪Senegal133.5%
Central Government 110%
14%
6
4
#13🇨🇦Canada128.7%
Central Government 53%
Subnational 61%
11%
5
#14🇿🇲Zambia124.4%
Central Government 115%
9%
·
#15🇨🇳China124.0%
National government 30%
Regional & city governments 41%
LGFVs 37%
16%
#16🇸🇺Suriname122.2%
Central Government 83%
Energy SOEs 37%
3
#17🇱🇦Laos121.2%
Central Government 81%
Energy SOEs 36%
4
#18🇨🇴Congo, Rep.120.9%
Central Government 88%
Energy SOEs 24%
7%
2
#19🇫🇷France116.1%
Central Government 92%
Subnational 21%
3
#20🇺🇰Ukraine112.8%
Central Government 110%
2
#21🇨🇵Cabo Verde109.6%
Central Government 101%
4
5
#22🇱🇰Sri Lanka106.3%
Central Government 99%
5
2
#23🇧🇪Belgium105.9%
Central Government 83%
Subnational 21%
2
#24🇯🇴Jordan105.6%
Central Government 88%
10%
7%
1
#25🇲🇴Mozambique105.4%
Central Government 100%
3
2
#26🇪🇸Spain103.0%
Central Government 93%
9%
1
#27🇧🇷Barbados102.0%
Central Government 95%
6%
2
#28🇧🇴Bolivia98.0%
Central Government 94%
4
#29🇩🇲Dominica96.5%
Central Government 93%
4
#30🇬🇧United Kingdom96.0%
Central Government 90%
3
3
#31🇵🇷Portugal95.5%
Central Government 94%
2
#32🇻🇨St. Vincent and the Grenadines95.0%
Central Government 89%
6%
#33🇪🇬Egypt95.0%
Central Government 85%
10%
#34🇹🇺Tunisia94.9%
Central Government 82%
9%
4
·
#35🇦🇺Austria94.7%
Central Government 61%
Subnational 19%
6%
9%
·
#36🇸🇱El Salvador90.4%
Central Government 56%
Subnational 31%
4
#37🇬🇦Gabon89.6%
Central Government 82%
7%
#38🇫🇯Fiji88.0%
Central Government 76%
4
6%
3
#39🇲🇺Mauritius⚠️87.4%
Central Government 87%
#40🇮🇳India87.0%
Central Government 51%
Subnational 30%
4
2
#41🇫🇮Finland86.6%
Central Government 83%
3
·
#42🇭🇺Hungary85.8%
Central Government 74%
9%
3
#43🇧🇷Brazil83.5%
Central Government 73%
6%
3
1
#44🇿🇦South Africa83.3%
Central Government 80%
3
1
#45🇵🇦Pakistan82.2%
Central Government 71%
9%
3
#46🇹🇹Trinidad and Tobago80.5%
Central Government 69%
9%
4
#47🇱🇨St. Lucia79.7%
Central Government 75%
3
2
#48🇮🇸Israel79.2%
Central Government 69%
7%
3
#49🇲🇼Malawi⚠️78.3%
Central Government 62%
Subnational 16%
#50🇷🇼Rwanda78.1%
Central Government 75%
3
#51🇧🇭Bahamas, The77.2%
Central Government 73%
3
1
#52🇲🇾Malaysia75.2%
Central Government 63%
8%
5%
#53🇦🇷Argentina75.1%
Central Government 74%
2
#54🇰🇪Kenya74.7%
Central Government 67%
3
5%
#55🇹🇬Togo74.2%
Central Government 69%
5%
#56🇲🇦Morocco74.0%
Central Government 67%
7%
#57🇩🇪Germany74.0%
Central Government 42%
Subnational 20%
11%
·
#58🇬🇳Guinea-Bissau⚠️74.0%
Central Government 74%
#59🇹🇭Thailand72.4%
Central Government 58%
9%
6%
#60🇲🇽Mexico72.4%
Central Government 47%
Subnational 13%
13%
#61🇸🇻Slovenia72.4%
Central Government 62%
5%
3
2
·
#62🇺🇷Uruguay71.8%
Central Government 58%
10%
4
#63🇰🇷South Korea71.3%
Central Government 49%
8%
8%
6%
#64🇧🇱Belize70.0%
Central Government 61%
2
3
3
2
#65🇬🇲Gambia, The⚠️70.0%
Central Government 64%
6%
#66🇲🇲Myanmar69.0%
Central Government 63%
4%
3
#67🇦🇬Angola68.9%
Central Government 63%
5%
·
#68🇨🇴Colombia68.8%
Central Government 62%
7%
#69🇩🇿Algeria68.5%
Central Government 60%
2
6%
·
#70🇾🇪Yemen⚠️68.5%
Central Government 69%
#71🇬🇷Grenada68.0%
Central Government 66%
3
#72🇰🇳St. Kitts and Nevis⚠️67.5%
Central Government 68%
#73🇦🇹Antigua and Barbuda67.3%
Central Government 63%
3
1
#74🇨🇷Costa Rica66.5%
Central Government 60%
7%
·
#75🇨🇾Cyprus64.8%
Central Government 63%
2
#76🇭🇷Croatia64.7%
Central Government 56%
5%
2
2
#77🇳🇦Namibia64.1%
Central Government 63%
·
#78🇦🇧Aruba⚠️63.9%
Central Government 64%
#79🇲🇪Montenegro63.6%
Central Government 59%
3
2
#80🇬🇭Ghana63.5%
Central Government 56%
5%
3
#81🇸🇻Slovak Republic63.4%
Central Government 60%
3
·
#82🇲🇳Mongolia62.2%
Central Government 44%
6%
3
3
6%
2
#83🇵🇦Panama62.0%
Central Government 60%
2
#84🇸🇲San Marino⚠️61.8%
Central Government 62%
#85🇴🇲Oman61.0%
Central Government 33%
2
Energy SOEs 20%
6%
#86🇮🇷Iraq61.0%
Central Government 54%
5%
2
1
#87🇯🇦Jamaica60.7%
Central Government 57%
3%
#88🇸🇸South Sudan⚠️60.2%
Central Government 60%
#89🇩🇴Dominican Republic60.0%
Central Government 45%
Subnational 14%
1
#90🇵🇭Philippines59.9%
Central Government 59%
1
#91🇸🇾Seychelles59.4%
Central Government 58%
1
#92🇰🇬Kyrgyzstan59.3%
Central Government 37%
Energy SOEs 12%
3%
6%
·
#93🇵🇱Palau⚠️59.0%
Central Government 59%
#94🇵🇴Poland58.9%
Central Government 44%
Subnational 11%
4%
#95🇲🇩Madagascar58.9%
Central Government 51%
8%
·
#96🇷🇴Romania58.2%
Central Government 51%
4%
3%
#97🇸🇦Saudi Arabia57.8%
Central Government 32%
Dev Banks 14%
7%
5%
#98🇳🇿New Zealand57.2%
Central Government 56%
1
#99🇦🇷Armenia57.1%
Central Government 54%
2
1
#100🇱🇸Lesotho⚠️57.1%
Central Government 57%
#101🇨🇮Cote d'Ivoire56.4%
Central Government 54%
2
#102🇦🇪United Arab Emirates56.4%
Central Government 32%
Public Corps 25%
#103🇶🇦Qatar56.3%
Central Government 39%
8%
7%
3%
·
#104🇭🇳Honduras56.1%
Central Government 44%
10%
2
#105🇻🇺Vanuatu55.5%
Central Government 51%
4%
·
#106🇧🇫Burkina Faso55.2%
Central Government 52%
3
1
#107🇹🇯Tajikistan54.9%
Central Government 23%
Energy SOEs 27%
2
3%
#108🇵🇳Papua New Guinea54.5%
Central Government 50%
3
2
#109🇺🇬Uganda54.4%
Central Government 53%
1
#110🇦🇺Australia54.4%
Central Government 38%
Subnational 12%
2
1
#111🇱🇧Liberia⚠️54.2%
Central Government 54%
·
#112🇲🇰North Macedonia⚠️53.9%
Central Government 54%
#113🇦🇱Albania53.7%
Central Government 53%
1
#114🇳🇱Netherlands52.8%
Central Government 44%
7%
2
#115🇨🇦Central African Republic⚠️52.5%
Central Government 53%
#116🇨🇿Czech Republic52.4%
Central Government 43%
7%
2
#117🇳🇵Nepal52.3%
Central Government 50%
3%
#118🇹🇿Tanzania52.1%
Central Government 48%
2
1
#119🇧🇪Benin52.0%
Central Government 50%
2
#120🇪🇨Ecuador51.2%
Central Government 50%
1
#121🇲🇱Mali50.6%
Central Government 48%
2
·
#122🇳🇴Norway50.5%
Central Government 14%
Subnational 28%
7%
2
#123🇸🇷Serbia50.5%
Central Government 44%
4%
2
#124🇱🇻Latvia50.2%
Central Government 47%
3%
·
#125🇲🇱Malta50.0%
Central Government 46%
3
1
#126🇪🇹Ethiopia48.4%
Central Government 41%
7%
#127🇮🇸Iceland48.3%
Central Government 45%
2
1
#128🇺🇿Uzbekistan47.1%
Central Government 31%
7%
2
7%
#129🇿🇼Zimbabwe46.7%
Central Government 42%
2
2
1
#130🇮🇩Indonesia45.8%
Central Government 40%
5%
1
#131🇸🇹São Tomé and Príncipe⚠️45.4%
Central Government 31%
Subnational 15%
#132🇨🇭Chile44.8%
Central Government 44%
1
#133🇧🇼Botswana⚠️44.8%
Central Government 45%
#134🇳🇮Nicaragua44.6%
Central Government 40%
4%
1
#135🇲🇷Mauritania44.6%
Central Government 41%
4%
·
#136🇸🇱Sierra Leone43.6%
Central Government 39%
3%
2
·
#137🇸🇿Eswatini⚠️43.5%
Central Government 41%
2%
#138🇬🇮Guinea43.4%
Central Government 37%
3%
2
2
#139🇬🇳Equatorial Guinea43.3%
Central Government 38%
5%
#140🇳🇪Niger43.0%
Central Government 41%
2
#141🇲🇩Moldova43.0%
Central Government 38%
4%
1
#142🇩🇯Djibouti42.6%
Central Government 28%
Infrastructure 15%
#143🇷🇺Russia41.9%
Central Government 25%
6%
Other 12%
#144🇧🇬Bangladesh41.8%
Central Government 39%
2
·
#145🇮🇷Iran41.6%
Central Government 36%
5%
#146🇱🇹Lithuania41.4%
Central Government 38%
3%
1
#147🇨🇲Cameroon41.0%
Central Government 33%
4%
4%
·
#148🇧🇩Burundi⚠️40.9%
Central Government 41%
#149🇹🇴Tonga40.8%
Central Government 38%
2
1
#150🇵🇷Paraguay⚠️40.6%
Central Government 35%
6%
#151🇧🇮Bosnia and Herzegovina40.5%
Central Government 32%
Energy SOEs 7.5%
1
#152🇸🇪Sweden39.8%
Central Government 34%
4%
2
#153🇮🇷Ireland39.7%
Central Government 38%
1
#154🇰🇦Kazakhstan38.9%
Central Government 26%
3%
7%
3%
·
#155🇬🇪Georgia38.2%
Central Government 33%
2
2
2
#156🇹🇨Chad38.0%
Central Government 33%
4%
2
#157🇨🇭Switzerland37.6%
Central Government 13%
Subnational 23%
2
#158🇧🇱Belarus⚠️36.7%
Central Government 37%
#159🇳🇬Nigeria36.3%
Central Government 35%
1
#160🇻🇳Vietnam36.3%
Central Government 32%
5%
#161🇵🇪Peru35.6%
Central Government 34%
2%
#162🇩🇳Denmark34.0%
Central Government 20%
Subnational 11%
2%
1
·
#163🇱🇺Luxembourg33.3%
Central Government 26%
2%
5%
·
#164🇦🇿Azerbaijan33.0%
Central Government 23%
Energy SOEs 7.0%
2
1
·
#165🇨🇴Comoros⚠️32.6%
Central Government 31%
1
#166🇰🇭Cambodia32.1%
Central Government 29%
1
1
·
#167🇹🇼TWN31.7%
Central Government 21%
Energy SOEs 9.9%
·
#168🇬🇺Guyana31.4%
Central Government 29%
2%
·
#169🇦🇳Andorra⚠️30.7%
Central Government 31%
#170🇧🇬Bulgaria29.4%
Central Government 24%
2%
3%
·
#171🇪🇸Estonia28.6%
Central Government 23%
4%
1
#172🇬🇹Guatemala28.6%
Central Government 28%
·
#173🇸🇱Solomon Islands27.6%
Central Government 25%
2%
1
#174🇹🇷Turkey26.9%
Central Government 20%
Subnational 5.3%
2%
#175🇼🇸Samoa22.2%
Central Government 18%
3%
1
·
#176🇨🇩DR Congo21.3%
Central Government 15%
Energy SOEs 4.2%
2%
·
#177🇭🇰Hong Kong20.4%
Central Government 14%
Infrastructure 6.4%
#178🇰🇮Kiribati19.0%
Central Government 17%
2%
1%
#179🇽🇰UVK⚠️18.9%
Central Government 19%
#180🇵🇷Puerto Rico (US)⚠️18.7%
Central Government 19%
#181🇰🇼Kuwait15.7%
Central Government 11%
Energy SOEs 3.0%
·
2%
#182🇲🇭Marshall Islands⚠️14.9%
Central Government 15%
#183🇹🇱Timor-Leste⚠️14.7%
Central Government 14%
·
#184🇳🇷Nauru⚠️13.0%
Central Government 13%
#185🇭🇹Haiti⚠️10.0%
Central Government 10%
#186🇦🇫Afghanistan⚠️8.8%
Central Government 8.3%
0.6%
#187🇱🇧Libya7.9%
Energy SOEs 7.5%
·
·
#188🇫🇸Micronesia⚠️6.8%
Central Government 6.8%
#189🇹🇰Turkmenistan6.1%
Central Government 3.6%
Energy SOEs 2.0%
0.5%
#190🇹🇺Tuvalu5.1%
Central Government 3.6%
Energy SOEs 1.0%
0.5%
#191🇧🇷Brunei⚠️2.3%
Central Government 2.3%
#192🇱🇮Liechtenstein⚠️0.5%
Central Government 0.5%
Show detailed data table
| Rank | Country | True Debt | YoY | S&P | Data As Of | Methodology |
|---|---|---|---|---|---|---|
| 🥇 | 🇯🇵Japan👑 | 259.7% | — | A+ | — | +305.7% SOE 6 SOE categories |
| 🥈 | 🇻🇪Venezuela | 210.7% | — | — | — | +76.3% SOE 6 SOE categories |
| 🥉 | 🇧🇹Bhutan | 202.9% | — | — | — | +153.5% SOE 5 SOE categories |
| #4 | 🇸🇬Singapore | 190.4% | — | AAA | — | +181.0% SOE 8 SOE categories |
| #5 | 🇸🇩Sudan | 188.4% | — | — | — | +23.9% SOE 4 SOE categories |
| #6 | 🇺🇸United States | 184.9% | — | AA+ | — | +263.9% SOE 9 SOE categories |
| #7 | 🇧🇭Bahrain | 184.8% | — | B+ | — | +112.3% SOE 6 SOE categories |
| #8 | 🇱🇧Lebanon | 183.6% | — | D | — | +160.8% SOE 5 SOE categories |
| #9 | 🇬🇷Greece | 157.7% | — | BBB- | — | +514.2% SOE 8 SOE categories |
| #10 | 🇮🇹Italy | 153.3% | — | BBB | — | +537.8% SOE 6 SOE categories |
| #11 | 🇲🇻Maldives | 152.9% | — | B- | — | +74.9% SOE 6 SOE categories |
| #12 | 🇸🇳Senegal | 133.5% | — | B+ | — | +38.4% SOE 6 SOE categories |
| #13 | 🇨🇦Canada | 128.7% | — | AAA | — | +293.9% SOE 6 SOE categories |
| #14 | 🇿🇲Zambia | 124.4% | — | SD | — | +24.7% SOE 6 SOE categories |
| #15 | 🇨🇳China | 124.0% | — | A+ | — | +659.0% SOE 5 SOE categories |
| #16 | 🏳️Suriname | 122.2% | — | CCC+ | — | +64.0% SOE 6 SOE categories |
| #17 | 🏳️Laos | 121.2% | — | — | — | +60.3% SOE 5 SOE categories |
| #18 | 🏳️Congo, Rep. | 120.9% | — | — | — | +44.4% SOE 4 SOE categories |
| #19 | 🇫🇷France | 116.1% | — | AA- | — | +557.9% SOE 6 SOE categories |
| #20 | 🇺🇦Ukraine | 112.8% | — | CCC+ | — | +19.4% SOE 4 SOE categories |
| #21 | 🏳️Cabo Verde | 109.6% | — | B | — | +81.8% SOE 5 SOE categories |
| #22 | 🇱🇰Sri Lanka | 106.3% | — | SD | — | +57.3% SOE 7 SOE categories |
| #23 | 🇧🇪Belgium | 105.9% | — | AA | — | +521.4% SOE 8 SOE categories |
| #24 | 🇯🇴Jordan | 105.6% | — | BB- | — | +101.2% SOE 5 SOE categories |
| #25 | 🇲🇿Mozambique | 105.4% | — | CCC+ | — | +30.3% SOE 6 SOE categories |
| #26 | 🇪🇸Spain | 103.0% | — | A | — | +628.4% SOE 5 SOE categories |
| #27 | 🇧🇧Barbados | 102.0% | — | — | — | +91.3% SOE 6 SOE categories |
| #28 | 🇧🇴Bolivia | 98.0% | — | B | — | +75.5% SOE 5 SOE categories |
| #29 | 🏳️Dominica | 96.5% | — | — | — | +57.2% SOE 5 SOE categories |
| #30 | 🇬🇧United Kingdom | 96.0% | — | AA | — | +460.4% SOE 6 SOE categories |
| #31 | 🇵🇹Portugal | 95.5% | — | A- | — | +479.1% SOE 8 SOE categories |
| #32 | 🏳️St. Vincent and the Grenadines | 95.0% | — | — | — | +55.4% SOE 5 SOE categories |
| #33 | 🇪🇬Egypt | 95.0% | — | B- | — | +67.0% SOE 4 SOE categories |
| #34 | 🇹🇳Tunisia | 94.9% | — | CCC+ | — | +96.4% SOE 9 SOE categories |
| #35 | 🇦🇹Austria | 94.7% | — | AA+ | — | +581.3% SOE 9 SOE categories |
| #36 | 🇸🇻El Salvador | 90.4% | — | B | — | +65.6% SOE 5 SOE categories |
| #37 | 🏳️Gabon | 89.6% | — | B- | — | +21.0% SOE 5 SOE categories |
| #38 | 🏳️Fiji | 88.0% | — | B+ | — | +128.8% SOE 6 SOE categories |
| #39 | 🇲🇺Mauritius | 87.4% | — | BBB- | — | +98.1% SOE 3 SOE categories |
| #40 | 🇮🇳India | 87.0% | — | BBB- | — | +156.2% SOE 8 SOE categories |
| #41 | 🇫🇮Finland | 86.6% | — | AA+ | — | +382.2% SOE 8 SOE categories |
| #42 | 🇭🇺Hungary | 85.8% | — | BBB | — | +312.8% SOE 8 SOE categories |
| #43 | 🇧🇷Brazil | 83.5% | — | BB | — | +297.6% SOE 7 SOE categories |
| #44 | 🇿🇦South Africa | 83.3% | — | BB- | — | +85.9% SOE 5 SOE categories |
| #45 | 🇵🇰Pakistan | 82.2% | — | CCC+ | — | +55.9% SOE 5 SOE categories |
| #46 | 🇹🇹Trinidad and Tobago | 80.5% | — | BBB- | — | +56.9% SOE 6 SOE categories |
| #47 | 🏳️St. Lucia | 79.7% | — | — | — | +75.4% SOE 4 SOE categories |
| #48 | 🇮🇱Israel | 79.2% | — | A+ | — | +217.8% SOE 9 SOE categories |
| #49 | 🏳️Malawi | 78.3% | — | — | — | +10.5% SOE 2 SOE categories |
| #50 | 🇷🇼Rwanda | 78.1% | — | B+ | — | +27.9% SOE 6 SOE categories |
| #51 | 🏳️Bahamas, The | 77.2% | — | — | — | +55.8% SOE 6 SOE categories |
| #52 | 🇲🇾Malaysia | 75.2% | — | A- | — | +193.1% SOE 4 SOE categories |
| #53 | 🇦🇷Argentina | 75.1% | — | CCC+ | — | +178.3% SOE 4 SOE categories |
| #54 | 🇰🇪Kenya | 74.7% | — | B | — | +47.6% SOE 4 SOE categories |
| #55 | 🏳️Togo | 74.2% | — | — | — | +30.2% SOE 5 SOE categories |
| #56 | 🇲🇦Morocco | 74.0% | — | BB+ | — | +109.4% SOE 4 SOE categories |
| #57 | 🇩🇪Germany | 74.0% | — | AAA | — | +470.4% SOE 5 SOE categories |
| #58 | 🏳️Guinea-Bissau | 74.0% | — | — | — | |
| #59 | 🇹🇭Thailand | 72.4% | — | A- | — | +226.7% SOE 4 SOE categories |
| #60 | 🇲🇽Mexico | 72.4% | — | BBB | — | +138.9% SOE 7 SOE categories |
| #61 | 🇸🇮Slovenia | 72.4% | — | AA- | — | +54.2% SOE 7 SOE categories |
| #62 | 🇺🇾Uruguay | 71.8% | — | BBB | — | +31.4% SOE 3 SOE categories |
| #63 | 🇰🇷South Korea | 71.3% | — | AA | — | +343.9% SOE 6 SOE categories |
| #64 | 🏳️Belize | 70.0% | — | B- | — | +75.4% SOE 6 SOE categories |
| #65 | 🏳️Gambia, The | 70.0% | — | — | — | +7.9% SOE 2 SOE categories |
| #66 | 🇲🇲Myanmar | 69.0% | — | — | — | +33.9% SOE 7 SOE categories |
| #67 | 🇦🇴Angola | 68.9% | — | B- | — | +18.6% SOE 5 SOE categories |
| #68 | 🇨🇴Colombia | 68.8% | — | BB+ | — | +156.5% SOE 4 SOE categories |
| #69 | 🇩🇿Algeria | 68.5% | — | — | — | +41.0% SOE 7 SOE categories |
| #70 | 🏳️Yemen | 68.5% | — | — | — | +5.6% SOE 2 SOE categories |
| #71 | 🏳️Grenada | 68.0% | — | — | — | +62.0% SOE 4 SOE categories |
| #72 | 🏳️St. Kitts and Nevis | 67.5% | — | — | — | +55.4% SOE 2 SOE categories |
| #73 | 🏳️Antigua and Barbuda | 67.3% | — | — | — | +58.9% SOE 4 SOE categories |
| #74 | 🇨🇷Costa Rica | 66.5% | — | BB- | — | +67.6% SOE 5 SOE categories |
| #75 | 🏳️Cyprus | 64.8% | — | BBB+ | — | +114.6% SOE 5 SOE categories |
| #76 | 🇭🇷Croatia | 64.7% | — | BBB+ | — | +67.1% SOE 6 SOE categories |
| #77 | 🇳🇦Namibia | 64.1% | — | BB+ | — | +73.3% SOE 3 SOE categories |
| #78 | 🏳️Aruba | 63.9% | — | BBB+ | — | +57.2% SOE 2 SOE categories |
| #79 | 🏳️Montenegro | 63.6% | — | — | — | +62.0% SOE 3 SOE categories |
| #80 | 🇬🇭Ghana | 63.5% | — | SD | — | +18.9% SOE 7 SOE categories |
| #81 | 🇸🇰Slovak Republic | 63.4% | — | A | — | +70.9% SOE 5 SOE categories |
| #82 | 🇲🇳Mongolia | 62.2% | — | B | — | +58.3% SOE 8 SOE categories |
| #83 | 🇵🇦Panama | 62.0% | — | BBB | — | +107.6% SOE 3 SOE categories |
| #84 | 🇸🇲San Marino | 61.8% | — | — | — | |
| #85 | 🇴🇲Oman | 61.0% | — | BB | — | +136.1% SOE 9 SOE categories |
| #86 | 🇮🇶Iraq | 61.0% | — | B- | — | +33.0% SOE 6 SOE categories |
| #87 | 🇯🇲Jamaica | 60.7% | — | BB- | — | +59.6% SOE 6 SOE categories |
| #88 | 🏳️South Sudan | 60.2% | — | — | — | |
| #89 | 🇩🇴Dominican Republic | 60.0% | — | BB | — | +31.6% SOE 3 SOE categories |
| #90 | 🇵🇭Philippines | 59.9% | — | BBB+ | — | +113.2% SOE 4 SOE categories |
| #91 | 🏳️Seychelles | 59.4% | — | — | — | +54.1% SOE 3 SOE categories |
| #92 | 🇰🇬Kyrgyzstan | 59.3% | — | — | — | +53.5% SOE 7 SOE categories |
| #93 | 🏳️Palau | 59.0% | — | — | — | |
| #94 | 🇵🇱Poland | 58.9% | — | A | — | +271.2% SOE 4 SOE categories |
| #95 | 🇲🇬Madagascar | 58.9% | — | — | — | +24.4% SOE 5 SOE categories |
| #96 | 🇷🇴Romania | 58.2% | — | BBB- | — | +46.5% SOE 8 SOE categories |
| #97 | 🇸🇦Saudi Arabia | 57.8% | — | A | — | +163.4% SOE 6 SOE categories |
| #98 | 🇳🇿New Zealand | 57.2% | — | AA+ | — | +243.0% SOE 4 SOE categories |
| #99 | 🇦🇲Armenia | 57.1% | — | BB- | — | +75.2% SOE 5 SOE categories |
| #100 | 🏳️Lesotho | 57.1% | — | — | — | +21.5% SOE 2 SOE categories |
| #101 | 🇨🇮Cote d'Ivoire | 56.4% | — | BB- | — | +23.4% SOE 7 SOE categories |
| #102 | 🇦🇪United Arab Emirates | 56.4% | — | AA | — | +132.9% SOE 5 SOE categories |
| #103 | 🇶🇦Qatar | 56.3% | — | AA | — | +186.4% SOE 8 SOE categories |
| #104 | 🇭🇳Honduras | 56.1% | — | BB | — | +81.7% SOE 5 SOE categories |
| #105 | 🏳️Vanuatu | 55.5% | — | — | — | +66.1% SOE 4 SOE categories |
| #106 | 🏳️Burkina Faso | 55.2% | — | — | — | +31.8% SOE 6 SOE categories |
| #107 | 🇹🇯Tajikistan | 54.9% | — | — | — | +44.9% SOE 6 SOE categories |
| #108 | 🏳️Papua New Guinea | 54.5% | — | B- | — | +22.7% SOE 6 SOE categories |
| #109 | 🇺🇬Uganda | 54.4% | — | — | — | +15.6% SOE 6 SOE categories |
| #110 | 🇦🇺Australia | 54.4% | — | AAA | — | +268.8% SOE 6 SOE categories |
| #111 | 🏳️Liberia | 54.2% | — | — | — | +17.0% SOE 2 SOE categories |
| #112 | 🏳️North Macedonia | 53.9% | — | BB- | — | +56.2% SOE 2 SOE categories |
| #113 | 🏳️Albania | 53.7% | — | B+ | — | +39.6% SOE 3 SOE categories |
| #114 | 🇳🇱Netherlands | 52.8% | — | AAA | — | +494.1% SOE 11 SOE categories |
| #115 | 🏳️Central African Republic | 52.5% | — | — | — | +11.7% SOE 2 SOE categories |
| #116 | 🇨🇿Czech Republic | 52.4% | — | AA- | — | +366.9% SOE 7 SOE categories |
| #117 | 🇳🇵Nepal | 52.3% | — | — | — | +90.7% SOE 7 SOE categories |
| #118 | 🇹🇿Tanzania | 52.1% | — | — | — | +17.0% SOE 6 SOE categories |
| #119 | 🏳️Benin | 52.0% | — | B+ | — | +17.9% SOE 6 SOE categories |
| #120 | 🇪🇨Ecuador | 51.2% | — | B | — | +93.6% SOE 4 SOE categories |
| #121 | 🏳️Mali | 50.6% | — | — | — | +28.6% SOE 5 SOE categories |
| #122 | 🇳🇴Norway | 50.5% | — | AAA | — | +508.2% SOE 6 SOE categories |
| #123 | 🇷🇸Serbia | 50.5% | — | BB+ | — | +51.8% SOE 7 SOE categories |
| #124 | 🇱🇻Latvia | 50.2% | — | A- | — | +37.9% SOE 5 SOE categories |
| #125 | 🏳️Malta | 50.0% | — | A- | — | +87.5% SOE 5 SOE categories |
| #126 | 🇪🇹Ethiopia | 48.4% | — | CCC | — | +25.0% SOE 3 SOE categories |
| #127 | 🇮🇸Iceland | 48.3% | — | A | — | +103.2% SOE 4 SOE categories |
| #128 | 🇺🇿Uzbekistan | 47.1% | — | BB- | — | +61.3% SOE 7 SOE categories |
| #129 | 🇿🇼Zimbabwe | 46.7% | — | — | — | +11.6% SOE 8 SOE categories |
| #130 | 🇮🇩Indonesia | 45.8% | — | BBB | — | +68.1% SOE 6 SOE categories |
| #131 | 🏳️São Tomé and Príncipe | 45.4% | — | — | — | +19.8% SOE 2 SOE categories |
| #132 | 🇨🇱Chile | 44.8% | — | A | — | +157.8% SOE 5 SOE categories |
| #133 | 🇧🇼Botswana | 44.8% | — | BBB+ | — | +39.5% SOE 2 SOE categories |
| #134 | 🇳🇮Nicaragua | 44.6% | — | B+ | — | +34.5% SOE 5 SOE categories |
| #135 | 🏳️Mauritania | 44.6% | — | — | — | +26.8% SOE 6 SOE categories |
| #136 | 🏳️Sierra Leone | 43.6% | — | — | — | +11.0% SOE 6 SOE categories |
| #137 | 🏳️Eswatini | 43.5% | — | — | — | +21.3% SOE 2 SOE categories |
| #138 | 🏳️Guinea | 43.4% | — | — | — | +14.4% SOE 5 SOE categories |
| #139 | 🏳️Equatorial Guinea | 43.3% | — | — | — | +20.4% SOE 5 SOE categories |
| #140 | 🇳🇪Niger | 43.0% | — | — | — | +13.3% SOE 5 SOE categories |
| #141 | 🏳️Moldova | 43.0% | — | — | — | +31.6% SOE 3 SOE categories |
| #142 | 🏳️Djibouti | 42.6% | — | — | — | +34.3% SOE 3 SOE categories |
| #143 | 🇷🇺Russia | 41.9% | — | CCC- | — | +200.3% SOE 6 SOE categories |
| #144 | 🇧🇩Bangladesh | 41.8% | — | BB- | — | +51.6% SOE 4 SOE categories |
| #145 | 🇮🇷Iran | 41.6% | — | — | — | +71.2% SOE 3 SOE categories |
| #146 | 🇱🇹Lithuania | 41.4% | — | A+ | — | +41.1% SOE 5 SOE categories |
| #147 | 🇨🇲Cameroon | 41.0% | — | B- | — | +19.3% SOE 7 SOE categories |
| #148 | 🏳️Burundi | 40.9% | — | — | — | +22.4% SOE 2 SOE categories |
| #149 | 🏳️Tonga | 40.8% | — | — | — | +42.2% SOE 4 SOE categories |
| #150 | 🇵🇾Paraguay | 40.6% | — | BB+ | — | +49.7% SOE 2 SOE categories |
| #151 | 🏳️Bosnia and Herzegovina | 40.5% | — | — | — | +67.4% SOE 7 SOE categories |
| #152 | 🇸🇪Sweden | 39.8% | — | AAA | — | +417.4% SOE 8 SOE categories |
| #153 | 🇮🇪Ireland | 39.7% | — | AA | — | +189.3% SOE 6 SOE categories |
| #154 | 🇰🇿Kazakhstan | 38.9% | — | BBB | — | +38.2% SOE 7 SOE categories |
| #155 | 🇬🇪Georgia | 38.2% | — | BB | — | +86.7% SOE 6 SOE categories |
| #156 | 🏳️Chad | 38.0% | — | — | — | +14.7% SOE 7 SOE categories |
| #157 | 🇨🇭Switzerland | 37.6% | — | AAA | — | +393.6% SOE 5 SOE categories |
| #158 | 🏳️Belarus | 36.7% | — | CCC- | — | +33.1% SOE 2 SOE categories |
| #159 | 🇳🇬Nigeria | 36.3% | — | B- | — | +25.4% SOE 4 SOE categories |
| #160 | 🇻🇳Vietnam | 36.3% | — | BB+ | — | +159.5% SOE 5 SOE categories |
| #161 | 🇵🇪Peru | 35.6% | — | BBB | — | +77.0% SOE 4 SOE categories |
| #162 | 🇩🇰Denmark | 34.0% | — | AAA | — | +250.8% SOE 7 SOE categories |
| #163 | 🇱🇺Luxembourg | 33.3% | — | AAA | — | +436.3% SOE 7 SOE categories |
| #164 | 🇦🇿Azerbaijan | 33.0% | — | BB+ | — | +38.6% SOE 6 SOE categories |
| #165 | 🏳️Comoros | 32.6% | — | — | — | +14.9% SOE 2 SOE categories |
| #166 | 🇰🇭Cambodia | 32.1% | — | — | — | +142.8% SOE 6 SOE categories |
| #167 | 🇹🇼TWN | 31.7% | — | AA | — | +217.1% SOE 8 SOE categories |
| #168 | 🇬🇾Guyana | 31.4% | — | — | — | +41.3% SOE 5 SOE categories |
| #169 | 🇦🇩Andorra | 30.7% | — | — | — | |
| #170 | 🇧🇬Bulgaria | 29.4% | — | BBB | — | +57.3% SOE 6 SOE categories |
| #171 | 🇪🇪Estonia | 28.6% | — | A+ | — | +70.0% SOE 6 SOE categories |
| #172 | 🇬🇹Guatemala | 28.6% | — | BB | — | +37.5% SOE 5 SOE categories |
| #173 | 🏳️Solomon Islands | 27.6% | — | — | — | +34.8% SOE 5 SOE categories |
| #174 | 🇹🇷Turkey | 26.9% | — | BB- | — | +179.5% SOE 5 SOE categories |
| #175 | 🏳️Samoa | 22.2% | — | — | — | +4.5% SOE 3 SOE categories |
| #176 | 🇨🇩DR Congo | 21.3% | — | CCC+ | — | +6.7% SOE 4 SOE categories |
| #177 | 🇭🇰Hong Kong | 20.4% | — | AA+ | — | +338.4% SOE 4 SOE categories |
| #178 | 🏳️Kiribati | 19.0% | — | — | — | +2.5% SOE 2 SOE categories |
| #179 | 🏳️UVK | 18.9% | — | — | — | |
| #180 | 🇵🇷Puerto Rico (US) | 18.7% | — | — | — | |
| #181 | 🇰🇼Kuwait | 15.7% | — | A+ | — | +195.9% SOE 6 SOE categories |
| #182 | 🏳️Marshall Islands | 14.9% | — | — | — | |
| #183 | 🏳️Timor-Leste | 14.7% | — | — | — | +15.2% SOE 2 SOE categories |
| #184 | 🏳️Nauru | 13.0% | — | — | — | |
| #185 | 🏳️Haiti | 10.0% | — | — | — | +8.6% SOE 2 SOE categories |
| #186 | 🇦🇫Afghanistan | 8.8% | — | — | — | +3.1% SOE 2 SOE categories |
| #187 | 🇱🇾Libya | 7.9% | — | — | — | +7.8% SOE 3 SOE categories |
| #188 | 🏳️Micronesia | 6.8% | — | — | — | |
| #189 | 🇹🇲Turkmenistan | 6.1% | — | — | — | +3.5% SOE 3 SOE categories |
| #190 | 🏳️Tuvalu | 5.1% | — | — | — | +1.5% SOE 2 SOE categories |
| #191 | 🏳️Brunei | 2.3% | — | — | — | +39.7% SOE 2 SOE categories |
| #192 | 🇱🇮Liechtenstein | 0.5% | — | — | — |
Data freshness varies by country. Dates shown per country reflect when the source data was published.● <6 months● 6-12 months● >12 months
About this view: Why these numbers differ from official figures
Governments also borrow through companies they own — oil companies, utilities, development banks. This view adds state-owned enterprise debt to the IMF baseline, giving a more complete picture. Where broader data isn't available, we flag it.