With global public debt expected to surpass $100 trillion by the end of the year, here is a list of some countries with the highest debt-to-GDP ratio in 2024!
Data: worldpopulationreview.com
127%
The country is extremely sensitive to global stressors with COVID-19, the Russia-Ukraine war, dwindling tax revenue, and past droughts resulting in high debt.
Data: theafricareport.com
129%
The US debt rose from $5.7 trillion in 2000 to $23.2 trillion in 2020, jumping by $16 trillion during COVID-19, and is increasing by $6.3 billion per day in 2024.
142%
The Italian debt rose mainly due to the “Supe bonus 110%”, a COVID tax credit program allowing homeowners to deduct 110% of the cost of energy-efficient renovation from tax.
151%
The war-torn nation is reeling under a debt crisis driven by a fixed exchange rate system and weak public finances.
Data: IMF
164%
Eritae largely owes the debt to domestic banks as sanctions limit its access to overseas financial markets.
Data: amnesty.org
168%
Singapore’s external debt mainly consists of deposits kept in its commercial banks by foreign banks and depositors. The city-state has zero net debt!
Data: mof.gov.sg
173%
Greece’s debt crisis became apparent in 2009. However, its debt-to-GDP ratio has been declining in recent years and is projected to reach 153.1% by the end of 2024.
Data: European Commission
186%
Since the 1950s, the African nation has witnessed three civil wars, including the ongoing conflict, which has led to mounting debt over time.
241%
Venezuela’s economic crisis, marked by growing debt and hyperinflation, resulted from an unsustainable macroeconomic framework driven by excessive spending and printing of money.
264%
The COVID-19 pandemic, economic slowdown, declining and aging population and other factors have resulted in the country’s high debt-to-GDP ratio.
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