Top 20 countries with the largest external debt relative to GDP in 2023 – Experts Club
The information and analytical center Experts Club analyzed data from the International Monetary Fund (IMF) on the external debts of states and their ratio to GDP. The video is available on the Experts Club YouTube channel. In 2023, Sudan was the leader in public debt relative to GDP, with a figure of 252%. This is due to the economic crisis, the consequences of the armed conflict, and
The information and analytical center Experts Club analyzed data from the International Monetary Fund (IMF) on the external debts of states and their ratio to GDP. The video is available on the Experts Club YouTube channel. In 2023, Sudan was the leader in public debt relative to GDP, with a figure of 252%. This is due to the economic crisis, the consequences of the armed conflict, and hyperinflation.
In second place is Japan (206%), which traditionally carries a high debt burden because of large-scale government borrowing and debt financing of the budget.
Third place went to Lebanon (195%), whose economy continues to suffer from the consequences of the financial crisis, corruption, and political instability.
Next in the ranking were:
4. Greece – 185%
5. Singapore – 177%
6. Argentina – 155%
7. Italy – 132%
8. Zambia – 127%
9. Bahrain – 123%
10. Maldives – 123%
11. Bhutan – 116%
12. Laos – 116%
13. Cape Verde – 114%
14. Barbados – 113%
15. USA – 112%
16. Cyprus – 112%
17. Portugal – 105%
18. United Kingdom – 101%
19. Dominica – 100%
20. Republic of the Congo – 99%
Maksym Urakin, founder of the information and analytical center Experts Club and Candidate of Economic Sciences, stressed that a high level of public debt relative to GDP is a serious challenge for the economy of any country.
“In a number of cases, as in Sudan or Lebanon, this is the result of structural crises, armed conflicts, and political instability. At the same time, countries such as Japan and Singapore, despite high debt figures, have resilient economic models that make it possible to manage financial obligations effectively. It is critically important for Ukraine to seek a balance between attracting external financing and ensuring economic resilience, in order to avoid a debt trap and excessive dependence on creditors,” Urakin noted.
As of 2023, Ukraine’s external debt stood at $132.4 billion, and its ratio to GDP was 87%. Ukraine is not among the top 20 countries with the highest debt-to-GDP ratio, but it ranks high among countries with large government liabilities.
By the absolute size of its debt, Ukraine ranks roughly 30th in the world, but because of the military conflict and the need for external financing this figure continues to grow.
If the situation does not stabilize, a further rise in the debt burden is forecast, which could lead to difficulties in servicing the debt and greater dependence on international creditors.
The video analysis is available at this link – https://www.youtube.com/shorts/oT_5cTOnM8k