New figures from the International Monetary Fund project that Greece will have one of the world’s highest debt-to-GDP ratios in 2026. The country’s government debt is expected to amount to nearly 137% of its total economic output, placing it among a small group of nations whose debt outweighs the size of its economy.
Japan tops the global list by a wide margin. Its debt is projected to hit roughly 204% of gross domestic product this year, far ahead of every other country tracked. Financial analysts note that Japan’s deep pool of domestic investors and stable financial system have allowed the country to sustain heavy borrowing without triggering a negative market reaction.
Singapore follows at nearly 172%, while Sudan and Bahrain round out the next spots at 169% and 152% respectively. Italy sits just ahead of Greece, with debt projected at 138% of GDP. Greece lands in sixth place worldwide, trailed closely by Senegal at 132% and the Maldives at 129%.
US debt tops charts while ratios tell different story
The United States holds the largest government debt in the world by dollar value, an estimated $40.7 trillion. Yet by ratio, it ranks ninth, with debt equal to about 126% of its economy.
Ukraine, burdened by war-related spending, follows at nearly 123%. Bhutan and Saint Vincent and the Grenadines both sit just above 120%.
Several major European economies also appear high on the list. France’s debt is equal to 118% of its GDP, ahead of Canada at nearly 111% and Belgium at just over 109%. Italy and Greece, however, remain the two Eurozone members with the heaviest relative debt loads.
Greece’s debt-to-GDP ratio adds pressure across Europe
Economists caution that a high ratio does not automatically signal financial trouble. A government’s borrowing history, political stability, and access to affordable financing often matter more than the raw size of its debt. Singapore, despite ranking near the very top, remains one of the most trustworthy borrowers among global investors.
Even so, Greece’s position near the top of rankings highlights the fiscal pressure which parts of Europe still face. In contrast, Germany has maintained lower debt through strict constitutional limits on annual borrowing, a policy known as the “debt brake.” These two approaches highlight the sharply different fiscal paths governments across Europe have adopted.
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