Government debt has become one of the most closely watched economic indicators of the decade. Using IMF World Economic Outlook data, we compared general government gross debt as a percentage of GDP across major economies in 2024 — and the gap between the most and least indebted countries is striking.
Japan tops the list at 255% of GDP
Japan's government debt sits at roughly 255% of GDP, by far the highest among large economies, a legacy of decades of fiscal stimulus and an aging population. Greece (163%) and Italy (140%) follow, both still working through the aftermath of the 2010s European debt crisis.
The United States and Western Europe
The United States comes in at 122% of GDP, having crossed the symbolic 100% threshold after the 2008 financial crisis and again during the pandemic. France (111%), Portugal (108%), Spain (106%), and Belgium (105%) round out a group of advanced economies all carrying debt loads above their annual economic output.
Why this matters
A high debt-to-GDP ratio doesn't automatically signal a crisis — Japan has sustained very high debt for years without a default, partly because most of it is held domestically. But it does shape a government's room to maneuver: higher debt levels generally mean higher interest costs, less fiscal flexibility during the next downturn, and closer scrutiny from credit rating agencies and bond markets.
You can explore the full interactive breakdown, including all tracked countries and year-over-year context, on our Government Debt (% of GDP) chart.
Source: IMF World Economic Outlook.