Global public debt is projected to reach $102 trillion in 2024, marking a $5 trillion increase from 2023, according to the International Monetary Fund’s (IMF) October 2024 World Economic Outlook.
This sharp rise is attributed to aging populations, escalating healthcare costs, and geopolitical tensions, which are expected to push defence spending higher in the coming years.
The United States and China remain significant contributors to the surge in global debt levels. As the world’s largest economy, the U.S. accounts for 34.6% of total government debt, with its fiscal pressures exacerbated by soaring interest payments.
In the 2024 fiscal year alone, net interest payments on U.S. debt reached $892 billion. Projections suggest these costs could rise to $1.7 trillion annually by 2034, with a cumulative net interest expense of $12.9 trillion over the next decade.
Below highlights the gross government debt levels of the top 10 indebted countries in 2024.
1. United States
With a gross debt of $35,293 billion (34.6% of the world total) and a debt-to-GDP ratio of 121.0%, the United States remains the largest contributor to global debt, driven by rising net interest costs, which reached $892 billion in 2024 and are forecast to double by 2034.
2. China
Holding $16,464.3 billion in gross debt (16.1% of the world total) and a debt-to-GDP ratio of 90.1%, China’s debt levels are fuelled by significant investments in infrastructure and development.
3. Japan
With a gross debt of $10,224.1 billion (10.0% of the world total) and a debt-to-GDP ratio of 251.2%, Japan faces a high debt burden, largely domestically held, due to its ageing population and rising social welfare costs.
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4. United Kingdom
Carrying $3,652.1 billion in gross debt (3.6% of the world total) and a debt-to-GDP ratio of 101.8%, the United Kingdom’s debt levels reflect pressures from public service spending and economic challenges.
5. France
With $3,564.5 billion in gross debt (3.5% of the world total) and a debt-to-GDP ratio of 112.3%, France’s debt is driven by healthcare, pensions, and public sector spending.
6. Italy
At $3,253.4 billion in gross debt (3.2% of the world total) and a debt-to-GDP ratio of 136.9%, Italy faces long-term challenges due to high public spending and economic stagnation.
7. India
With $3,231.9 billion in gross debt (3.2% of the world total) and a debt-to-GDP ratio of 83.1%, India’s debt is influenced by its large population and significant investments in infrastructure, healthcare, and education.
8. Germany
At $2,953.2 billion in gross debt (2.9% of the world total) and a debt-to-GDP ratio of 62.7%, Germany maintains a relatively low debt-to-GDP ratio despite its high absolute debt levels, reflecting its position as Europe’s largest economy.
9. Canada
With $2,349.9 billion in gross debt (2.3% of the world total) and a debt-to-GDP ratio of 106.1%, Canada’s debt reflects increased spending on social programmes and infrastructure.
10. Brazil
At $1,917.1 billion in gross debt (1.9% of the world total) and a debt-to-GDP ratio of 87.6%, Brazil’s rising debt levels are driven by public spending and ongoing economic challenges.
