The debt-to-GDP ratio for countries varied in 2021 and 2022. The world’s public debt decreased from 100% of GDP in 2020 to 92% of GDP in 2022. However, the IMF projects that global public debt will increase again starting in 2023.
Factors that influenced debt-to-GDP ratio
- COVID-19The withdrawal of fiscal support measures related to the COVID-19 pandemic contributed to the decrease in global public debt in 2022.
- Real GDP growthStrong real GDP growth contributed to the decrease in global public debt in 2022.
- InflationInflation surprises contributed to the decrease in global public debt in 2022.
Countries with high debt-to-GDP ratios
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- Sudan: In 2024, Sudan had a debt-to-GDP ratio of 238.8%, which reflected its economic struggles and reliance on borrowing.
- Lebanon: Lebanon had a high debt-to-GDP ratio.
Countries with low debt-to-GDP ratios
- Luxembourg: Luxembourg had a low debt-to-GDP ratio.
- Latvia: Latvia had a low debt-to-GDP ratio.
