As of April 2026, the global fiscal landscape is defined by a widening gap between advanced economies and emerging markets. While the global average debt-to-GDP ratio sits at approximately 96.8%, major advanced economies (G7) are averaging closer to 128%.
The following table compares the government total debt-to-GDP ratios for the world's largest economies, based on the latest 2025/2026 data from the IMF and national fiscal reports.
Major Economies: Debt-to-GDP Comparison (2026 Projections)
|
Country |
Debt-to-GDP Ratio (%) |
Total Debt (Approx. USD) |
Fiscal Status |
|---|---|---|---|
|
Japan |
264% |
$12.7 Trillion |
Highest among major nations; largely domestic. |
|
Italy |
144% |
$3.2 Trillion |
Sustained high debt due to low growth and aging demographics. |
|
United States |
136% |
$38.9 Trillion |
Significant rise due to entitlement spending and deficits. |
|
France |
113% |
$3.3 Trillion |
High social spending; currently exceeding EU deficit limits. |
|
United Kingdom |
104% |
$4.1 Trillion |
Recovering from recent fiscal volatility. |
|
China |
96%* |
$18.7 Trillion |
*Official; "hidden" local debt may push this above 130%. |
|
Canada |
86% |
$1.9 Trillion |
Relatively stable among G7 peers. |
|
India |
83% |
$3.4 Trillion |
High growth helps manage high infrastructure debt. |
|
Brazil |
88% |
$2.5 Trillion |
Subject to significant interest rate volatility. |
|
Germany |
66% |
$2.8 Trillion |
Most fiscally disciplined major advanced economy. |
