According to forecasts by the International Monetary Fund, in 2026 the U.S. national debt will reach $40.7 trillion, making the country the undisputed global leader by this indicator. This amount exceeds the combined public debt of China, Japan, the United Kingdom, and France, clearly demonstrating the scale of American borrowing.

However, if debt is compared with the size of the economy, the situation looks different. At about 126% of GDP, the United States trails countries such as Japan, Singapore, Italy, and Greece by this measure, Naked Science reports.

In addition, the United States has an important advantage: the dollar remains the world’s main reserve currency, which supports strong global demand for assets denominated in U.S. currency.

The absolute leader in terms of the relative level of public debt remains Japan. In 2026, its debt is expected to exceed 204% of GDP. Although such a high figure would raise serious concerns in many countries, in Japan’s case the situation is mitigated by a developed domestic investor market and the specifics of the national financial system, which affect assessments of the sustainability of its debt obligations.

Following Japan are Singapore, as well as Sudan with 169% of GDP and Bahrain with 152% of GDP.

At the same time, the debt-to-GDP ratio by itself does not reflect the level of trust that global financial markets place in a country. Investors also take into account the state of public finances, the country’s credit rating, political stability, and access to sources of financing.

Therefore, countries such as Bolivia (public debt at 103% of GDP) or Mozambique (106% of GDP) may face greater difficulties in raising borrowed funds than, for example, Singapore, despite its significantly higher level of public debt relative to the size of its economy.

Several leading European countries continue to live with large budget deficits and high levels of public debt.

For example, in Greece and Italy the volume of public debt exceeds 135% of GDP. However, in absolute terms Italy’s debt, amounting to about $3.8 trillion, remains lower than that of France and the United Kingdom, where the ratio of public debt to GDP reaches 118% and 104%, respectively.

In Spain, public debt in 2026 is forecast to amount to $2.1 trillion, or about 98% of GDP, which indicates a more moderate debt burden compared with a number of other major European economies.

Meanwhile, Germany continues to adhere to the constitutionally enshrined mechanism of the so-called “debt brake,” which limits the structural budget deficit. Thanks to this, Europe’s largest economy is expected to have public debt of about $3.5 trillion—less than that of France, Italy, and the United Kingdom.