Taiwan’s ranking revealed! Among the top 30 largest economies in the world, Japan and Singapore have the highest debt ratios, second only to this country

According to the estimates and forecasts of the World Economic Outlook released by the International Monetary Fund in October 2026, which lists the world's top 30 economies and the 30 countries with the highest debt-to-GDP ratio, only 11 countries appear simultaneously among the world's 30 largest economies and the 30 economies with the highest debt-to-GDP ratio. Taiwan's economy is US$1 trillion, ranking 22nd, and its high debt ratio is not included in the ranking of 30 economies.

The United States has the world's largest economy (nominal GDP), reaching $32.6 trillion, but its government debt-to-GDP ratio is 126.8%, ranking eighth. Sudan has the highest debt-to-GDP ratio at 334.4%, followed by Japan (199.4%) and Singapore (166.4%), ranking second and third respectively.

A large economy gives the government a broad tax base, but economic size does not necessarily mean a lower debt burden. Some of the world's largest economies have debt that exceeds their annual economic output, while smaller countries can have debt ratios that are even higher for very different reasons.

The United States ($32.6 trillion) and China ($21.5 trillion) are the world's largest economies. However, the ratio of government debt to GDP in the two countries is completely different. The United States is 126.8% and China is 104.4%, ranking 8th and 17th in the world respectively. Germany is the world's third largest economy ($5.5 trillion), but ranks 65th in debt rankings, with a debt ratio of 64.6%.

Government debt exceeds annual output in several of the world's largest economies, including Italy (137.9%), France (118.5%) and the United Kingdom (102.0%).

Russia is in the opposite situation, ranking 170th in the world, with a debt ratio of only 19.3%, the lowest among the top ten economies. Its relatively low debt levels partly reflect spending controls and reserve accumulation in the years leading up to the war in Ukraine.

India is one of the fastest growing major economies in 2026, with a GDP of US$4.1 trillion and a government debt ratio of 83.1%, which is lower than the global ratio of 94.6%.

The situation in Japan is the most stark. Its gross domestic product (GDP) is as high as US$4.3 trillion, ranking fourth in the world, but its government debt is equivalent to the economic output of the past two years. The International Monetary Fund pointed out that continued budget deficits, rising interest costs, and growth in health care and long-term care expenses due to an aging population are all challenges to reducing Japan's debt burden.

Sudanese government debt is expected to reach 334.4% of gross domestic product, more than three times its annual economic output. Its economic scale ranks only 120th in the world, with about US$31 billion. The World Bank noted that the country's ongoing war has destroyed productive capacity, disrupted trade and reduced agricultural output, leading to a significant reduction in the economic base supporting its debt.

Singapore's example is a powerful reminder that high government debt does not always mean fiscal distress. Although Singapore's government debt-to-GDP ratio is as high as 166.4%, ranking third in the world, its borrowing pattern is very different from many other highly indebted countries.

Singapore's Ministry of Finance said that government bonds will help develop the domestic public bond market and meet the investment needs of the country's retirement savings system, the Central Provident Fund. Proceeds from borrowings are mainly used for investment rather than for daily government expenditure.

Among the top 30 countries with debt rankings, 9 are European countries. In addition to major economies such as Italy and France, there are also Greece (136.0% of GDP), Belgium (109.8%), Finland (90.6%) and Portugal (85.1%). The data highlight differences in the fiscal positions of governments across Europe, with some having debt loads approaching or exceeding a full year's worth of economic output.