25 Countries With The Most External Debt

External debt means what is owed to foreign creditors, Who can be individual citizens, companies or international financial institutions, such as the World Bank and the International Monetary Fund.

On this list, We’re going to show you 25 Countries With The Most External Debt in (Last Updated December 2020)

25. Portugal.

After years of austerity and bank debt problems, the Portuguese economy rebounded strongly last year, with GDP growing every year.

In June 2018, EU finance ministers announced that Excessive deficit and control procedures for Portugal. After eight years of austerity measures, Portugal has succeeded in reducing its debt. Which corresponds to the standards set by the European Commission.

The Portuguese economy depends on tourism, agriculture and manufacturing. But tourism is one of the most important factors in the Portuguese economy’s return to growth.

Portugal Debt Stats

  • External debt: 447 Billion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 43,300 USD
  • % of GDP: 216%

24. Turkey.

The debt crisis of 2018 is a financial crisis that has hit Turkey and continues to this day. Because of the international repercussions that have afflicted the country following the collapse of its currency and reaching very low levels that have never reached it.

The crisis that struck Turkey’s economic pillar has plunged the value of the Turkish lira Against the rest of the currencies led by the euro and the dollar also characterized by the crisis of high inflation and high borrowing costs in return for loan defaults.

In general, there are a number of reasons why Turkey has intervened in this crisis. Including over-current account and default in the repayment of external currency debt.

Turkey Debt Stats

  • External debt: 453 Billion USD
  • last updated date: 30 September 2019
  • Debt Per capita: 2,983 USD
  • % of GDP: 34%

23. Netherlands.

Netherland’s external debt is quite high, which is an obstacle to the Dutch state despite its stable economy.

Netherlands Debt Stats

  • External debt: 456 Billion USD
  • last updated date: 1 May 2020
  • Debt Per capita: 26,540 USD
  • % of GDP: 56%

22. Russia.

Russia’s debt burden has declined in contrast to the global dynamic. Although it has been very low compared to the rest of the country. Russian Central Bank President Elvira Nabielina (Wikipedia Bioghraphie) said in a report to the Russian news agency RIA Novosti.

However, the financing of the economic wheel must be done by injecting new investments into the economy rather than through borrowing. While the Russian Ministry of Finance is preparing to borrow exclusively for the purpose of investment.

Russia Debt Stats

  • External debt: 468 Billion USD
  • last updated date: 1 July 2019
  • Debt Per capita: 3,700 USD
  • % of GDP: 28%

21. Greece.

The Greek government has sounded the alarm since 2010, when its external debt has increased significantly. Despite persistent attempts and plans by the state to pay the debts, all of this has not worked.

Greece Debt Stats

  • External debt: 476 Billion USD
  • last updated date: 31 December 2017
  • Debt Per capita: 42,800 USD
  • % of GDP: 228%

20. Finland.

Finland is relatively new in industrialization, maintaining the agricultural economy until the 1950s.

This was followed by rapid economic development as the country became a country of broad and balanced social welfare between East and West in terms of world economy and politics.

Finland consistently leads international comparisons in national performance. It leads the list of the best countries in the world in 2010 Newsweek magazine poll in terms of health, economic dynamism, education, political environment and quality of life.

Finland is the most stable country in the world and the first in the Legatum Prosperity 2009.

In 2010, Finland was the seventh most competitive country in the world according to the World Economic Forum. But as Brazil, the country has fallen into debt in order to develop it sectors.

Finland Debt Stats

  • External debt: 483 Billion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 87,500 USD
  • % of GDP: 196%

19. Denmark.

Denmark expects the economy to slow further in 2020, according to Bloomberg news agency.

The Copenhagen government said weak international trade would hurt the shipping industry and limit exporters’ access to key markets. Adding that it lowered its sales forecast to Sweden and Germany, Denmark’s biggest export market.

Thus, Denmark is likely to remain stranded in its external debts to an indefinite date.

Denmark Debt Stats

  • External debt: 491 Billion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 85,700 USD
  • % of GDP: 163%

18. Brazil.

The Brazilian economy is currently one of the most powerful and fastest growing economies in the world. It’s ranked 9th in the world according to Investopia, as one of the most important economies.

Reflecting the country’s great economic, financial and banking development, which from 1930 to 1975.

But Brazil remains stuck between austerity and the demand for help from local and international banks which is something that is considered a problem for the state unless it pays its debts.

Brazil Debt Stats

  • External debt: 556 Billion USD
  • last updated date: 30 September 2017
  • Debt Per capita: 3,200 USD
  • % of GDP: 30%

17. India.

Although its strong and developed economy, India also suffers from external debt, But not highly as the others countries. The World Bank said in its report on the Indian economy that private investment has declined due to rising corporate debt and rising levels of non-performing loans in the country.

The World Bank also warned in its report that any setback in resolving these issues would directly affect investments and medium-term growth on the widest scale.

India Debt Stats

  • External debt: 563 Billion USD
  • last updated date: December 2019
  • Debt Per capita: 1,900 USD
  • % of GDP: 19%

16. Norway.

Norway Debt Stats

  • External debt: 604 Billion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 117,000 USD
  • % of GDP: 169%

15. Austria.

Austria is one of the richest 13 countries in the world in terms of GDP per capita according to the International Monetary Fund. It has a developed social market economy, and a high standard of living.

Until the 1980s, many major Austrian industrialists had been nationalized. In recent years, privatization had reduced state holdings to a level comparable to other European economies.

Labor movements are effectively strong in Austria and have a significant impact on labor policies. Tourism is the most important part of the national economy, along with great industrial development.

In the period from 2011 to 2016, the economic plans tried to rid the country of its debts and they have been successful and have succeeded somewhat, but they are still classified among countries with the highest external debt.

Austria Debt Stats

  • External debt: 638 Billion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 73,100 USD
  • % of GDP: 167%

14. Sweden.

Sweden is a competitive mixed economy with a generous global welfare state. It is financed by relatively high income taxes that ensure income distribution throughout society, a model sometimes called the North model.

In 2014, the proportion of national wealth owned by the government was 24.1%. Since that, the government has entered into economic crises, as many economic analysts have predicted, and the country has fallen into the external debt problem.

Sweden Debt Stats

  • External debt: 993 Billion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 94,500 USD
  • % of GDP: 177%

13. Belgium.

Although it’s not a very big country and it has a low population, Belgium is one of the most industrialized countries in Europe.

It imports raw materials in large quantities because of the scarcity of its natural resources and then processes them for processing mainly for export.

Belgian exports account for about two-thirds of GDP and about three-quarters of foreign trade with other EU countries.

Despite its small size, low population and high income per capita income, the country suffers from its external debt.

Belgium Debt Stats

  • External debt: 1.278 Trillion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 112,000 USD
  • % of GDP: 265%

12. Singapore.

Singapore’s economy is highly developed. Before the 1960s, Singapore was a trading country, but since then the economy has developed and became more diversified.

It has become an important financial and trade center and a hub for transportation. Tourism is also of great importance.

Singapore’s large economic jump required huge sums of money, and its external debts have soared while the country is currently trying to pay back those debts.

Singapore Debt Stats

  • External debt: 1.320 Trillion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 231,000 USD
  • % of GDP: 453%

11. Australia.

There has been a lot of news that the Australian economy is booming despite the escalating US-China trade dispute and rising household debt levels.

The RBA has previously warned that sharply escalating trade tensions between the US and China pose an external threat to Australia’s economic expansion. Which has been going on for more than 25 years, is likely to fizzle out as Australian economic activity is slowing from the services sector. Which is the biggest engine of economic growth.

At the end, the Australian economy may not be able to survive and growing challenges facing both at the level of internal or external. In particular with renewed signs that demonstrate the suffering of the service sector in the country and thus remains the burden of external debt on the Australian Government.

Australia Debt Stats

  • External debt: 1.487 Trillion USD
  • last updated date: 30 June 2017
  • Debt Per capita: 60,800 USD
  • % of GDP: 126%

10. Switzerland.

Switzerland Debt Stats

  • External debt: 1.820 Trillion USD
  • last updated date: 31 December 2017
  • Debt Per capita: 213,100 USD
  • % of GDP: 269%

9. Canada.

Canada is among the richest countries in the world and is a member of the Organization for Economic Co-operation and Development (OECD) and the Group of Eight (G8). Despite this, they are classified among the top 10 countries with external debt.

Canada Debt Stats

  • External debt: 1.931 Trillion USD
  • last updated date: 31 December 2017
  • Debt Per capita: 52,300 USD
  • % of GDP: 115%

8. China.

China is the second largest economy in the world but suffers from debt problem. Which experts fear could cause either a financial crisis or a severe economic slowdown that hits China’s economy and even the world’s.

According to IMF estimates, high debt and exposure rates China is more on the global financial markets than it is at high risk. China is borrowing from its banks and some non-bank institutions, but most of its debt has been borrowed from local banks and few countries.

China Debt Stats

  • External debt: 2.094 Trillion USD
  • last updated date: 1 March 2020
  • Debt Per capita: 1,326 USD
  • % of GDP: 15%

7. Spain.

Spain’s per capita debt is about $ 44,100. Although both the government and the opposition are confident that Spain could get rid of its debt within two years. It is currently one of the most indebted countries around the world.

Spain Debt Stats

  • External debt: 2.259 Trillion USD
  • last updated date: 31 December 2017
  • Debt Per capita: 48,700 USD
  • % of GDP: 97%

6. Italy.

Since 2017, debt has been a major embarrassment for Italy against the European Union. It has already imposed disciplinary sanctions on the Italian government. Which could not control inflation in its external debt.

But the country still suffers from many economic problems made it unable to repay its debts and unable to reform the economic situation in the country, when the per capita debt in Italy about 42,300 dollars.

Italy Debt Stats

  • External debt: 2.510 Trillion USD
  • last updated date: 31 December 2017
  • Debt Per capita: 42,300 USD
  • % of GDP: 124%

5. Japan.

Japan’s external debt fell to 4.765 trillion USD in 31 March 2020. The IMF warned that Japanese debt would triple the size of the economy by 2030 unless the government controls spending.

Japan Debt Stats

  • External debt: 4.765 Trillion USD
  • last updated date: 31 March 2020
  • Debt Per capita: 38,000 USD
  • % of GDP: 94%

4. Germany.

Germany’s external debt rose 5.735 Trillion USD in 31 March 2020, bringing the debt to 153% of GDP. Germany owes:

  • 30% of its debt to foreign institutions.
  • 10% to foreign banks.
  • 40% to local banks.
  • 20% to local non-banking institutions.

Germany’s per capita debt is about $ 69,000. Although it has a stable economy, but it is among the most indebted countries.

Germany Debt Stats

  • External debt: 5.735 Trillion USD
  • last updated date: 31 March 2020
  • Debt Per capita: 69,000 USD
  • % of GDP: 153%

3. France.

Although it looks like an ideal country, it is one of the weakest economies in Europe.

France’s per capita debt is about 87,200 USD. Elections were the most significant event in recent years. There was hope that the new president would be able to change. But the situation has not improved as desired and the debt is still burdening the state.

France Debt Stats

  • External debt: 6.673 Trillion USD
  • last updated date: 12 May 2020
  • Debt Per capita: 87,200 USD
  • % of GDP: 277%

2. United States.

US debt amounts to 8.766 Trillion USD, and most of the debt is owed by the United States itself.

Despite the size of the large debt, NPR website said it was still manageable. US debt per capita is about 26,533 USD. Investors are warning that the United States may face problems with repaying loans later.

US Debt Stats

  • External debt: 8.766 Trillion USD
  • last updated date: 31 March 2020
  • Debt Per capita: 26,533 USD
  • % of GDP: 42%

1. United kingdom.

The UK’s public debt is up 9.019 Trillion USD. Or nearly 313% of GDP. The UK owes:

  • More than 40% of its debt to local non-banking institutions.
  • 25% to its central bank
  • 12% to foreign institutions.

UK Debt Stats

  • External debt: 9.019 Trillion USD
  • last updated date: 31 December 2017
  • Debt Per capita: 127,000 USD
  • % of GDP: 313%

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