10 Countries with the Highest Debt to GDP Ratios

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2. Venezuela

Debt to GDP Ratio: 241%

Venezuela is one of the top-most countries with an external public debt crisis, estimated at more than $150 billion. Prime reasons for this crisis are political corruption, business closures, unemployment, human rights violations, high oil dependency, and chronic shortages of food and medicine. The country has been highly reliant on oil, whose output dropped by 2.5% in 2022. Coupled with inadequate investment in other sectors, GDP levels have shrunk by three-quarters, worsening this ratio.

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