10 Countries with the Lowest Debt to GDP Ratios

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3. Kuwait

Debt to GDP ratio: 7.1

Kuwait has a large public sector with a generous welfare state. Expenditures on salaries, transfers, and subsidies are huge, which is why development and project spending remains restricted. The country holds an estimated 6% of the world’s oil reserves which account for more than half of its GDP. Slow external demand in 2023, coupled with oil production cuts, means growth will be slower. Therefore, GDP is expected to increase by 2.6%.

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