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Visualizing $97 Trillion of Global Debt in 2023

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Visualizing $97 Trillion of Global Debt in 2023

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Visualizing $97 Trillion of Government Debt in 2023

Global government debt is projected to hit $97.1 trillion this year, a 40% increase since 2019.

During the COVID-19 pandemic, governments introduced sweeping financial measures to support the job market and prevent a wave of bankruptcies. However, this has exposed vulnerabilities as higher interest rates are amplifying borrowing costs.

This graphic shows global debt by country in 2023, based on projections from the International Monetary Fund (IMF).

Debt by Country in 2023

Below, we rank countries by their general government gross debt, or the financial liabilities owed by each country:

CountryGross Debt (B)% of World TotalDebt to GDP
🇺🇸 U.S.$33,228.934.2%123.3%
🇨🇳 China$14,691.715.1%83.0%
🇯🇵 Japan$10,797.211.1%255.2%
🇬🇧 UK$3,468.73.6%104.1%
🇫🇷 France$3,353.93.5%110.0%
🇮🇹 Italy$3,141.43.2%143.7%
🇮🇳 India$3,056.73.1%81.9%
🇩🇪 Germany$2,919.33.0%65.9%
🇨🇦 Canada$2,253.32.3%106.4%
🇧🇷 Brazil$1,873.71.9%88.1%
🇪🇸 Spain$1,697.51.7%107.3%
🇲🇽 Mexico$954.61.0%52.7%
🇰🇷 South Korea$928.11.0%54.3%
🇦🇺 Australia$875.90.9%51.9%
🇸🇬 Singapore$835.00.9%167.9%
🇧🇪 Belgium$665.20.7%106.0%
🇦🇷 Argentina$556.50.6%89.5%
🇮🇩 Indonesia$552.80.6%39.0%
🇳🇱 Netherlands$540.90.6%49.5%
🇵🇱 Poland$419.40.4%49.8%
🇬🇷 Greece$407.20.4%168.0%
🇹🇷 Türkiye$397.20.4%34.4%
🇷🇺 Russia$394.80.4%21.2%
🇦🇹 Austria$393.60.4%74.8%
🇪🇬 Egypt$369.30.4%92.7%
🇨🇭 Switzerland$357.70.4%39.5%
🇹🇭 Thailand$314.50.3%61.4%
🇮🇱 Israel$303.60.3%58.2%
🇵🇹 Portugal$299.40.3%108.3%
🇲🇾 Malaysia$288.30.3%66.9%
🇿🇦 South Africa$280.70.3%73.7%
🇵🇰 Pakistan$260.90.3%76.6%
🇸🇦 Saudi Arabia$257.70.3%24.1%
🇮🇪 Ireland$251.70.3%42.7%
🇵🇭 Philippines$250.90.3%57.6%
🇫🇮 Finland$225.00.2%73.6%
🇳🇴 Norway$204.50.2%37.4%
🇨🇴 Colombia$200.10.2%55.0%
🇹🇼 Taiwan$200.00.2%26.6%
🇸🇪 Sweden$192.90.2%32.3%
🇷🇴 Romania$178.70.2%51.0%
🇧🇩 Bangladesh$175.90.2%39.4%
🇺🇦 Ukraine$152.80.2%88.1%
🇨🇿 Czech Republic$152.20.2%45.4%
🇳🇬 Nigeria$151.30.2%38.8%
🇦🇪 UAE$149.70.2%29.4%
🇻🇳 Vietnam$147.30.2%34.0%
🇭🇺 Hungary$140.00.1%68.7%
🇨🇱 Chile$132.20.1%38.4%
🇩🇰 Denmark$126.70.1%30.1%
🇮🇶 Iraq$125.50.1%49.2%
🇩🇿 Algeria$123.50.1%55.1%
🇳🇿 New Zealand$115.00.1%46.1%
🇮🇷 Iran$112.10.1%30.6%
🇲🇦 Morocco$102.70.1%69.7%
🇶🇦 Qatar$97.50.1%41.4%
🇵🇪 Peru$89.70.1%33.9%
🇦🇴 Angola$79.60.1%84.9%
🇰🇪 Kenya$79.10.1%70.2%
🇸🇰 Slovakia$75.40.1%56.7%
🇩🇴 Dominican Republic$72.10.1%59.8%
🇪🇨 Ecuador$65.90.1%55.5%
🇸🇩 Sudan$65.50.1%256.0%
🇬🇭 Ghana$65.10.1%84.9%
🇰🇿 Kazakhstan$60.70.1%23.4%
🇪🇹 Ethiopia$59.00.1%37.9%
🇧🇭 Bahrain$54.50.1%121.2%
🇨🇷 Costa Rica$53.90.1%63.0%
🇭🇷 Croatia$51.20.1%63.8%
🇺🇾 Uruguay$47.00.0%61.6%
🇯🇴 Jordan$46.90.0%93.8%
🇸🇮 Slovenia$46.80.0%68.5%
🇨🇮 Côte d'Ivoire$45.10.0%56.8%
🇵🇦 Panama$43.50.0%52.8%
🇲🇲 Myanmar$43.00.0%57.5%
🇴🇲 Oman$41.40.0%38.2%
🇹🇳 Tunisia$39.90.0%77.8%
🇷🇸 Serbia$38.50.0%51.3%
🇧🇴 Bolivia$37.80.0%80.8%
🇹🇿 Tanzania$35.80.0%42.6%
🇺🇿 Uzbekistan$31.70.0%35.1%
🇿🇼 Zimbabwe$30.90.0%95.4%
🇧🇾 Belarus$30.40.0%44.1%
🇬🇹 Guatemala$29.10.0%28.3%
🇱🇹 Lithuania$28.70.0%36.1%
🇸🇻 El Salvador$25.80.0%73.0%
🇺🇬 Uganda$25.30.0%48.3%
🇸🇳 Senegal$25.20.0%81.0%
🇨🇾 Cyprus$25.20.0%78.6%
🇱🇺 Luxembourg$24.60.0%27.6%
🇭🇰 Hong Kong SAR$23.50.0%6.1%
🇧🇬 Bulgaria$21.70.0%21.0%
🇨🇲 Cameroon$20.60.0%41.9%
🇲🇿 Mozambique$19.70.0%89.7%
🇵🇷 Puerto Rico$19.60.0%16.7%
🇳🇵 Nepal$19.30.0%46.7%
🇱🇻 Latvia$18.90.0%40.6%
🇮🇸 Iceland$18.70.0%61.2%
🇵🇾 Paraguay$18.10.0%40.9%
🇱🇦 Lao P.D.R.$17.30.0%121.7%
🇭🇳 Honduras$15.70.0%46.3%
🇵🇬 Papua New Guinea$15.70.0%49.5%
🇹🇹 Trinidad and Tobago$14.60.0%52.5%
🇦🇱 Albania$14.50.0%62.9%
🇨🇬 Republic of Congo$14.10.0%97.8%
🇦🇿 Azerbaijan$14.10.0%18.2%
🇾🇪 Yemen$14.00.0%66.4%
🇯🇲 Jamaica$13.60.0%72.3%
🇲🇳 Mongolia$13.10.0%69.9%
🇧🇫 Burkina Faso$12.70.0%61.2%
🇬🇦 Gabon$12.50.0%64.9%
🇬🇪 Georgia$11.90.0%39.6%
🇲🇺 Mauritius$11.80.0%79.7%
🇦🇲 Armenia$11.80.0%47.9%
🇧🇸 Bahamas$11.70.0%84.2%
🇲🇱 Mali$11.00.0%51.8%
🇲🇹 Malta$11.00.0%54.1%
🇰🇭 Cambodia$10.90.0%35.3%
🇧🇯 Benin$10.60.0%53.0%
🇲🇼 Malawi$10.40.0%78.6%
🇪🇪 Estonia$9.00.0%21.6%
🇨🇩 Democratic Republic of Congo$9.00.0%13.3%
🇷🇼 Rwanda$8.80.0%63.3%
🇳🇦 Namibia$8.50.0%67.6%
🇲🇬 Madagascar$8.50.0%54.0%
🇳🇪 Niger$8.30.0%48.7%
🇲🇰 North Macedonia$8.20.0%51.6%
🇧🇦 Bosnia and Herzegovina$7.70.0%28.6%
🇲🇻 Maldives$7.70.0%110.3%
🇬🇳 Guinea$7.30.0%31.6%
🇳🇮 Nicaragua$7.20.0%41.5%
🇧🇧 Barbados$7.20.0%115.0%
🇹🇬 Togo$6.10.0%67.2%
🇰🇬 Kyrgyz Republic$6.00.0%47.0%
🇲🇩 Moldova$5.60.0%35.1%
🇹🇩 Chad$5.40.0%43.2%
🇰🇼 Kuwait$5.40.0%3.4%
🇲🇷 Mauritania$5.10.0%49.5%
🇭🇹 Haiti$5.10.0%19.6%
🇬🇾 Guyana$4.90.0%29.9%
🇲🇪 Montenegro$4.60.0%65.8%
🇫🇯 Fiji$4.60.0%83.6%
🇹🇲 Turkmenistan$4.20.0%5.1%
🇹🇯 Tajikistan$4.00.0%33.5%
🇧🇼 Botswana$3.90.0%18.7%
🇬🇶 Equatorial Guinea$3.80.0%38.3%
🇸🇷 Suriname$3.80.0%107.0%
🇸🇸 South Sudan$3.80.0%60.4%
🇧🇹 Bhutan$3.30.0%123.4%
🇦🇼 Aruba$3.20.0%82.9%
🇸🇱 Sierra Leone$3.10.0%88.9%
🇨🇻 Cabo Verde$2.90.0%113.1%
🇧🇮 Burundi$2.30.0%72.7%
🇱🇷 Liberia$2.30.0%52.3%
🇽🇰 Kosovo$2.20.0%21.3%
🇸🇿 Eswatini$2.00.0%42.4%
🇧🇿 Belize$1.90.0%59.3%
🇱🇨 Saint Lucia$1.80.0%74.2%
🇬🇲 Gambia$1.70.0%72.3%
🇩🇯 Djibouti$1.60.0%41.8%
🇦🇬 Antigua and Barbuda$1.60.0%80.5%
🇸🇲 San Marino$1.50.0%74.0%
🇬🇼 Guinea-Bissau$1.50.0%73.9%
🇱🇸 Lesotho$1.50.0%61.3%
🇦🇩 Andorra$1.40.0%37.7%
🇨🇫 Central African Republic$1.40.0%50.1%
🇸🇨 Seychelles$1.30.0%60.8%
🇻🇨 Saint Vincent and the Grenadines$0.90.0%86.2%
🇬🇩 Grenada$0.80.0%60.2%
🇩🇲 Dominica$0.70.0%93.9%
🇰🇳 Saint Kitts and Nevis$0.60.0%53.2%
🇻🇺 Vanuatu$0.50.0%46.8%
🇰🇲 Comoros$0.50.0%33.3%
🇸🇹 São Tomé and Príncipe$0.40.0%58.5%
🇸🇧 Solomon Islands$0.40.0%22.2%
🇧🇳 Brunei Darussalam$0.30.0%2.3%
🇼🇸 Samoa$0.30.0%36.2%
🇹🇱 Timor-Leste$0.30.0%16.4%
🇵🇼 Palau$0.20.0%85.4%
🇹🇴 Tonga$0.20.0%41.1%
🇫🇲 Micronesia$0.10.0%12.5%
🇲🇭 Marshall Islands$0.10.0%18.1%
🇳🇷 Nauru<$0.10.0%29.1%
🇰🇮 Kiribati<$0.10.0%13.1%
🇹🇻 Tuvalu<$0.10.0%8.0%
🇲🇴 Macao SAR<$0.10.0%0.0%
🌐 World$97,129.8100%93.0%

With $33.2 trillion in government debt, the U.S. makes up over a third of the world total.

Given the increasing debt load, the cost of servicing this debt now accounts for 20% of government spending. It is projected to reach $1 trillion by 2028, surpassing the total spent on defense.

The world’s third-biggest economy, Japan, has one of the highest debt to GDP ratios, at 255%. Over the last two decades, its national debt has far exceeded 100% of its GDP, driven by an aging population and social security expenses.

In 2023, Egypt faces steep borrowing costs, with 40% of revenues going towards debt repayments. It has the highest debt on the continent.

Like Egypt, several emerging economies are facing strain. Lebanon has been in default since 2020, and Ghana defaulted on the majority of its external debt—debt owed to foreign lenders—in 2022 amid a deepening economic crisis.

Global Debt: A Regional Perspective

How does debt compare on a regional level in 2023?

RegionGross Debt (B)% of World TotalDebt to GDP
North America$36,451.837.5%117.6%
Asia and Pacific$34,257.435.3%92.5%
Europe$20,123.420.7%79.1%
South America$3,164.93.3%77.2%
Africa $1,863.61.9%65.2%
Other/Rest of World$1,269.11.3%31.4%

We can see that North America has both the highest debt and debt to GDP compared to other regions. Just as U.S. debt has ballooned, so has Canada’s—ranking as the 10th-highest globally in government debt outstanding.

Across Asia and the Pacific, debt levels hover close to North America.

At 3.3% of the global total, South America has $3.2 trillion in debt. As inflation has trended downwards, a handful of governments have already begun cutting interest rates. Overall, public debt levels are projected to stay elevated across the region.

Debt levels have also risen rapidly in Africa, with an average 40% of public debt held in foreign currencies—leaving it exposed to exchange rate fluctuations. Another challenge is that interest rates are also higher across the region compared to advanced economies, increasing debt-servicing costs.

By 2028, the IMF projects that global public debt will exceed 100% of GDP, hitting levels only seen during the pandemic.

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Markets

Mapped: The Industry Hiring the Most People In Every Country

The restaurant industry has the most vacancies in the U.S., followed by non-profit organizations.

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Mapped: The Industry Hiring the Most People In Every Country

Job searching can be challenging, especially when you are located in a region where your skills may not be in high demand.

This map illustrates which industry is hiring the most people in every country, based on LinkedIn job listings searched by Resume.io. This analysis only considers countries with 300 or more job listings and data is as of August 2023.

The Top Job Postings in America, Canada, the UK, and Australia

The restaurant industry had the most vacancies in the U.S., accounting for 7.9% of all job ads. It was followed by non-profit organizations with 5.6%, and motor vehicle manufacturing with 4.4%:

U.S. Industry by Job Ads% of Job Ads
Restaurants7.86%
Non-profit Organizations5.59%
Motor Vehicle Manufacturing4.41%
Software Development4.28%
Hospitality4.07%
Wellness and Fitness Services3.78%
Financial Services3.76%
Transportation, Logistics, Supply Chain, Storage3.61%
Internet Publishing3.59%
Defense and Space Manufacturing3.53%

According to the study, the trend in restaurant hiring is indicative of America’s return to eating out after the COVID-19 pandemic.

Meanwhile, hospitals and health care were Canada’s biggest potential employers, with almost 15% of all job ads. Retail came in second with 12.4%, followed by staffing and recruitment with 6.8%:

Canadian Industry by Job Ads% of Job Ads
Hospitals and Health Care14.82%
Retail12.45%
Staffing and Recruiting6.85%
Human Resources Services4.61%
IT Services and IT Consulting3.86%
Technology, Information and Internet3.75%
Financial Services3.53%
Manufacturing3.16%
Internet Publishing2.85%
Construction2.61%

In the UK, the construction industry had the most wanted ads with 9.2%. Britain’s construction industry has faced ongoing worker shortages, exacerbated by Brexit, which has prevented EU citizens from working in the UK without visas:

UK Industry by Job Ads% of Job Ads
Construction9.22%
Industrial Machinery Manufacturing6.03%
Education Administration Programs5.78%
Financial Services4.88%
Non-profit Organizations4.69%
Civil Engineering3.99%
Motor Vehicle Manufacturing3.62%
Accounting3.45%
Advertising Services3.43%
Hospitality3.36%

Just three sectors accounted for over 30% of the jobs available in Australia. Government administration was the sector hiring the most people (11.60%), followed by staffing and recruiting (10.8%) and hospitals and health care (10.2%):

Australian Industry by Job Ads% of Job Ads
Government Administration11.60%
Staffing and Recruiting10.81%
Hospitals and Health Care10.20%
Retail6.85%
IT Services and IT Consulting5.55%
Financial Services3.06%
Construction3.01%
Education Administration Programs2.68%
Human Resources Services2.54%
Software Development2.24%

Industry Hiring In Every Country by Job Ads in 2023

Across all countries, two sectors posted the most wanted ads in the most countries (28), staffing and recruiting and IT services and IT consulting. Healthcare and retail industries also appear among those in high demand.

CountryIndustry
🇦🇱 AlbaniaInternet Publishing
🇩🇿 AlgeriaBanking
🇦🇴 AngolaHuman Resources Services
🇦🇷 ArgentinaHuman Resources Services
🇦🇲 ArmeniaSoftware Development
🇦🇺 AustraliaGovernment Administration
🇦🇹 AustriaRetail
🇦🇿 AzerbaijanBanking
🇧🇭 BahrainStaffing and Recruiting
🇧🇩 BangladeshSoftware Development
🇧🇪 BelgiumStaffing and Recruiting
🇧🇴 BoliviaHuman Resources Services
🇧🇦 Bosnia and HerzegovinaSoftware Development
🇧🇷 BrazilTechnology, Information and Internet
🇧🇬 BulgariaIT Services and IT Consulting
🇰🇭 CambodiaHospitality
🇨🇦 CanadaHospitals and Health Care
🇰🇾 Cayman IslandsIT Services and IT Consulting
🇹🇩 ChadStaffing and Recruiting
🇯🇪 Channel Islands (Jersey)Financial Services
🇨🇱 ChileHuman Resources Services
🇨🇳 ChinaTechnology, Information and Internet
🇨🇴 ColombiaHuman Resources Services
🇨🇩 Congo (Democratic Republic of the)Hospitality
🇨🇷 Costa RicaIT Services and IT Consulting
🇭🇷 CroatiaIT Services and IT Consulting
🇨🇾 CyprusTechnology, Information and Internet
🇨🇿 Czech RepublicStaffing and Recruiting
🇩🇰 DenmarkRetail
🇩🇴 Dominican RepublicInsurance
🇪🇨 EcuadorIT Services and IT Consulting
🇪🇬 EgyptTechnology, Information and Internet
🇸🇻 El SalvadorHuman Resources Services
🏴󠁧󠁢󠁥󠁮󠁧󠁿 EnglandStaffing and Recruiting
🇪🇪 EstoniaTechnology, Information and Internet
🇪🇹 EthiopiaSoftware Development
🇫🇮 FinlandIT Services and IT Consulting
🇫🇷 FranceStaffing and Recruiting
🇬🇫 French GuianaIT Services and IT Consulting
🇬🇪 GeorgiaStaffing and Recruiting
🇩🇪 GermanyStaffing and Recruiting
🇬🇭 GhanaHigher Education
🇬🇷 GreeceTechnology, Information and Internet
🇬🇵 GuadeloupeTechnology, Information and Internet
🇬🇹 GuatemalaHuman Resources Services
🇭🇹 HaitiStaffing and Recruiting
🇭🇳 HondurasIT Services and IT Consulting
🇭🇰 Hong Kong (SAR)Financial Services
🇭🇺 HungaryIT Services and IT Consulting
🇮🇸 IcelandHigher Education
🇮🇳 IndiaStaffing and Recruiting
🇮🇩 IndonesiaHospitality
🇮🇶 IraqDefense and Space Manufacturing
🇬🇧 Ireland (Northern)Staffing and Recruiting
🇮🇪 Ireland (Republic of)Staffing and Recruiting
🇮🇲 Isle of ManHuman Resources Services
🇮🇱 IsraelSoftware Development
🇮🇹 ItalyRetail
🇯🇲 JamaicaStaffing and Recruiting
🇯🇵 JapanIT Services and IT Consulting
🇯🇴 JordanTechnology, Information and Internet
🇰🇿 KazakhstanIT Services and IT Consulting
🇰🇪 KenyaSoftware Development
🇰🇼 KuwaitDefense and Space Manufacturing
🇰🇬 KyrgyzstanIT Services and IT Consulting
🇱🇻 LatviaIT Services and IT Consulting
🇱🇧 LebanonTechnology, Information and Internet
🇱🇮 LiechtensteinStaffing and Recruiting
🇱🇹 LithuaniaIT Services and IT Consulting
🇱🇺 LuxembourgStaffing and Recruiting
🇲🇴 MacaoHuman Resources Services
🇲🇰 Macedonia (North)Technology, Information and Internet
🇲🇾 MalaysiaFinancial Services
🇲🇹 MaltaTechnology, Information and Internet
🇲🇶 MartiniqueTechnology, Information and Internet
🇲🇺 MauritiusFinancial Services
🇲🇽 MexicoIT Services and IT Consulting
🇲🇩 MoldovaInternet Publishing
🇲🇨 MonacoStaffing and Recruiting
🇲🇦 MoroccoIT Services and IT Consulting
🇲🇲 MyanmarStaffing and Recruiting
🇳🇵 NepalSoftware Development
🇳🇱 NetherlandsStaffing and Recruiting
🇳🇿 New ZealandStaffing and Recruiting
🇳🇮 NicaraguaIT Services and IT Consulting
🇳🇬 NigeriaHuman Resources Services
🇳🇴 NorwayStaffing and Recruiting
🇴🇲 OmanStaffing and Recruiting
🇵🇰 PakistanSoftware Development
🇵🇦 PanamaIT Services and IT Consulting
🇵🇬 Papua New GuineaStaffing and Recruiting
🇵🇾 ParaguayTelecommunications
🇵🇪 PeruHuman Resources Services
🇵🇭 PhilippinesIT Services and IT Consulting
🇵🇱 PolandIT Services and IT Consulting
🇵🇹 PortugalIT Services and IT Consulting
🇵🇷 Puerto RicoRetail
🇶🇦 QatarStaffing and Recruiting
🇷🇪 ReunionBusiness Consulting and Services
🇷🇴 RomaniaIT Services and IT Consulting
🇷🇺 RussiaTechnology, Information and Internet
🇸🇭 Saint HelenaSoftware Development
🇸🇦 Saudi ArabiaStaffing and Recruiting
🏴󠁧󠁢󠁳󠁣󠁴󠁿 ScotlandStaffing and Recruiting
🇸🇳 SenegalStaffing and Recruiting
🇷🇸 SerbiaIT Services and IT Consulting
🇸🇬 SingaporeStaffing and Recruiting
🇸🇰 SlovakiaIT Services and IT Consulting
🇸🇮 SloveniaTechnology, Information and Internet
🇿🇦 South AfricaStaffing and Recruiting
🇰🇷 South KoreaIT Services and IT Consulting
🇪🇸 SpainIT Services and IT Consulting
🇱🇰 Sri LankaIT Services and IT Consulting
🇸🇪 SwedenGovernment Administration
🇨🇭 SwitzerlandInternet Publishing
🇹🇼 TaiwanSoftware Development
🇹🇭 ThailandSoftware Development
🇹🇳 TunisiaSoftware Development
🇹🇷 TurkeySoftware Development
🇻🇮 U.S. Virgin IslandsIT Services and IT Consulting
🇺🇬 UgandaEducation Administration Programs
🇺🇦 UkraineSoftware Development
🇦🇪 United Arab EmiratesTransportation, Logistics, Supply Chain and Storage
🇬🇧 United KingdomConstruction
🇺🇸 United States of AmericaRestaurants
🇺🇾 UruguaySoftware Development
🇻🇪 VenezuelaConsumer Services
🇻🇳 VietnamSoftware Development
🏴󠁧󠁢󠁷󠁬󠁳󠁿 WalesConstruction

Which countries or industries stand out the most to you?

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