Economy
Visualizing the Snowball of Government Debt
Visualizing the Snowball of Government Debt in 2021
As we approach the second half of 2021, many countries around the world are beginning to relax their COVID-19 restrictions.
And while this signals a return to normalcy for much of the global economy, there’s one subject that’s likely to remain controversial: government debt.
To see how each country is faring in the aftermath of an unprecedented global borrowing spree, this graphic from HowMuch.net visualizes debt-to-GDP ratios using April 2021 data from the International Monetary Fund (IMF).
Ranking the Top 10 in Government Debt
Government debt is often analyzed through the debt-to-GDP metric because it contextualizes an otherwise massive number.
Take for example the U.S. national debt, which currently sits at over $27 trillion. In isolation this figure sounds daunting, but when expressed as a % of U.S. GDP, it works out to a more relatable 133%. This format also allows us to make a better comparison between countries, especially when their economies differ in size.
With that being said, here are the top 10 countries in terms of debt-to-GDP. For further context, we’ve included their 2019 and 2020 values as well.
Rank (2021) | Country | Debt-to-GDP (2019) | Debt-to-GDP (2020) | Debt-to-GDP (April 2021) |
---|---|---|---|---|
#1 | 🇯🇵 Japan | 235% | 256% | 257% |
#2 | 🇸🇩 Sudan | 200% | 262% | 212% |
#3 | 🇬🇷 Greece | 185% | 213% | 210% |
#4 | 🇪🇷 Eritrea | 189% | 185% | 176% |
#5 | 🇸🇷 Suriname | 93% | 166% | 157% |
#6 | 🇮🇹 Italy | 135% | 156% | 157% |
#7 | 🇧🇧 Barbados | 127% | 149% | 143% |
#8 | 🇲🇻 Maldives | 78% | 143% | 140% |
#9 | 🇨🇻 Cape Verde | 125% | 139% | 138% |
#10 | 🇧🇿 Belize | 98% | 127% | 135% |
Source: IMF
Japan tops the list with a ratio of 257%, though this isn’t really a surprise—the country’s debt-to-GDP ratio first surpassed 100% in the 1990s, and in 2010, it became the first advanced economy to reach 200%.
Such significant debt burdens are the result of non-traditional monetary policies, many of which were first implemented by Japan, then adopted by others. In the late 1990s, for instance, the Bank of Japan (BoJ) set interest rates at 0% to counter deflation and promote economic growth.
This low cost of borrowing enables businesses and governments to accumulate debt much more freely, and has seen widespread use among other developed nations post-2008.
What are the Risks?
Given that a majority of countries in this visual are red (meaning their debt-to-GDP ratios are over 50%), it’s safe to say that government borrowing is common practice.
But are large government debts a cause for concern?
Some believe that excessive borrowing will lead to higher interest costs in the long run, which could detract from economic growth and public sector investment. This theory is unlikely to become a reality anytime soon, however.
A recent report by RBC Wealth Management reported that the cost of servicing U.S. federal debt actually decreased in 2020, thanks to the low borrowing costs mentioned previously.
Perhaps a more prescient question would be: how long can the world’s central banks keep interest rates at near-zero levels?
Energy
Mapped: Renewable Energy and Battery Installations in the U.S. in 2023
This graphic describes new U.S. renewable energy installations by state along with nameplate capacity, planned to come online in 2023.

Renewable and Battery Installations in the U.S. in 2023
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Renewable energy, in particular solar power, is set to shine in 2023. This year, the U.S. plans to get over 80% of its new energy installations from sources like battery, solar, and wind.
The above map uses data from EIA to highlight planned U.S. renewable energy and battery storage installations by state for 2023.
Texas and California Leading in Renewable Energy
Nearly every state in the U.S. has plans to produce new clean energy in 2023, but it’s not a surprise to see the two most populous states in the lead of the pack.
Even though the majority of its power comes from natural gas, Texas currently leads the U.S. in planned renewable energy installations. The state also has plans to power nearly 900,000 homes using new wind energy.
California is second, which could be partially attributable to the passing of Title 24, an energy code that makes it compulsory for new buildings to have the equipment necessary to allow the easy installation of solar panels, battery storage, and EV charging.
New solar power in the U.S. isn’t just coming from places like Texas and California. In 2023, Ohio will add 1,917 MW of new nameplate solar capacity, with Nevada and Colorado not far behind.
Top 10 States | Battery (MW) | Solar (MW) | Wind (MW) | Total (MW) |
---|---|---|---|---|
Texas | 1,981 | 6,462 | 1,941 | 10,385 |
California | 4,555 | 4,293 | 123 | 8,970 |
Nevada | 678 | 1,596 | 0 | 2,274 |
Ohio | 12 | 1,917 | 5 | 1,934 |
Colorado | 230 | 1,187 | 200 | 1,617 |
New York | 58 | 509 | 559 | 1,125 |
Wisconsin | 4 | 939 | 92 | 1,034 |
Florida | 3 | 978 | 0 | 980 |
Kansas | 0 | 0 | 843 | 843 |
Illinois | 0 | 363 | 477 | 840 |
The state of New York is also looking to become one of the nation’s leading renewable energy providers. The New York State Energy Research & Development Authority (NYSERDA) is making real strides towards this objective with 11% of the nation’s new wind power projects expected to come online in 2023.
According to the data, New Hampshire is the only state in the U.S. that has no new utility-scale renewable energy installations planned for 2023. However, the state does have plans for a massive hydroelectric plant that should come online in 2024.
Decarbonizing Energy
Renewable energy is considered essential to reduce global warming and CO2 emissions.
In line with the efforts by each state to build new renewable installations, the Biden administration has set a goal of achieving a carbon pollution-free power sector by 2035 and a net zero emissions economy by no later than 2050.
The EIA forecasts the share of U.S. electricity generation from renewable sources rising from 22% in 2022 to 23% in 2023 and to 26% in 2024.
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