The Experts Club analytical center has released a new video study devoted to the dynamics of public debt of countries around the world in relation to GDP in 1950-2025. The visualization shows how the debt burden in different economies has changed over the past 75 years – from post-war recovery and debt crises to the pandemic and the current stage of expensive borrowing. The final slide focuses on the situation in 2025, when Ukraine, according to the international methodology used in the study, also entered the group of 20 countries with the highest debt burden.
The study is based on IMF DataMapper and World Economic Outlook data for October 2025 using the general government gross debt indicator. According to IMF estimates, the global level of public debt in 2025 reached 96.8% of world GDP, while for advanced economies the average figure was 111.8% of GDP. This means that the debt burden remains systemically high not only in vulnerable countries, but also in the world’s largest economies.
According to the data used in the video, in 2025 the countries with the highest debt burden included primarily Sudan, Japan, Singapore, Greece, Bahrain, the Maldives, and Italy. The same group also included the United States, France, and Canada, while Ukraine, with an indicator of about 108.6-110% of GDP, also found itself in the upper part of the global anti-ranking and, according to these estimates, entered approximately the first dozen countries by the debt-to-GDP ratio. For comparison, the database for 2025 indicates a level of 108.6% of GDP for Ukraine, 128.7% for the United States, 119.6% for France, 138.3% for Italy, and 226.8% for Japan; in summary international tables based on the same IMF estimates, similar values appear, where Ukraine is shown at around 110% of GDP.
For Ukraine, this result is especially indicative. According to IMF DataMapper, in 2025 the total public debt of the general government sector reached 108.6% of GDP. VoxUkraine, analyzing the same IMF database, notes that this is the highest level for the entire observation period for Ukraine. At the same time, the Ministry of Finance of Ukraine reported that state and state-guaranteed debt at the end of 2025 amounted to 98.4% of GDP. The difference is explained by methodology: IMF international comparisons use the broader general government gross debt indicator, so it is precisely this indicator that is suitable for the global ranking shown in the Experts Club study.
“Our study shows not just the size of the debt, but the country’s place in the global system of risks. In Ukraine’s case, entry into the group of countries with the highest debt burden is a direct consequence of the war, the large-scale need for budget financing, and dependence on external support. But at the same time, it is also a reminder that after the end of the war one of the key challenges will be not only the recovery of the economy, but also the building of a long-term debt management strategy,” noted Experts Club founder and PhD in Economics Maksym Urakin.
In a broader context, the video demonstrates that high debt is no longer an exception only for crisis states. Among the countries with the largest debt burden today are both economies with prolonged structural imbalances and developed states with deep domestic capital markets. That is why the comparison of 1950 and 2025 shows the main shift: the debt model has become the norm of the global economy, while the issue of debt sustainability now depends not only on its size, but also on the cost of servicing, GDP growth rates, the structure of creditors, and the state’s ability to maintain investor confidence.
For Ukraine, based on the 2025 data, the main conclusion of the study is that the country has already crossed the psychological threshold of 100% of GDP according to the international methodology and entered the global group of the most highly indebted states. This does not mean an automatic debt crisis, but it does mean that the issue of post-war fiscal sustainability, restructuring of liabilities, the cost of new financing, and acceleration of economic growth will be among the central topics of economic policy in the coming years.
