Explainer

Debt and GDP

The File desk · IMF World Economic Outlook April 2026

The same five countries on every chart. Dollars are current U.S. dollars. 2001–2025 are this WEO vintage’s history. 2026 is an IMF projection.

Compiled Wednesday, September 2, 2026

Updated Wednesday, September 2, 2026

National debt

US$ billions · Estimate from IMF debt % × GDP · 2026 Est.

This is what governments owe, in dollars, not as a share of the economy. The US line is about twice China’s and about four times Japan’s. Japan used to be close to the US; the US pulled away after 2010. 2026 is an IMF forecast.

src IMF debt % × IMF GDP — Estimate. WEO April 2026.

GDP

US$ billions · IMF current prices · 2026 Est.

GDP is the size of the economy in dollars that year. The US economy is still the largest of these five. China’s line rose fastest. Japan’s dollar GDP has not grown with the others — part of that is the yen, not only output.

src IMF NGDPD, current prices. WEO April 2026.

Debt as a share of GDP

Percent of GDP · IMF general government gross debt · 2026 Est.

This asks how heavy the debt is compared with the economy. Japan’s line is highest even though its dollar debt is third. China’s percent has climbed fast from a low start. A higher percent means more debt for each dollar the country produces.

src IMF GGXWDG_NGDP. WEO April 2026.

More detail

These five are the top countries by 2025 dollar debt in this WEO vintage — United States, China, Japan, United Kingdom, France. Rank is by dollars of debt, not percent of GDP. Italy, about $3.50 trillion, is sixth and is not on the lines.

Dollar debt is an Estimate: IMF general government gross debt as a percent of GDP times IMF GDP at current U.S. dollar prices. Do not mix US Treasury Debt to the Penny onto these IMF lines.

US Treasury, September 1, 2026 — federal debt, not the IMF general-government line: Total Public Debt Outstanding $40,112,464,593,206.30; Debt Held by the Public $32,420,529,452,197.11; Intragovernmental $7,691,935,141,009.19.

China: IMF Fiscal Monitor April 2026 notes the official perimeter is narrower than some Article IV staff estimates. Local-government financing vehicles and off-budget infrastructure are not added here.

The dashed 2026 segment is the WEO projection.