Iraq’s public debt nears $174B mark
Shafaq News- Baghdad
Iraq's government debt is projected to reach $174 billion in 2026, equivalent to 71.1% of gross domestic product (GDP), ranking the country 47th among 190 economies worldwide, according to data published by Visual Capitalist.
The ranking, based on International Monetary Fund (IMF) figures, comes as global government debt is expected to climb to $121 trillion this year, or 94.6% of global GDP.
Iraq ranks ahead of Chile and Algeria, each with debt forecast at $172 billion, but behind the Czech Republic, at $196 billion, and Hungary, at $209 billion.
Elsewhere in the region, the UAE's government debt is set to reach $217 billion, equivalent to 32.8% of GDP. Iran's debt stands at $122 billion, or 39.1% of GDP, while Morocco's amounts to $130 billion, representing 66.6% of its economy.
The United States remains by far the world's largest debtor, with government debt totaling $41.4 trillion, followed by China at $22.5 trillion. Together, the two countries account for around 53% of global government debt.
The picture differs when debt is measured relative to the size of an economy. Sudan ranks first worldwide, with government debt equivalent to 334.4% of GDP, followed by Japan at 199.4% and Singapore at 166.4%. The ratio reaches 126.8% in the United States and 104.4% in China.
Global government debt is forecast to surpass 100% of GDP by 2030, a level last recorded in the years following World War II, according to the report.
