The statistic shows the 20 countries with the lowest national debt in 2023 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2023, Russia's estimated level of national debt reached about 19.66 percent of the GDP, ranking 17th of the countries with the lowest national debt. National debt and GDP The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it. Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.

The industry is composed of non-depository institutions that conduct primary and secondary market lending. Operators in this industry include government agencies in addition to non-agency issuers of mortgage-related securities. Through 2025, rising per capita disposable income and low levels of unemployment helped fuel the increase in primary and secondary market sales of collateralized debt. Nonetheless, due to the pandemic and the sharp contraction in economic activity in 2020, revenue gains were limited, but have climbed as the economy has normalized and interest rates shot up to tackle rampant inflation. However, in 2024 the Federal Reserve cut interest rates as inflationary pressures eased and is expected to be cut further in 2025. Overall, these trends, along with volatility in the real estate market, have caused revenue to slump at a CAGR of 1.5% to $485.0 billion over the past five years, including an expected decline of 1.1% in 2025 alone. The high interest rate environment has hindered real estate loan demand and caused industry profit to shrink to 11.6% of revenue in 2025. Higher access to credit and higher disposable income have fueled primary market lending over much of the past five years, increasing the variety and volume of loans to be securitized and sold in secondary markets. An additional boon for institutions has been an increase in interest rates in the latter part of the period, which raised interest income as the spread between short- and long-term interest rates increased. These macroeconomic factors, combined with changing risk appetite and regulation in the secondary markets, have resurrected collateralized debt trading since the middle of the period. Although the FED cut interest rates in 2024, this will reduce interest income for the industry but increase loan demand. Although institutions are poised to benefit from a strong economic recovery as inflationary pressures ease, relatively steady rates of homeownership, coupled with declines in the 30-year mortgage rate, are expected to damage the primary market through 2030. Shaky demand from commercial banking and uncertainty surrounding inflationary pressures will influence institutions' decisions on whether or not to sell mortgage-backed securities and commercial loans to secondary markets. These trends are expected to cause revenue to decline at a CAGR of 0.8% to $466.9 billion over the five years to 2030.

Graph and download economic data for Personal Saving Rate (PSAVERT) from Jan 1959 to Jun 2025 about savings, personal, rate, and USA.

Debt collection agencies have been severely impacted by several macroeconomic events and uneven consumer sentiment, creating large shifts in debt payments and new debt accrual. Following the pandemic, debt collection agencies struggled to find their footing, as a multitude of government assistance through policies such as the American Rescue Plan of March 2021 and student loan freeze bolstered individual consumers’ debt repayment capabilities and resulted in a considerable slowdown in overall debt accrual. However, in recent years, this has reversed, as the interest rate hikes in 2023, which peaked at 5.3% per the Federal Reserve, made it more difficult to finance debt payments. The lifting of the student loan freeze in October 2023 created further repayment stresses for consumers, while businesses were forced to rely on more expensive financing options for their capital needs due to high interest rates. Despite the more recent recovery, the overarching effects of debt repayment freeze and generous federal stimulus resulted in revenue slipping at a CAGR of 2.6% to an estimated $16.4 billion over the past five years, including an estimated 2.3% boost in 2025 alone. Small debt collection agencies face significant pressure from emerging accounts receivable platforms and virtual debt collection companies that aim to replace traditional practices. Prominent debt collectors can invest in new communication methods and data analytics, giving them an edge in outreach techniques such as telephone calling and social media communications. Competitive pressures intensify as new technology enables companies to manage their own debt collection, while out-of-market firms like fintech, e-commerce and payment platforms gain new revenue streams. Prominent companies, such as Alorica Inc., have responded tactically, with the company pursuing an AI cloud partnership with Google in October 2024 which bolstered profitability through more efficient internal workflow and direct-to-consumer services.Moving forward, debt collection agencies face positive prospects amid anticipated slowdown in interest rates and continued growth in medical and student loan debt. Consumers will use less revolving debt and hold larger balances in a higher interest rate environment; according to 2024 data from the New York Fed, outstanding credit card debt exceeded $1.2 trillion last year alone. Nonetheless, continued pressure from in-house alternatives among established financial organizations will force debt collection agencies to remain at the forefront of workflow modernization when procuring debt portfolios. Revenue is expected to accelerate at a CAGR of 2.1% to an estimated $18.3 billion through the end of 2030.

South Africa Households Debt to Households Disposable Income: saar data was reported at 71.300 % in Jun 2018. This records an increase from the previous number of 70.900 % for Mar 2018. South Africa Households Debt to Households Disposable Income: saar data is updated quarterly, averaging 53.850 % from Mar 1969 (Median) to Jun 2018, with 198 observations. The data reached an all-time high of 87.800 % in Mar 2008 and a record low of 34.600 % in Mar 1980. South Africa Households Debt to Households Disposable Income: saar data remains active status in CEIC and is reported by South African Reserve Bank. The data is categorized under Global Database’s South Africa – Table ZA.A044: SNA 2008: National Account Ratio: Seasonally Adjusted at Annual Rates.

Credit repair service providers identify errors in credit reporting and dispute inaccurate information with the appropriate organizations to improve credit ratings. The industry's performance often behaves countercyclically to the overall economy. Despite this, revenue fell during COVID-19 as massive government aid pushed up savings. These savings kept consumers financially stable, so demand credit repair services declined in 2020. As economic restrictions were lifted, many households went on a spending spree and ruined their credit, so revenue for the industry rose in 2021. While interest rates have been volatile, they've risen over time as the Federal Reserve has increased borrowing costs to cool the economy. Higher interest rates make it harder for consumers to pay off debt, ruining their credit. This raises demand for the industry's services. Overall, revenue for credit repair service providers is expected to increase at a CAGR of 2.8% during the current period, reaching $6.6 billion in 2023. Revenue is anticipated to rise 2.5% in that year.The industry will grow modestly in the near future, but it will face some challenges. The outlook period will be marked by significant volatility, as determinants of revenue (e.g., consumer spending, interest rates, corporate profit) will shift significantly over this time frame. The Federal Reserve will continue to raise interest rates to bring the inflation rate down to 2.0%. Since the cost of borrowing will continue to increase, the industry will benefit. Economic growth will be strong, making individuals more credit-worthy and reducing demand for credit repair services. Individuals will be more able to repair their credit on their own as online resources get more comprehensive. Overall, revenue for credit repair service providers is forecast to cincrease at a CAGR of 1.0% during the outlook period, reaching $7.0 billion in 2028. Profit is expected to comprise 10.1% of revenue in that year.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest *** trillion U.S. dollars at the end of 2007, it ballooned to approximately **** trillion U.S. dollars by July 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached ***** percent in 2022, the highest since 1991. However, by *********, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in ***********, before the first rate cut since ************** occurred in **************. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of ***** billion U.S. dollars, a stark contrast to the ***** billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over *** billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of ****** billion U.S. dollars in the same year.

In 2025, the debt services payments to disposable income ratio in the United States was slightly lower than in the previous quarter. That came after a sharp drop of the ratio in 2020 and 2021, which was followed by a rapid increase of the debt service payments, as they represented over 11.25 percent of their personal disposable income in the last quarter of 2025. In this context, debt service refers to the amount of money that households need to pay up their debts, including the interest rates of their loans and lending.

In 2023, the debt services payments to disposable income ratio in the United States has remained relatively stable. That came after a sharp drop of the ratio in 2021 and 2022, which was followed by a rapid increase of the debt service payments, as they represented over 9.8 percent of their personal disposable income in the last quarter of 2023. In this context, debt service refers to the amount of money that households need to pay up their debts, including the interest rates of their loans and lending.

Developing countries pay the highest interest payments on public debt as a share of their gross domestic product (GDP), with Zambia paying the highest rate at ***** percent. Many developing countries rely on public debt to finance key investments, but a high debt burden means that funds need to be allocated to debt repayments.