The world's total external debt in focus

External debt, also known as foreign debt, refers to the total amount of money borrowed by a country from foreign lenders, including governments, institutions, and private investors. In this article, we'll explore the total external debt by continent, based on data from reputable sources such as the International Monetary Fund (IMF) and the World Bank.

Total External Debt by Continent (2024 estimates)

Europe: $43.8 trillion

Europe's total external debt is significant, with the European Union (EU) member states accounting for the largest portion. The UK, Germany, and France are among the top contributors to the region's external debt.

North America: $30.9 trillion

The United States is the primary contributor to North America's total external debt, with Canada and Mexico also playing significant roles.

Asia: $16.3 trillion

Asia has one of the largest total external debt, driven primarily by China's significant borrowing. Japan, India, and South Korea also contribute substantially to the region's external debt.

South America: $2.6 trillion

South America's total external debt is substantial, with Brazil, Argentina, and Chile being the top contributors.

Oceania: $2.1 trillion

Oceania's total external debt is relatively small, with Australia and New Zealand being the primary contributors.

Africa: $1 trillion

Africa's total external debt is growing, with Nigeria, South Africa, and Egypt being the top contributors.

These numbers pose a high risk as high levels of external debt can increase a country's vulnerability to economic shocks and limit its ability to implement fiscal policies.

The growing external debt in Africa and South America may pose significant challenges for these regions in the coming years.