Global Firepower tracks External Debt of each participant in its annual defense review. External Debt is defined as both public and private debt carried as owed to outside parties (namely the international community) and may repayable through currency exchanges, consumer/durable goods, and applicable services.
Typically, larger, better-developed nations carry equally-large external debt totals to compensate for their population sizes. External Debt is just one outlying factory considered in the GFP ranking concerning a given nation's fiscal health - namely due to the inherently large cost of going to war or maintaining a sizeable standing military. For the purposes of the GFP ranking, External Debt is used as a penalty.
Data presented on this list is through 2019. Values are presented in $USD. Estimates are made when official data is not available.
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