Panama and Costa Rica lead Latin America in per capita public debt

Panama and Costa Rica hold the highest public debt per capita in Latin America, according to data from the Institute of International Finance (IIF). Panama leads the region with a per capita debt of $14,338, despite having the highest GDP per capita in Latin America at $21,823. Costa Rica follows with a per capita debt of $13,105.

Among the region's larger economies, Argentina ($11,146), Brazil ($10,106), Mexico ($8,577), and Chile ($8,506) report high debt levels, but they remain below the figures seen in Panama and Costa Rica.

Analysts note that per capita debt figures do not solely determine a nation's ability to meet its obligations. Factors such as economic size, financing costs, fiscal revenue capacity, exchange rates, and investor demand are critical in assessing a country's actual fiscal strength and economic stability.