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Top 10 Highest national debt Countries in the World in Tamil | Tamil Zhi | Ravi
This is a list of countries by external debt: it is the total public and private debt owed to nonresidents repayable in internationally accepted currencies, goods or services, where the public debt is the money or credit owed by any level of government, from central to local, and the private debt the money or credit owed by private households or private corporations based on the country under consideration.
For information purposes, several non-sovereign entities are also included in this list.
Note that while a country may have a relatively large external debt (either in absolute or per capita terms) it could actually be a "net international creditor" if its external debt is less than the total of external debt of other countries held by it.
List of countries by external debt
Countries With Mounting Debt
The coronavirus pandemic led to a sharp increase in the total amount of debt amassed by nations around the world. In 2021, public debt - that is, debt owed by countries’ central governments - formed the highest share of total global debt seen in more than 50 years, according to the International Monetary Fund.
The Organization for Economic Cooperation and Development, a grouping of generally high-income countries dedicated to democracy and market economies, tracks government debt as a ratio to each country’s gross domestic product, or GDP, for its 36 member nations. The ratio, says the OECD, is an indicator of a country’s economic health. The OECD data does not reflect recent policy measures, such as the impact tax reductions will have on a country’s overall debt.
Here are the 10 countries with the largest debt-to-GDP ratios, along with those countries’ total general government gross debt, or the sum of a nation’s liabilities that will require future payments, according to the latest available OECD estimates.
Ghazal Ahmed
May 19, 2023·9 min read
In this article, we take a look at 25 countries with the highest debt to GDP ratios. You can skip our detailed analysis and go directly to 10 Countries with the Highest Debt to GDP Ratios.
Global Debt Crisis
Global debt has escalated to a record-high of $300 trillion, implying a 349% leverage on Gross Domestic Product. Federal debts held by the public have risen just as aggressively, with Congregational Budget Office (CBO) predicting such debts to reach 118% of GDP by 2033. CNBC notes that alleviating the debt overhang amidst bloating inflation and slowed economic growth will be excruciatingly painful for economies. Meanwhile, a strong US dollar has added to the interest rates, making it even more expensive to raise money and repay debts. During this period, mandatory spending and rising costs will continue to outpace revenue and economic growth. As a result, several dozens of economies will likely be pushed into default, while many more already have.
The 2020 global pandemic-driven economic downturn is largely to blame for the jump to decades-high government debt. While 2021 did help in a growth rebound with advanced and global economies experiencing 5.3% and 5.9% growth respectively, it was short-lived. Ballooning inflation, in part, due to overcorrection in post-lockdowns stimulus packages, led to economies tightening their monetary policies once more, while Russia’s invasion of Ukraine has been impacting commodity markets, further taking a toll on the global economy. The result has been a deceleration in global growth to 2.9% in the year 2022.