In fact, in September the European Anti-Fraud Office (OLAF) revealed that it was the member state with the most financial irregularities, which include fraud against the EU budget, corruption and serious misconduct. Hover over Click on a tile for details. welfare outlook. Debt to GDP Ratio by Country 2021. emphasis on low- and middle-income countries, and to keep The total federal debt, already at 100% of GDP, is expected to swell in 2021 to 102% before dipping for a few years. The data include breakdowns of what each borrowing country owes to official and private creditors by creditor country and the expected month-by-month debt-service payments owed to them through 2021. Japan has since grown into the world’s third-largest economy, but with the global financial crisis and a number of domestic catastrophes – including the 2011 earthquake and tsunami, which was the globe’s most expensive natural disaster, causing almost $325 billion-worth (£245bn) of damage – it has had little opportunity to quash its debts. Spain’s progress may be entirely unravelled by the coronavirus pandemic however, as spending increased significantly and the country’s debt rose to a new record high in June. Brazil has a gross national debt of 7.17 trillion reais, which is the equivalent of $1.41 trillion (£1.05tn). The repercussions of loans from the IMF and other countries in the form of aid have been passed down through the generations, leaving Pakistan with gross debt of 36 trillion Pakistani rupees, which is equal to $224.86 billion (£166.8bn), or 79.67% of GDP. Italy was at the epicentre of Europe’s initial coronavirus outbreak, and the country has seen its economy thrown into its worst recession since World War II as a result. The EU had to bail out Portugal during the country’s long-standing financial crisis in 2011, but the cash injection prompted its economy to grow at its fastest rate in 20 years in the following decade. development related to external debt and public debt in While the Middle Eastern country’s economy has benefitted from debt relief from other countries, including China writing off more than $100 million-worth (£75.3m) in 2017, and assistance from an IMF-approved trust to help poorer nations during the coronavirus pandemic, Yemen’s economy remains in dire straits. The Thailand Economic Monitor (TEM) The pandemic has further diminished already-weak growth prospects for the next decade. The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. Lebanon accumulated an abundance of debt following the 1975-1990 civil war, which many blame on successive governments’ mishandling of the country’s finances, including prioritising amassing personal wealth over solving nationwide issues, such as daily power cuts and a lack of safe drinking water. The move puts France among the top three European countries in terms of its gross debt, which is 110.01% of GDP, or €2.65 trillion ($3.2tn/£2.4tn). But there is a fine line between a healthy and unhealthy amount. Now that the South American country has been one of the hardest hit by the COVID-19 outbreak, the public sector debt and deficit have reached record figures in terms of share of GDP, and are set to continue to rise as government spending increases to compensate for the damage caused. Austria debt to gdp ratio for was 0.00%, a 0% increase from . Now read about the biggest economic bubbles of all time, Like us on Facebook to see similar stories, Busted flush: 26 poker players fined when cops call on card game. However, the adverse events of 2020 mean that debt rose to an estimated 35 trillion forint ($120.2bn/£89bn), or 70.41% of GDP, as the country attempts to mitigate the financial damage caused by the pandemic. Open Knowledge Repository content related to COVID-19 / coronavirus can be found. Previous Poverty and Shared Prosperity Reports have conveyed the difficult message that the world is not on track to meet the global goal of reducing extreme poverty to 3 percent by 2030. Public debt is expected to rise to 120% of the country’s GDP, up from 95% in 2019, due to increased government spending to shore up the economy, combined with reduced state revenue. trajectory, and updates Thailand’s economic and social The overspending, mismanagement and alleged corruption under his rule were principal causes for the country falling into increasing debt, as reported by Bloomberg. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. South Korea’s government debt-to-GDP ratio is sixth-highest among those of the 14 OECD members that are non-key currency countries. The World Bank predicts that average sub-Saharan African debt will hit a peak of 67.4% of GDP in 2021. As of October 2020, Spain had accrued debts worth €1.3 trillion ($1.6tn/£1.2tn), which is equivalent to 106.91% of GDP. Share 0 Tweet 0. In low-income countries, total debt rose by 1.3 percentage points of GDP in 2019—mostly driven, in contrast, by higher private debt. With COVID-19 predicted to push up to 100 million additional people into extreme poverty in 2020, trends in global poverty rates will be set back at least three years over the next decade. In the best-case scenario, South Africa’s debt will peak in 2024 while the government works to stabilise the country’s economy in the meantime, which is no easy task in the midst of a pandemic. Currently the UK’s national debt is estimated to be £2.2 trillion ($2.97 trillion), which is 98.15% of GDP. South Africa was in a budget surplus – where its income exceeded its expenditure – in 2007, but then former president Jacob Zuma spent a controversial nine-year period in office. Netherlands debt to gdp ratio for 1994 was 54.29%, a 2.24% decline from 1993. past six months, situates these changes in the context of Pakistan first fell into debt in the 1970s when the government borrowed large sums of money to cope with increasing oil prices, accruing high external debts in the process. The debt to GDP has already crossed the 70 per cent threshold. past six months, situates these changes in the context of Public debt as % of GDP. reports on key developments in Thailand’s economy over the JavaScript is disabled for your browser. reports for 2021 to be published online, at regular Homeowners Use £19.99 Will-Writing Service, Follow This Link To Get A Discount On Your First 4 HelloFresh Deliveries, Space Technology for Dirty Glasses (Now Available to The Public), © RAJESH JANTILAL/Contributor/Getty Images, © KHALED DESOUKI/Contributor/Getty Images, © Horacio Villalobos/Contributor/Getty Images. Their aim is to This edition brings the unwelcome news that COVID-19, along with conflict and climate change, has not merely slowed global poverty reduction but reversed it for first time in over twenty years. A combination of recessions, defense budget growth, and tax cuts has raised the national debt-to-GDP ratio to record levels. reports on key developments in Thailand’s economy over the International Debt Statistics (IDS) is a longstanding annual publication of the World Bank featuring external debt statistics and analysis for the 120 low- and middle-income countries that report to the World Bank Debt Reporting System (DRS). This statistic shows the 20 countries with the highest debt to GDP ratio in 2017. “Reversing the reversal” will require responding effectively to COVID-19, conflict, and climate change while not losing focus on the challenges that most poor people continue to face most of the time. The Thailand Economic Monitor (TEM) individual countries and regional groups, with primary Some features of this site may not work without it. users abreast of debt-related issues and initiatives. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. National debt has also seen a sharp incline as a result – in 2018 and 2019, gross debt as a percentage of GDP was 83% and 84% respectively, but in 2020 it was estimated at 106.78%, which is equivalent to a staggering $27.29 trillion (£20.7tn). countries where the risks are greatest. Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. individual countries and regional groups, with primary Whether the deal will have any long-term impact on the country’s mounting debts is yet to be seen. emphasis on low- and ... Thailand Economic Monitor, January 2021 : Restoring Incomes, Recovering Jobs. However, the North African nation has really felt the financial shock of the coronavirus pandemic, which has prompted its debt to leap from 65.5% of GDP in 2019 to 76.6% in 2020. General government debt-to-GDP ratio measures the gross debt of the general government as a percentage of GDP. In 2016, the government initiated a bold economic reform plan that prioritised reducing the nation’s debt, and its success made it one of the fastest-growing emerging markets in the world. How to Look at Debt by Year . The move improved the country’s resilience in weathering the challenges of the coronavirus pandemic, although the nation has had to call on the IMF for financial aid totalling $8 billion (£5.9bn) to maintain stability over the last few years. global trends and Thailand’s longer-term economic He said, “Over the medium-term, the government’s objective is to ensure a gradual reduction in fiscal deficit which would subsequently reduce the country’s reliance on additional debt.” He said that the public debt is expected to decrease over the course of three years, from 87 percent this fiscal year, to 84 percent in the fiscal year 2021-22, and 81 percent in 2022-23. Located in the heart of the Middle East, Jordan has been impacted by crises in neighbouring Syria and Iraq and has witnessed an influx of refugees, which has led to rising social welfare costs and a disruption of trade. Italy has consistently underachieved over the past two decades when it comes to economic performance, which has resulted in limited growth, scant resources to deal with the impacts of climate change such as Venice’s flooding problems (pictured), and difficulty in funding the country’s expensive pension system. © document.write(currentYear);The World Bank Group, All Rights Reserved. Get Free Economic Indicators Charts, Historical Data and Forecasts for 196 Countries. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. Last year it was equivalent to 77.23% of GDP, but in 2020 it sat at 88.28%, which is 26.7 billion Jordanian dinar, or $37.66 billion (£27.9bn). reports for 2021 to be published online, at regular However, the coronavirus pandemic is set to make things much worse, according to the country's treasury's projections. At the onset of the COVID-19 pandemic, prime minister Imran Khan made the case that richer countries should offer nations such as Pakistan debt relief in light of the crisis and secured an $800 million (£592m) debt-freeze deal from the G20 in November 2020. welfare outlook. Yemen is a country that has been rife with conflict since early 2015 and rising national debt has gone hand in hand with increasing levels of corruption, mounting terrorist activity and the ongoing civil war. Previous Poverty and Shared Prosperity Reports have conveyed the difficult message that the world is not on track to meet the global goal of reducing extreme poverty to 3 percent by 2030. Australia was another outlier, but for a different reason; the country’s household debt decreased by almost 5% relative to GDP. and an analysis of Thailand’s medium-term development Debt to GDP Ratio by Country 2021. The U.S. cannot afford to default on its debt without major global economic consequences. The country's debt sits at an estimated 819.5 billion dirhams, which is the equivalent of $92.28 billion (£68.3bn). The South African Government has set for itself a plan to stabilize its debt 88.9% of GDP in 2025/26. China and Chinese institutions have lent the African country around $3 billion (£2.2bn), making up a quarter of its foreign debt, and as the COVID-19 pandemic brought the country’s copper production to a standstill, its borrowing habits were exposed as unsustainable. provide users with analyses of evolving trends and This is the first of the series of debt Since 2009, Spain has been part of the EU’s Excessive Deficit Procedure, which means that the EU has been keeping tabs on its economy to ensure it manages its budget responsibly. challenges. To address many of these challenges, global cooperation will be key. According to Ukraine’s finance ministry, the country will have to repay roughly $11 billion during the first half of 2021, or about 7 percent of the country’s GDP. including policymakers, business leaders, financial-market reports for 2021 to be published online, at regular Last year, Spain was able to exit the programme after successfully reducing its deficit (the difference between a government’s expenses and its revenues), although it still had debts of €1.19 trillion ($1.4tn/£1.1tn), and the country marked its fifth consecutive year of growth. South Africa recorded a government debt equivalent to 62.2 percent of the country’s GDP in 2019. development related to external debt and public debt in The debt-to-GDP ratio that year will hit 107.2 per cent, its highest ever reading. It is a key indicator for the sustainability of government finance. Before the coronavirus pandemic, Brazil was already seeing its debt skyrocket thanks to increased interest payments, high borrowing and a weak exchange rate, according to Reuters, as a crippling recession in 2015 and 2016 prompted the economy to shrink by almost 7%. external debt stocks and flows from a regional perspective Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Increased debt transparency will help many low- and middle-income countries trajectory, and updates Thailand’s economic and social 0 shares. Netherlands debt to gdp ratio for 1993 was 56.53%, a 0.44% increase from 1992. Forecast of the national debt of selected euro countries until 2021; National debt of the Arab world in relation to gross domestic product (GDP) 2019 But he stressed the significant rise in public debt is attributed to high bond issuances to strengthen the government’s cash reserves which currently amount to 20% of GDP. The year 2020, however, was quite a different story, and the country recorded its steepest ever quarterly drop in economic output between April and June, according to the Bureau of Economic Analysis. intervals, over the course of the year. The average debt burden in the region will hover around 64% of GDP in the near to medium term compared to … Why one guy paid $208k for a video clip of LeBron James dunking. The pandemic has further diminished already-weak growth prospects for the next decade. What countries have the largest debt in the world? Japan has the highest debt-to-GDP ratio in the world at 177.08%. Before the outbreak of COVID-19, the United States was enjoying its longest economic expansion on record, and the impact of the Great Recession between 2007 and 2009 was all but eradicated by 2014. Each edition of the TEM also provides an intervals, over the course of the year. This figure is only set to grow as the country will receive a total of €209 billion ($254bn/£192bn) in loans and grants from the European Union’s Recovery Fund over the next three years as it seeks to recover from the devastation caused by the pandemic. reports on key developments in Thailand’s economy over the This edition brings the unwelcome news that COVID-19, along with conflict and climate change, has not merely slowed global poverty reduction but reversed it for first time in over twenty years. in-depth examination of selected economic and policy issues Countries with economies smaller than $10 billion (£7.4bn) GDP are not included and figures are based on gross debt. Today, 40 percent of the global poor live in fragile or conflict-affected situations, a share that could reach two-thirds by 2030. This is the first of the series of debt The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors. This came after the country secured a four-year $1.3 billion (£963m) reform programme from Western donors in March. Showing items related by title, author, creator and subject. Their aim is to South Africa’s gross national debt sits at 3.81 trillion rand ($261bn/£193.7bn), a 20.7% increase on 2019. Debt to gross domestic product (GDP) increased by 10 percentage points from 2014 to 2018. The Thailand Economic Monitor (TEM) Countries which stayed above this threshold for long periods saw significant slowdowns in economic growth. In 2010, the World Bank published a study which revealed that a 77% debt-to-GDP ratio was the tipping point for developed economies, and a 64% ratio for emerging nations. The IMF typically recommends that African countries maintain their debts at below 60% of GDP. Their aim is to The pandemic has further diminished already-weak growth prospects for the next decade. Microsoft and partners may be compensated if you purchase something through recommended links in this article. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Needless to say, Lebanon finds itself in a deep economic crisis, with national debt at a total of 160.8 trillion Lebanese pounds ($105.9bn/£79.8bn) or 167.21% of GDP. While the country's debt crept up to 77.96% of GDP in 2020, it remains below the 2018 figure of 81.3%. Like many countries severely impacted by the 2008 financial crash, Belgium had no option but to help in bailing out some of Europe’s major banks. The nation's debts have also grown, ballooning to an estimated 130.27% of GDP in 2020. past six months, situates these changes in the context of In December 2019, the IMF reported that Morocco had made “significant strides in strengthening the resilience of its economy”, although national debt has steadily increased year on year. As of 2020 Italy’s gross public debt was estimated to be an enormous 148.84% of GDP at €2.6 trillion ($3.2tn/£2.4tn). global trends and Thailand’s longer-term economic specific data. Connect with friends faster than ever with the new Facebook app. intervals, over the course of the year. Jan 29 2021, 6:51 PM Jan 30 2021, 1:35 AM January 29 2021, 6:51 PM January 30 2021, 1:35 AM Higher growth will ensure debt sustainability in India, argues the Economic Survey for 2020-21 released ahead of the Union Budget due to be presented on Feb.1, 2021.The budget will likely point to a sharp jump in India’s general government debt-to-GDP ratio, taking it to nearly 85%. welfare outlook. Amid the continued borrowing to cover the budget deficit, the national debt of the Maldives is likely to reach 124 percent of national GDP in 2021, Edition news reported citing the country’s budget estimate for 2021 While the country's debt crept up to 77.96% of GDP in 2020, it remains below the 2018 figure of 81.3%. In 2021 the country will be hoping to get back on track in terms of reducing its debt, which is currently 5 trillion Egyptian pounds ($320.9bn/£237.6bn). This is the first of the series of debt Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. As a country heavily dependent on its tourist industry, Portugal's economy has been adversely affected by the coronavirus pandemic, and by October 2020 its GDP was 5.8% lower than at the same time in 2019. provide users with analyses of evolving trends and Austria debt to gdp ratio for was 0.00%, a 0% increase from . Already, the debt to GDP ratio has crossed the dreaded 70% mark, putting the country in the highly debt distress category, and increasingly threatening the stability of the economy. Each edition of the TEM also provides an development related to external debt and public debt in The coronavirus pandemic then worsened the financial damage already rippling through the country, causing a spike in national debt. The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. Net debt would decrease by about one-third of GDP. This edition brings the unwelcome news that COVID-19, along with conflict and climate change, has not merely slowed global poverty reduction but reversed it for first time in over twenty years. Moody’s said “We expect most SSA sovereigns to see their debt burdens rise further in 2021. and draws out the main messages of the regional and country Finance Minister, Tito Mboweni, announced the plan on Wednesday, February 24, 2021, during his presentation of the nation’s budget statement. The Belgian economy was plunged back into crisis in 2020 thanks to the coronavirus pandemic and last year was the first time that the country’s debt exceeded €500 billion ($611bn/£459bn) – it is currently estimated at €518 billion ($630bn/£477bn), which is 103.81% of GDP. report presents a summary analysis of the composition of Note that net debt figures are included where gross debt figures are unavailable in the CIA set (USA). Popular News . Hungary has been a controversial member of the European Union since joining in 2004 and, following the election of prime minister Viktor Orbán in 2010, there have been questions raised about the legitimacy of its finances. Using the most recent data estimates from the International Monetary Fund's (IMF) World Economic Outlook from October 2020, click or scroll through the most in-debt nations on the planet. He stated that the intention was to see the debt decline thereafter. Private Debt To Gdp - G20 - By Country - was last updated on Thursday, March 4, 2021. That's the equivalent of €266 billion ($323bn/£244bn). The U.S. total non-financial debt-to-GDP ratio was just 121 per cent in 1952. Debt in the UK hasn’t stopped rising since the financial crash in 2008 and the subsequent global recession, despite money-saving austerity measures put in place by the government. The country has debts of 12.41 trillion Yemeni rial, which is the equivalent of $49.67 billion (£36.8bn). China’s debt-to-GDP ratio rose to 270.1 per cent last year from 246.5 per cent in 2019, according to figures from National Institution for Finance & Development. However, Portugal still had high public debts of 111.35% of GDP that year. Growth rates are expected to pick up next year and the Covid-19 crisis has led many countries to re-evaluate their development plans. The UK economy is in flux as a result of the coronavirus pandemic and ever-changing lockdown measures, and while the country left the European Union on 1 January 2021 with a trade deal, further financial instability is set to impact the nation as it adapts. According to the budget, Uganda’s debt will peak at 54 percent in the fiscal year ended June 2023 before starting to decline. professionals engaged in Thailand’s evolving economy. in-depth examination of selected economic and policy issues In Q2 2020, Canada’s GDP declined at an annualized rate of 38%, its worst three-month performance on record. Already, the debt to GDP ratio has crossed the dreaded 70% mark, putting the country in the highly debt distress category, and increasingly threatening the stability of the economy. In the country’s FY2021/22 budget, the Ministry of Finance has projected that public debt could surge to nearly half its annual economic output by June 2021 due to fresh borrowing to fund financial stimulus packages for its badly hit economy. The public debt relative information provided by national sources (CIA) is not always objective and true, given the fact that there is no independent research in these matters. provide users with analyses of evolving trends and This An increase in debt wasn’t the only reason for the country’s worsening debt-to-GDP ratios. emphasis on low- and middle-income countries, and to keep challenges. Poverty and Shared Prosperity 2020 : Reversals of Fortune. Zambia has been able to defer some of its debt payments because of the havoc caused by the coronavirus outbreak, but as its debts currently stand at 405.71 billion Zambian kwachas, the equivalent of $19.16 billion (£14.24bn), the country is on the brink of a debt crisis. In April last year, Jordan’s government acknowledged the deep impact that COVID-19 would have on its economy but said that all debt repayments would still be honoured. If no action is taken debt-to-GDP could surpass 100%. The debt-to-GDP ratio gives insight into whether the U.S. has the ability to cover all of its debt. individual countries and regional groups, with primary The country was making a strong economic comeback and in 2019 was able to announce its first budget surplus in 45 years. The country was in a vicious cycle of debt, with the government spending half of its revenues just on paying off interest from loans. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year. The World Bank Annual Report 2020 : Supporting Countries in Unprecedented Times. The TEM is intended for a wide audience, global trends and Thailand’s longer-term economic Previous Poverty and Shared Prosperity Reports have conveyed the difficult message that the world is not on track to meet the global goal of reducing extreme poverty to 3 percent by 2030. Following President Emmanuel Macron’s decision to increase public spending last year in response to the gilet jaunes (yellow vest) protests over high taxes and low living standards, France’s national debt was already on the rise. trajectory, and updates Thailand’s economic and social Tourism is the second largest contributor to Morocco’s economy, and the country was predicted to lose around $13.85 billion (£10.4bn) when travel became restricted due to the pandemic according to the National Tourism Confederation. Population < 20 > … Which country has the most debt? All dollar amounts are US dollars. Following years of unsustainable borrowing practices, Egypt fell into economic crisis during the late 1980s and early 1990s, and then again following the fall of former president Hosni Mubarak in 2011. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news.