(THIS ARTICLE IS COURTESY OF TRAVEL TRIVIA)
Countries With the Most Debt
If you live in the United States, you have surely heard a lot about the billions of dollars that America owes to other countries. This is not an uncommon thing, though, as countries loan money to and accept money from each other all the time. Just like with individual loans, accepting a lot of financial help from other countries can add up to a lot of debt. In 2017, global debt rose to an incredible 225% of the world’s gross domestic product (GDP) according to Focus Economics, which means that many countries owe a lot more money than they earn each year. Here is a look at the five countries that have the most debt, according to Focus Economics.
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As you walk the cobbled streets of Italy, taking in all the enormous, ornate cathedrals and looking at all the fashionable people, the last thing on your mind is that this country might have money problems. Like any country, though, Italy has its share of debts — and it has some pretty big ones. According to GraphicMaps, Italy has an external debt of $2,444,000,000,000 (USD), which, when put in terms of GDP, will be 131 percent of its earnings in 2019. Fortunately, though, this number is expected to fall to 128 percent by 2023, which is still high, but much more favorable.
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This is where things get a bit tricky. If you just look at the amount of money owed to other countries, Venezuela doesn’t even crack the top ten. But if you compare this debt to the country’s GDP, things look a lot worse — and the country comes in at number four on the list of countries with the most debt. Venezuela’s public debt is 152 percent of its GDP in 2019, which is more than one and a half times as much money as it brings in each year. According to World Population Review, this country is currently going through a very rough patch in terms of finances, so it is not clear at this time whether the debt will increase or decrease over the next few years.
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The winner of the bronze medal for highest external debt is Lebanon. This country has been struggling for some time, and its debt is expected to increase from 153 percent to 156 percent between 2019 and 2023. This is only barely more than Venezuela, so there could be a competition for this third place spot in the coming years.
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Greece was one of the most successful empires in the ancient world, contributing everything from myths to democracy to our modern culture. Today, however, the country is mired in debt. Greece was required to take multiple bailouts. Its external debt currently stands at 175 percent. This debt has been steadily decreasing over the years, however, and is projected to be almost 10 points lower by 2023.
If you were expecting the United States to be number one on this list, you aren’t alone. And technically, America does owe the highest debt in the world: 29.27 trillion dollars. But when you take into account how much money the country brings in per year, Japan takes the top spot, with a debt of $3,240,000,000,000, which is a whopping 236 percent of its GDP (the United States “only” owes 108 percent of its GDP). This number might seem incredibly high, but one must remember that Japan has one of the world’s largest economies, and has a population of over 127 million people.