1. Japan — 248.1%. The country’s debt to GDP ratio is enormous. The country is in a troubling spot. Its economy is growing very slowly and now the central bank has implemented negative interest rates.

2. Greece — 178.4%. The country is continuing to suffer since the sovereign debt crisis of 2010. It is still struggling to make debt repayments after being bailed out continually by international creditors and is still in full force of a stringent austerity drive.

3. Lebanon — 139.1%. The country used to be a tourist destination, but war in Syria and domestic political turmoil have caused ructions across the economy.

4. Italy — 132.6%. The country’s proportion of debt to GDP is the second highest in the Eurozone. Italy is also at one of its most crucial crossroads in recent history as the nation goes to vote on constitutional reforms soon.

5. Portugal — 128.8%. Portugal exited its own bailout programme in the middle of 2014, and it is still trying to economically recurperate.

6. Jamaica — 124.3%. The services industry accounts for 80% of GDP, but high crime, corruption, and large-scale unemployment drag the country’s growth down.

7. Cape Verde — 119.3%. The island nation is a service-orientated economy and suffers from a poor natural-resource base. This means it has to import 82% of its food, leading to vulnerability to market fluctuations.

8. Bhutan — 115.7%. The small Asian economy is closely linked to India and depends heavily on it for financial assistance and foreign labourers for infrastructure.

9. Cyprus — 108.7%. The country has managed to reduce its GDP to debt ratio from 112% last year, as it continues to repair itself following its excessive exposure to Greece.

10. Belgium — 106.3%. The country is home some of the most powerful people in the world, thanks to Brussels, but the nation suffers from high government debt levels as it battles with restrictive labour and tax regulations, says WEF.

11. United States — 105.8%. It will be all change over the next few months when US President Barack Obama leaves office and either Hillary Clinton or Donald Trump takes over. The Federal Reserve is also tipped to be on the cusp of raising interest rates soon.

12. Barbados — 103%. The tax-haven nation is the wealthiest and most developed country in the eastern Caribbean, but its growth prospects look weak due to austerity measures to combat the effects of the credit crisis eight years ago.

13. Spain — 99%. Spain, like many eurozone countries, is trying to raise productivity across the country to boost its economy.

14. Singapore — 98.2%. The country is one of the richest in the world and it has managed to reduce its GDP to debt ratio from 103.8% last year. Meanwhile, the government is now trying to find new ways to grow the economy and raise productivity.

15. France – 96.8%. France’s government debt to GDP ratio has widened this year as it struggles with weak productivity and wages.

16. Ireland – 95.2%. The country has reduced its GDP to debt ratio from 122.8% last year, as it continues its success in refinancing a large amount of banking-related debt.

17. Jordan — 91.7%. WEF says “addressing macroeconomic challenges will be key to freeing up public funding for competitiveness-enhancing investment” as it geopolitically suffers from being close to Syria and Iraq.

18. Gambia — 91.6%. WEF points out that the West African country does not just suffer from high levels of government debt versus its GDP, access to financing and onerous foreign currency regulations make doing business in the country difficult.

19. Canada — 91.5%. While Canada is behind the US in the overall competitive country ranking by WEF, it has a lower debt to GDP ratio while the US “lags behind Canada in the quality of institutions, macroeconomic environment, and health and primary education.”

 

Source: Independent.co.uk

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