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Global Debt

Worldwide national debt at the end of 2014 stands at around $60,000,000,000,000 that is $60 trillion. Below are the top ten largest countries by GDP (a (poor) measure of economic activity) and their corresponding debt in $ trillion, and percentage of debt to GDP at the end of 2014.

 

GDP Debt Debt as % of GDP
1.USA 17.42 18.20 105
2.China 8.25 5.21 63
3.Japan 5.08 10.11 199
4.Germany 2.97 2.04 68
5.France 2.87 2.70 94
6.UK 2.84 2.32 82
7.Brazil 2.53 1.39 55
8.Italy 2.12 2.95 139
9.Russia 2.12 0.24 11
10.India 1.85 0.91 49

 

It is generally understood that GDP is not a very good measure of the relative health or wealth of a country, as among the many items it does not take into account, unbelievably is debt, specifically national debt. But what is GDP?

Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year, or other given period of time. GDP per capita is often considered an indicator of a country’s standard of living. The greatest strength of GDP as a measure is its general acceptance and the level to which it is understood.

Considering a countries GDP per person, produces figures which differ greatly to looking simply at GDP.

 

Ranking Country 2012 GDP per head ($)
1 Luxembourg 89,417
2 Norway 66,135
3 Switzerland 53,641
4 United States 51,689
5 Australia 44,407
6 Austria 44,141
7 Ireland 43,803
8 Netherlands 43,348
9 Sweden 42,874
10 Denmark 42,787
11 Canada 42,114
12 Germany 41,923
13 Belgium 40,838
14 Scotland (Independent with oil) 39,642
15 Finland 39,160
16 Iceland 39,097
17 France 36,933
18 United Kingdom 35,671

 

List of Countries by Public (Government) Debt

 

List of Countries by External (Public plus Private) Debt

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