The largest countries are in debt. The only countries in the world that have no debt. Positive aspects of state external debt from countries around the world

The total volume reached $53 trillion. The US share of global liabilities is $17.3 trillion. or 33%.

According to the UN, there are currently 195 state entities in the world that conduct independent economic policy. Of these, only 5 live completely debt-free. The following overview presents countries that managed to survive without loans.

An interesting example of an undeveloped economy that feels great without external borrowing. In per capita terms, the GDP of this archipelago is only $8.1 thousand. The main sectors of the Palau economy are Agriculture, fishing and tourism.

In this dwarf state, within 62 square meters. Only 35 thousand people live in miles. However, this did not stop them from creating one of the strongest economies in the world: Country's GDP is almost $100 thousand per capita. There are more registered companies in Liechtenstein than there are citizens living here, as there are exceptionally favorable conditions for doing business here. 2/3 work force in the country these are foreigners from quite prosperous countries of Western Europe.

This country gained statehood only in 1984, but today it is one of the most prosperous in Southeast Asia. All this is thanks to hydrocarbon reserves, which provide 90% of GDP (about $48 thousand per capita). The Islamic religion, strict legislation and widespread discipline have allowed Brunei to live debt-free.

4. British Virgin Islands

This archipelago is part of the United Kingdom, but manages its own economy. Important sources of income for this state are tourism (more than 800 thousand people visit local resorts every year) and the offshore status of the jurisdiction. At the same time, the population of the country is only 25 thousand people.

Macau has autonomous status within China, which allows it to pursue a fairly independent economic policy. It is also a world center gambling business, which has long surpassed the American Las Vegas in terms of revenue (more than $45 billion per year). Despite the fact that almost 560 thousand people live in Macau, it is very high level and life expectancy.

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Debt levels of countries around the world

Against the backdrop of another debt crisis flaring up, let's discuss this issue together.

These are the data that recently once again alarmed the Internet communities, tirelessly monitoring the successes or failures of the Russian authorities:

“Russia’s external debt last year increased by $83 billion 408 million, or 15.4%, and as of January 1, 2013 amounted to $623 billion 963 million compared to $540 billion 555 million as of January 1, 2012, according to Bank data Russia." (proof)

Horror? Or not? What does it mean? Yes, we hear so much from time to time: about fiscal cliffs, and about the periodic default of the United States, and about the complete bankruptcy of Greece, they even calculated how high the mountain of money that makes up the US national debt will be.

Each of you has probably thought at least once about this question: who do they owe everything to? Almost every country owes something, and many of them already owe exorbitant amounts (it seems to me that no one expects that the debt will be repaid). If we turn to brainy economists, they will put forward their theories for us, which we still won’t understand. Let's all try to figure this out in some simpler way, so to speak, for the average person and using vivid examples...

First, let me remind you how government debt arises. The total amount of the government's liabilities for issued and outstanding government loans received by the creditor and interest on them, guarantees issued by the government, constitutes the government debt.

Each government strives in its activities to ensure that the revenue side of the budget is equal to the expenditure side. In reality, expenditures exceed revenues, resulting in a budget deficit. The most economically developed countries, as a rule, constantly have a deficit budget (from 2-3% of GDP).

To cover the government's budget deficit, the state applies for a loan to national banks, as well as the issue of government securities - bonds. As a result, it appears and grows state debt, because government bonds and credit are debentures states.

Under foreign debt refers to the obligations of the state arising in foreign currency. These may be loans from foreign governments, credit institutions, companies and international financial organizations, it could also be foreign investment.

Lately, in particular, there has been a lot of talk about the difficult situation in the Eurozone. Sometimes it will “bang” here, sometimes here. Greece either comes out or doesn't come out. Let's look at debt interpenetration in Europe first. The data is a little outdated, but the trend of the hike and understanding the essence of the issue will be sufficient...

This is the official 2011 ESCP Europe study on debt cross penetration in Europe.

The arrows show who owes whom and how much, the thickness of the arrows shows the dimensions between government debts, circles with the names of countries - the total amount of debt (the area of the circle is proportional to the size of the country's total debt). Pay attention to England and Italy

But among other things, it is clear that there are counter debts. In modern banking system it is considered normal when everyone owes everyone. Any reasonable person in such a situation will suggest simplifying the picture by making counter offsets. Well, let's make them.

At the same time, you need to understand that in reality it is impossible to offset debts - they were issued with different conditions, different repayment periods, and so on, in addition, such offset will nullify or seriously reduce working capital many financial organizations - which will cause a collapse of payments and a subsequent growing lump of a general crisis. There are many different nuances there.

But virtually we can make such a purely formal digital offset. Let's look at the result:

It is clearly visible that France's debt has practically disappeared. And she is owed a lot by Italy, somewhat less by Germany, and even less (but also a lot) by Spain. In general, if anyone is doing well with debts, it’s France.

But whoever has really big problems is also clearly visible, this is England. England owes Germany and Spain gigantic (and approximately equal) sums, but few people owe her anything.

Italy is also in a bad position - it owes France a lot, but no one owes it anything significant.

Oddly enough, everything is not so hopeless for Spain - it owes the French and Germans, but the British owe it even more, and Portugal’s debts are also quite large. Well, the Germans, and even more so practically Alles Ordnung - yes, the debt to France is great, but England and Spain owe Germany much more.

Of course, the volume of debt in itself is not important - what is important is its ratio to the country’s GDP. It was because of this relationship that disaster was created first in Greece, Portugal and Ireland (PIG). But the main European debt bubble lurks in England. He will show himself yet.

data for 2011

But about the relationship with GDP, this is a very interesting and often forgotten point by many. This is where we come to the assessment of the news that was at the beginning of the post.

In the economic report of the European Commission published in mid-May in 2013. an increase in public debt is predicted for the vast majority of eurozone countries, in particular Spain, France, Greece, Portugal and Ireland. The Analytical Information Service of the International Organization of Creditors (WOC) conducted a study of the volume of public debt different countries world and forecasts for their increase.

In 2010, the total public debt of the world's countries exceeded $41 trillion, but at that time the increase in the volume of liabilities could be justified by the desire of governments to overcome the consequences of the crisis as quickly as possible and return to pre-crisis levels. At the end of 2011 statistical reports demonstrated positive dynamics of various economic indicators, including GDP growth in many countries. However, the government debts of the 50 largest economies in the world also increased and reached the amount of $55 trillion. The total external debt of these countries exceeded $65 trillion. Thus, economic growth last year was due to government injections, including through borrowing from non-residents.

As can be seen from the table, the leaders in the ranking of countries by volume external debt in most cases they occupy the same positions as the year before. External debt of the United States at the end of 2011. became equal to the volume of GDP, but the United States is far from a leader in the ranking for this indicator. Ireland's external debt is almost 11 times greater than its GDP, Great Britain - 5 times, the Netherlands and Hong Kong - 4 times. Only Japan has an external debt ratio below 50%, but this is probably the only positive aspect in the debt situation of this country. Japanese government debt levels are off the charts, as shown in the table below.

Compared to the results of 2010 In the top ten, everyone remained in their places, with the exception of the UK and China. The latter managed to reduce its sovereign debt by 5%, which allowed it to change places with the UK, which continues to increase debt (+17%). In addition, in the top ten, China has the best ratio of public debt to GDP (25.8%).

The US national debt continues to grow, and its ratio to GDP has already exceeded 100%. But it is necessary to understand that the American economy is the largest in the world, in addition, the United States has the opportunity to generate share premium. This means that even with the continuing trend toward an increase in the debt burden, the American economy still has room for growth.

Japan leads the world with public debt at 226% of GDP

The highest level of debt burden was recorded in Japan, where the volume of public debt to GDP is 226%. The country continues to combat the consequences of the tsunami mainly through domestic financial injections into national currency, which explains such a high debt burden. Following Japan in this indicator is Greece, in third place is Italy, which is using every opportunity to avoid the fate of Greece. At the end of 2011 Italy's GDP grew by 7%, while France and Germany grew by 8% and 9% respectively. Overall for the eurozone in 2011. turned out quite successfully - economic growth was observed in all countries of the bloc with the exception of Greece (-1%).

Source: IMF data, WOC calculations

The highest level of debt burden per capita was also recorded in Japan - 105 thousand dollars of public debt. For Ireland, which ranks second, this figure is more than half as low ($49.9 thousand). As can be seen from the rating, over the past year the debt burden in the top twenty has increased on average by more than 10%, with the exception of Sweden and Portugal, where there has been a slight decrease in this indicator (by 4% and 2%, respectively).

According to all three indicators, Russia is at good positions. The country's level of external debt to GDP does not exceed 30%; its growth over the year was only 6%. The level of public debt is even lower and does not exceed 10% of GDP, and for every Russian there is $1,247 in debt. As can be seen from the table below, almost all debt is covered by international reserves.

Source: CIA data, WOC calculations

For several years, the top three in the ranking in terms of international reserves did not change, and a fairly significant gap remained between third and fourth places. But at the end of 2011. Saudi Arabia overtook Russia to take third place. Apparently, the government of this Arab country is building up its reserves for a rainy day when the oil runs out. To get into second place, Saudi Arabia needs to double reserve fund. This is possible if oil prices remain high and Japan begins to use gold and foreign exchange reserves to solve internal problems.

Forecast of growth of public debt in 2012-2015.

Source: IMF data

According to IMF expectations, by 2015. the volume of government debt will continue to increase. The United States will retain leadership in this indicator - the country will surpass the $20 trillion mark in three years. Japan will retain second place, and by 2015. its government debt will exceed $15 trillion. Judging by trends, by 2015. the total debt of the top ten countries will reach almost 55 trillion dollars, that is, the volume that currently accounts for the debts of 50 countries.

We present to your attention the data of the TOP 10 countries in the world in terms of GDP in 2012, as well as the GDP of some CIS countries in 2012, prepared on the basis of the CIA (USA) World Fact Book. According to the information presented, the top three leaders in terms of GDP have not changed, and the United States is still in first place, China is second, and Japan is third. Russia in terms of GDP rose from 10th place in 2011 to 9th place in 2012, overtaking India. In addition to Russia, the top 100 countries in the world with the largest GDP from the CIS countries included Ukraine, Kazakhstan, Belarus, Azerbaijan and Uzbekistan.

Countries GDP volume, US dollars

1. USA 15497.321 billion
2. China 7743.144 billion
3. Japan 6124.899 billion
4. Germany 3706.970 billion
5. France 2889.708 billion
6. Brazil 2617.987 billion
7. England 2603.880 billion
8. Italy 2287.704 billion
9. Russia 2117.236 billion
10. India 2012.760 billion

32. Ukraine 359.900 billion
54. Kazakhstan 167.600 billion
61. Belarus 105.200 billion
74. Azerbaijan 65.410 billion
75. Uzbekistan 64.150 billion.

And now another meaningful picture from Wikipedia! Anyone interested can search our country.

Below the spoiler is a table of all countries of the world, sorted by the ratio of external debt to GDP (as a percentage)

As we see, the external debt is not growing much, but the internal public debt is much stronger.

By the way, I saw an interesting flash drive here. CLICK ON THE PICTURE BELOW and you can see how the world's debts have changed in the past and what forecast awaits them in the future

But the latest news: Italy's sovereign debt has reached a historic high and exceeded two trillion euros As reported in a statement released today by the country's Central Bank (Banca diItalia), in October, external debt amounted to 2 trillion 14 billion euros. (link )

Well, on the topic that concerns debts, I cannot ignore the most interesting country in this regard - the USA. Remember, not so long ago everyone on the Internet was looking with curiosity at what the US national debt looked like.

Let's remember this.

Well, or here’s another option on US debt!

If you look at each country individually, you might think that it owes another country. But no, other countries also owe someone... In fact, it is no secret to anyone that states owe various banking structures.

Any sane person asks the question: “Why doesn’t the government simply print the required amount of money?” The most amazing thing is that not a single high-ranking official or venerable professor of economics can give a clear and precise answer to this question! They all repeat in unison the memorized phrase that if you print money, there will be inflation. At the same time, none of them can explain what the difference is: take 10 billion USD. V international bank(sell bonds to a certain foreign investment company) or borrow them from the domestic consumer by issuing bonds for favorable conditions, the guarantor of which is the state itself with its countless natural resources and land.. After all, the effect for the economy is one - it will receive 10 billion USD. By the way, money can be withdrawn from the economy at any time, if necessary.

Inflation is determined by the ratio of the volume of money supply and the volume of trade turnover, and where does it come from? money supply- this does not matter, just as the proportions of the components of trade turnover do not matter.

Here is another interesting, but unfortunately not new, diagram of mutual debts. Click on the picture and you will be able to select a country to visualize mutual debt.

It is absolutely clear that only internal borrowings are economically justified, which do not increase the monetary base, and it is absolutely not clear why the people, represented by the state, should depend on some international banking corporations and pay them.

Unfortunately, we must admit that the governments of most developed countries have lost the opportunity to fully implement their main function - the function of management. Central banks are not controlled by governments, therefore, they cannot be a full-fledged instrument for achieving national goals.

--

Here's what else I'd recommend reading in economics:

The national debt of the countries of the world in 2014 continues to grow steadily and it is becoming increasingly difficult to combat this phenomenon. Recent events in Cyprus and Greece do not allow us to forget the dire consequences of budget deficits, when people were not paid to stabilize the situation salaries, which led to mass strikes.

A country's national debt is called financial loans government to pay off the budget deficit. Government debt is calculated in the country's national currency or in US dollars, but for greater clarity it is displayed as a percentage of borrowing from GDP.

The question of the size of the national debt of the countries of the world is interesting to us, because we can see the rating of prosperous countries in which governments work for the benefit of their people.

The International Monetary Fund (IMF) regularly publishes information on the size of government debts on its website.

If we consider the situation with public debts of all countries in general, we can see that at the beginning of 2014, global public debt amounted to 56 trillion US dollars. The largest is about 17.6 trillion. US dollars. In second place in terms of public debt is Japan with 9.8 trillion. US dollars. China is in third place in terms of public debt with its obligations amounting to 3.9 trillion. US dollars. True, China is pursuing an active policy of reducing public debt. In the rest large countries debtors, the national debt is at the level of 1 - 3 trillion. dollars.

Government debt of the countries of the world at the beginning of 2014

USA – 17.61 trillion. dollars

Japan – 9.87 trillion. dollars

China – 3.89 trillion. dollars

Germany – 2.60 trillion. dollars

Italy – 2.33 trillion. dollars

France – 2.11 trillion. dollars

Great Britain – 2.06 trillion. dollars

Brazil – 1.32 trillion. dollars

Spain – 1.23 trillion. dollars

Canada – 1.2 trillion. dollars

Japan has the highest ratio of public debt to GDP - 242%. That is, Japan's government liabilities are 2 times greater than its own GDP. As you remember, Japan was hit hard by the tsunami in 2011, which triggered an accident at the Fukushima station. Japan was forced to increase its national debt through internal borrowing in national currency to combat the consequences of the disaster.

After Japan, the situation with the size of public debt in relation to GDP in Greece is not comforting, which has so much debt to combat the financial crisis that there was even talk about a possible default of Greece, since this figure reached 174%. Italy is in third place in the ranking of public debt in relation to GDP with an indicator of 133%. However, financial analysts note that Italy has every chance of surviving because it has long-term government securities with a long circulation period. In addition, Italy's public debt in the form of government bonds is largely owned by domestic investors.

Government debt of the world's countries in relation to GDP

Japan – 242.3%

Greece – 174%

Italy – 133.1%

Portugal – 125.3%

Ireland – 121.0%

USA – 107.3%

Singapore - 106.2%

Belgium – 101.2%

Spain – 99.1%

UK – 95.6%

Government debt of the world's countries per capita

Japan – 99.7 thousand dollars

Ireland – 60.4 thousand dollars

USA – 58.6 thousand dollars

Singapore – 57 thousand dollars

Belgium – 47.8 thousand dollars

Italy – 46.8 thousand dollars

Canada – 45.5 thousand dollars

France – 42.4 thousand dollars

UK – 38.9 thousand dollars

Switzerland – 38.6 thousand dollars

From leading economists and politicians developed countries Increasingly, there are fears of further bankruptcies. Economists’ fears are justified due to the presence in the economies of developed countries of slowing economic growth, a reduction in income, and, as a consequence, an increase in public debt.

Why is there a budget deficit and an increase in public debt?

Common reasons for the growth of public debt in countries around the world include increased spending on maintaining social and military programs, constant stimulation of economies to combat the consequences financial crisis, decrease business activity etc.

Despite the attempts of all countries of the world to reduce their public debts, the size of the budget deficit is steadily growing. Economists predict the greatest danger of rising public debt for Japan, Greece, Portugal, the USA, the Netherlands and Ireland. Among other developed countries, Great Britain and France will continue to increase their public debt.

What measures are state governments taking to reduce the growth rate of public debt?

They are trying to maintain the size of the national debt at previous level, as if to slow down its growth, due to the development of the country's economy.

The structure of government loans is being reviewed so that the budget deficit does not threaten the security of the country.

Many countries are trying to reduce the cost of public debt by increasing the borrowing period.

They intend to repay the current amount of government debt to the borrower on time, so that there are no penalties and a positive credit history remains.

They direct borrowed funds to develop the economy of their country.

Improve flow control system borrowed money, which allows you to optimize costs in general and find additional ways savings.

Coordinate the state's debt policy with financial and economic policies.

Organize joint summits with other states in order to find optimal measures to reduce public debt.

Various methods for managing public debt are being developed and applied.

Those countries that managed to effectively manage their public debt were able to stabilize market sentiment and remove the panic of business circles. However, most participants financial markets and government officials are afraid of a new wave of financial crisis, which will deepen the problem of paying off the national debt.

The only way for all countries of the world to get out of the debt hole is to increase the development of the economies of their own countries.

True, there is another way to temporarily solve the growth of public debt - saving on budget costs. But this in turn causes a contraction in the economy and an increase in the ratio of public debt to GDP.

Economists in many countries are constantly talking about fiscal consolidations. After all, government spending in developed countries increased after the financial crisis and is still not fully optimized. Therefore, optimization budget expenditures state is extremely necessary in our difficult times.

True, the only country that has successfully taken the path of optimizing budget expenditures is Ireland. Most other countries in the world are just thinking and planning to implement measures to reduce budget expenditures.

Of course, fiscal consolidation will not solve the problem of reducing public debt immediately and dramatically. After all, you can fill your budget only with reasonable tax policy and promoting development real sector economy.

Thus, we have analyzed the essence and significance of the national debt of the countries of the world for development national economy. We also looked at the rating of government debt of countries in the world in 2014, where we analyzed the largest debtors and their problems. Naturally, public debt will not be reduced quickly in countries around the world; for this it is necessary to create favorable conditions for effective economic development. And the state will pay off its debts when business in the country prospers and pays taxes.

Facilities mass media regularly handle the amounts that certain countries owe on their external accounts. We are talking, of course, about billions of dollars. But against the general background of world statistics, it becomes clear that most powers have such debt. Let’s try to clarify for ourselves what the external debt of the countries of the world is.

What is government debt

The debt to the international community itself is the difference between the amount of loans and payments on them. Typically, these are government loans purchased to pay off budget deficits. This indicator is usually calculated in national currency, but more often in dollars; for greater clarity, they are always presented as a share of borrowing from GDP.
If we take into account the holistic picture of the world, it was found that at the beginning of 2014 total amount such debts were approaching 50 trillion US dollars.

However, one should not confuse state and foreign debt.

All non-payment of obligations within the country itself are considered as state debt, but everything that was borrowed and not paid outside is considered external debt.

The government debt of the world's countries is managed by the International Monetary Fund. It is he who annually announces the ratings and amounts of outstanding loans.

Among the main reasons for the growth of debt, experts identify the following:

an increase in expenditure items for resolving social and military issues;
attempts to stimulate economic situation as a result of the crisis;
decline in business activity.

But, despite all attempts to reduce the budget deficit, the amount of debt continues to grow relentlessly. To see the complete picture, we combined the debts of the world's countries in 2015 into a table. Analysts expect to see this picture by the end of the year.
For convenience, in the same table we present data reflecting the results of last year.

It is predicted that by the end of the year the total debt of the top ten countries will exceed $55 trillion. And this amount tends to increase. Thus, according to forecasts, the United States will surpass the $25 trillion mark in three years.

Based on the above data, you can do conclusion of what external debt per capita might look like in each state. The past year showed that for every Japanese there was $99.7 thousand in debt, and for every American - 58.6 thousand. How these indicators will increase by the end of this year is still only possible to make predictions.

How to stop debt from growing

Some of the most common measures to prevent debt growth include the following:

economic stimulation;
revising the very structure of government loans so that the budget deficit does not pose a threat to the security of the state;
increasing the period allocated for debt repayment;
timely repayment of borrowed funds in order to avoid the imposition of penalties and preserve your reputation;
using the funds received solely for the purpose of improving economic situation inside the country;
improving the system of control over the distribution and expenditure of borrowed money;
coordination of debt policy solely taking into account economic and financial trends;
organizing international summits to search optimal methods resolving debt issues;
developing new ways to manage the country's debt.

As experience shows, the only sure way that will help significantly reduce the debt of the countries of the world is the desire for growth and successful functioning of the economy of each individual state.

But this can only be achieved by saving on budgetary costs within the state. This path, of course, will not give an immediate and dramatic result, but it can significantly reduce debt on a global scale. So far, the only country that has achieved success in optimizing budget expenditures is Ireland.

In conclusion, it should be noted that the key to a prosperous economy is successfully operating production and business that pay taxes, thereby increasing the well-being of the entire country. As long as this market segment remains “in the shadows,” there can be no talk of any stabilization of the economy.