Once you read the title, you will quickly expect that you are going to read more about those developing countries or poor ones that suffer from bad economic conditions and do not have enough money to meet their growing demands and satisfy their needs and this is why they resort to borrowing money from other governments or international financial institutions, but in fact this is not true at all. As a matter of fact, most of the countries that you are going to find here in the following list will shock you since they are believed to be the richest, most powerful and more developed than the other countries in this world which means that being in debt is not limited to those poor countries. Those countries which are in debt usually owe money to different creditors outside the country such as other governments, private commercial banks, World Bank or the International Monetary Fund that is considered to be the most common creditor for lending the needed money to most of the countries around the world. If you are really curious about the countries that suffer from the problem of debt and want to discover more about their debts, take a quick look at the following top 10 countries in debt and enjoy the shocking results.
10. Spain – $2.30 trillion
Spain is a developed country, has the 13th largest economy in the world and the 5th largest one in the European Union, however, it suffers from high inflation and the unemployment rate in it is nearly 7.6%. The total external debt that Spain owes to the creditors outside the country is estimated to be about $2.30 trillion and the debt to GDP ratio is around 167%.
9. Netherlands – $2.53 trillion
Netherlands has a mixed and developed economy and it is highly ranked as the 12th country in the world in terms of the GDP (PPP) per capita which is about $42,586. It offers its citizens high quality of life trying to make them happy and this is why it is ranked as the 4th happiest country in the world, however, it is high in debt. The total external debt that Netherlands owes to the creditors outside the country is approximately $2.53 trillion and the debt to GDP ratio is nearly 344%.
8. Italy – $2.65 trillion
Italy is one of the most developed countries in the world. It has the 4th largest economy in the European Union and the 10th largest one in the whole world. It has high employment rates, however, it suffers from other problems that increase its debt such as importing about 86% of the total needs of the country due to the lack of energy resources and raw materials, stagnant economy, absence of appropriate reform programs, unstable political conditions and income inequality between southern and northern parts in the country. The total external debt that Italy owes to creditors outside the country is estimated to be about $2.65 trillion and the debt to GDP ratio is around 108%.
7. Japan – $2.86 trillion
Japan is widely known as one of the most developed and technologically advanced countries in the world. It has the 4th largest economy in the world by GDP (PPP) and is ranked as the 4th largest exporter. Japan is also the 4th largest importer in the world and increasing its debt is caused by many reasons including the global financial crisis that hit the country in 2009, tsunami, earthquakes and the nuclear fallout that took place in 2011. The total external debt that Japan owes to creditors outside the country is around $2.86 trillion and the debt to GDP ratio is estimated to be about 60%.
6. China – $3.00 trillion
China is known as one of the most powerful countries in the world and is the largest importer of oil that is highly required to meet the increasing demands that exceed the oil production in the country. China has the 2nd largest economy in the world by GDP purchasing power parity and its economy is the fastest growing in the world. Spending a lot of money for boosting the military power and improving other sectors in the country is responsible for increasing the total external debt in China to the creditors outside the country to be around $3 trillion and the debt to GDP ratio is nearly 37.5%.
5. Luxembourg – $3.47 trillion
Luxembourg has an advanced economy and is ranked as the 2nd country in the world in terms of having a high GDP (PPP) per capita which is estimated to be $79,785. The country has high employment rate, high level of innovation, stable economy and low inflation, however, it is high in debt. The total external debt that Luxembourg owes to creditors outside the country is estimated to be nearly $3.47 trillion and the debt to GDP ratio is approximately 3,443%.
Germany is one of the most powerful countries in the world and is highly ranked as one of the most popular destinations for immigrants around the world. The country has the 5th largest economy in the world by GDP purchasing power parity and is ranked as the 3rd largest exporter. Germany is also the 3rd largest importer in the world and is high in debt since the total external debt that it owes to creditors outside the country is estimated to be about $5.55 trillion and the debt to GDP ratio is around 142%.
3. France – $5.75 trillion
France is one of the most developed countries in the world since it has the 7th largest economy in the world by GDP purchasing power parity (PPP) and the 2nd largest economy in the European Union. France is also one of the wealthiest countries not just in Europe but in the whole world. However, the total external debt that France owes to the creditors outside the country is high as it is estimated to be approximately $5.75 trillion and the debt to GDP ratio is nearly 182%.
2. United Kingdom – $9.59 trillion
The United Kingdom is one of the most popular immigration destinations in the world. It is also one of the most powerful and developed countries in the world as it has the 8th largest economy in the world by GDP purchasing power parity, however, it is highly ranked here by its external debt which comes as the 2nd highest in the world. The total external debt that the United Kingdom owes to creditors outside the country is approximately $9.59 trillion and the debt to GDP ratio is nearly 406%.
Now
Try to guess the 1st country on this list
It
Is
The
“United States”
Can you believe it?
1. United States – $17.75 trillion
It is difficult to believe that the United States is the 1st country in the world in terms of suffering from debts. The United States is the most powerful country in the world, is one of the most developed and advanced countries, has the largest national economy in the world, has high worker productivity, has plenty of natural resources and is widely renowned for being a leader in the fields of technological innovations and scientific researches, however it is ranked as the 1st country in the world in terms of its external debt. The external debt that the United States owes to the creditors outside the country is estimated to be approximately $17.75 trillion and the debt to GDP ratio is 106%. The main reason behind increasing debts in the United States is involving the country in several wars that are launched on different countries around the world such as Iraq and Afghanistan.
Being in debt is not limited to the poor countries
“It seems that the more advanced a country is, the higher debt it is more likely to be in”
