Business And Markets

Gov’t Debt Drops

Gov’t Debt Drops
Gov’t Debt Drops

The government's debt to GDP ratio was the sixth lowest in the world in 2013, according to the most recent report by the World Economic Forum. Iran has now edged up 3 places compared to the previous year's debt table. 

The Global Competitiveness Report 2014-2015, issued by WEF, assessed the competitiveness landscape of 144 countries. The report shows that at the end of 2013, the ratio of government debts as a percentage of GDP for Iran was 10.6, which shows 0.1 percent decrease from the previous year.

Among the countries with the lowest debt-to-GDP ratio, Libya stands first with no government debt, followed by Saudi Arabia and Kuwait with 2.7 and 5.3 percent, respectively. 

Amman (7), Algeria (9.2), Iran (10.6), Estonia (11.3), Chile (12.2), and United Arab Emirates (12.3) stand in the fourth to ninth positions, followed by Russia which takes the 10th place, with a higher government debt level of 13.4 percent. 

On the flip side, Japan with 243.2 percent debt to GDP ranked 143rd and was known as the country with the highest government debt. Among other largest debtor nations of the world, the United States stands in the 134th position with a 104.5 percentage of government debt to GDP. 

Other countries with high debt/GDP ratios include Greece, Lebanon, Jamaica, Italy, Portugal, and Ireland, many of which have contributed to the recent eurozone crisis.