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World Biggest Debtor Nations (2008)

By Ronnie Higuchi Rusli



Source: External Debt information from The World Bank (unless otherwise noted), GDP information from the CIA World Factbook.

In today's 2014, the heavily in debt nations has not changed much they're within the order as shown below, the only diffrence is their number of ranking. The economic variable remain the same and they struggling in the global markets, many national economies have looked to their government and foreign lenders for financial support, which translates to increased spending, borrowing and in most cases, growing national debt.

Deficit spending, government debt and private sector borrowing are the norm in most western countries, but due in part to the global financial crisis, some nations and economies are in considerably worse debt positions than others.

External debt is a measure of a nation's foreign liabilities, capital plus interest that a country must eventually pay. This number not only includes government debt, but also debt owed by the private sector and individuals.

So, how does the US debt position compare to that of other countries? A useful measure of a country's debt position is by comparing gross external debt to GDP, which offers a direct relation of a country's total debt to the size of its economy. In this report, all countries are among the world's 50 largest economies, and are ranked by current external debt as a percentage of 2008 GDP.

Who are the world's biggest debtor nations? The rankings may surprise you!

1. Ireland - 811%

External debt (as % of GDP): 811%

External debt per capita: $549,819

Gross external debt: $2.311 trillion (Q4 2008)

2008 GDP: $285 billion

2. United Kingdom - 336%

External debt (as % of GDP): 336%

External debt per capita: $153,616

Gross external debt: $9.388 trillion (Q4 2008)

2008 GDP: $2.787 trillion

3. Belgium - 327%

External Debt (as % of GDP): 327%

External debt per capita: $155,362

Gross External Debt: $1.618 trillion (Q4 2008)

2008 GDP: $495.4 billion

4. Hong Kong - 295%

External debt (as % of GDP): 295%

External debt per capita: $93,539

Gross external debt: $659.93 billion (Q4 2008)

2008 GDP: $223.8 billion

5. Netherlands - 268%

External debt (as % of GDP): 268%

External debt per capita: $145,959

Gross external debt: $2.439 trillion (Q4 2008)

2008 GDP: $909.5 billion

6. Switzerland - 264%

External debt (as % of GDP): 264%

External debt per capita: $171,478

Gross external debt: $1.304 trillion (Q4 2008)

2008 GDP: $492.6 billion

7. Austria - 191%

External debt (as % of GDP): 191%

External debt per capita: $100,787

Gross external debt: $827.49 billion (Q4 2008)

2008 GDP: $432.4 billion

8. France - 168%

External debt (as % of GDP): 168%

External debt per capita: $78,070

Gross external debt: $5.001 trillion

2008 GDP: $2.978 trillion

9. Denmark - 159%

External debt (as % of GDP): 159%

External debt per capita: $107,026

Gross external debt: $588.7 billion (Q3 2008)

2008 GDP: $369.6 billion

10. Germany - 137.5%

External debt (as % of GDP): 137.5%

External debt per capita: $63,767

Gross external debt: $5.25 trillion (Q4 2008)

2008 GDP: $3.818 trillion

11. Spain - 137.5%

External debt (as % of GDP): 137.5%

External debt per capita: $57,091

Gross external debt: $2.313 trillion (Q4 2008)

2008 GDP: $1.683 trillion

12. Sweden - 129%

External debt (as % of GDP): 129%

External debt per capita: $73,245

Gross external debt: $663.58 billion (Q4 2008)*

2008 GDP: $512.9 billion

13. Finland - 116%

External debt (as % of GDP): 116%

External debt per capita: $62,579

Gross external debt: $328.56 billion (Q4 2008)

2008 GDP: $281.2 billion

14. Norway - 114%

External debt (as % of GDP): 114%

External debt per capita: $118,353

Gross external debt: $551.59 billion

2008 GDP: $481.1 billion

15. United States - 95.09%

External debt (as % of GDP): 95.09%

External debt per capita: $44,358

Gross external debt: $13.627 trillion (2008 Q3)

2008 GDP: $14.330 trillion

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