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Published by: rounakshah on Nov 23, 2012
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1. United States Debt: $14.

590 trillion (9 August 2011) Per capita debt: $46,929 Debt as in percentage of GDP: 94% The United States has the world's highest external debt at a whopping $14.590 trillion. The US public debt burden has become unsustainable and its debt and deficit ratio will remain high for a long period unless the government cuts down spending effectively. The economic crisis in US began with the subprime mortgage crisis. Following this, the US economy fell into a recession in 2008. Flawed policies allowed lenders to offer loans to subprime borrowers without considering the risk of future default. External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households. 2. United Kingdom Debt: $8.981 trillion Per capita debt: $144,338 Debt as in percentage of GDP: 400

Britain's economy has also plunged into deep crisis. The budget deficit has risen to more than 156 billion pounds.
The manufacturing output fell by 0.4 per cent in June from the previous month as there is a drastic fall in domestic demand. The country GDP is expected to fall further. 3. Germany Debt: $4.713 trillion Per capita debt: $57,755 Debt as in percentage of GDP: 142

Germany which bounced back from the 2008 recession has largely remained immune to the crisis.
However, the US downgrade and mounting debt on other Euro zone nations could hit its coffers as well. Germany already bears the burden of the 120 billion euros of the euro bailout fund's 440 billion euros. Germany's budget deficit is 2.3 per cent of gross domestic product. 4. France Debt: $4.698 trillion Per capita debt: $74,619 Debt as in percentage of GDP: 182

A crisis is imminent in France as its budget deficit is 6 per cent of gross domestic product. 5. The Netherlands
Debt: $3.733 Per capita debt: 225,814 Debt as in percentage of GDP: 471

The global financial crisis has hit The Netherlands badly. The Dutch economy entered recession in the fourth quarter of 2008.
In 2009, however, the GDP growth slipped by 3.9 per cent. The economy recovered slowly in 2010. In the third quarter the economy grew by 1.8 per cent. The nationalisation of banks has dented the state's finances. 6. Japan Debt: $2.441 trillion Per capita debt: $19,148 Debt as in percentage of GDP: 45

The devastating earthquake and tsunami has pushed the Japanese economy into a grave crisis.
Japan's high rate of growth has also been hit with massive bank loan defaults. 7. Ireland Debt: $2.253 trillion Per capita debt: $503,914 Debt as in percentage of GDP: 103

Belgium Debt: 1. followed by a rise unemployment.223 trillion Per capita debt: $36.069 Debt as in percentage of GDP: 154 In Spain. being a financial nerve centre was badly affected b the recession. Italy Debt: $2. the Norwegian krone. Switzerland Debt: $1.603 Debt as in percentage of GDP: 266 Belgium is in deep crisis after market traders pushed the cost of insuring the country's debt to record highs. long term loans.443 Luxembourg has experienced a severe recession after the global financial crisis. 9.232 trillion Per capita debt: $454.200 trillion Per capita debt: $154. Norway Debt: $2. Unlike other debt-ridden nations. The pace of growth slowed down and unemployment increased.759. Norway is not a member of the Eurozone. Australia Debt: $1. 12. rise in unemployment at 13. Luxembourg.9 per cent in February 2009 escalated the crisis.169 trillion Per capita debt: $52.596 Debt as in percentage of GDP: 95 The Australian economy's slow performance resulted in a sharp fall in the Australian dollar. The country lacks the resources to accelerate growth. 15.625 Debt as in percentage of GDP: 64 .009 trillion Per capita debt: $29. Luxembourg Debt: $1. Canada Debt: $1. Ireland was the first state in the Eurozone to enter recession.166 trillion Per capita debt: $47. Swiss banks that suffered from the financial crisis were bailed out. Spain Debt: $2. 14.892 trillion Per capita debt: $3. Australia's real GDP growth will be 2 per cent this calendar year and 3. 13.841 Debt as in percentage of GDP: 108 Italy's economy has seen one of the lowest growth rates in the world.Ireland faced a recession in September 2008.063 Debt as in percentage of GDP: 229 Many of the European nations living beyond their means by borrowing huge funds are struggling to streamline the economy. A very high public debt highlights the fact the country cannot repay back its debt. It has its own currency. 10. 8. 11.241 trillion Per capita debt: $113.768 Debt as in percentage of GDP: 538 Norway escaped largely unhurt from the economic crisis. realty sector crash and bankruptcy of major companies.174 Debt as in percentage of GDP: 3.5 per cent next year.

fall in spending by households and enterprises pushes the economy into crisis. the failure to implement financial reforms has resulted in losses of $413. 20. 17. Uncontrolled spending and cheap lending has seen its debt levels zoom to scary heights.Though battered by the 2008 global financial crisis. The global financial crisis further hit its prospects. Also. Greece and Ireland have the highest poverty rate in the 15-member EU. Austria Debt: $755 billion Per capita debt: $90.6 billion.636 Debt as in percentage of GDP: 174 Greece is going through its worst years. Its GDP went down by 5 per cent and unemployment rose to record highs. Sweden Debt: $853.084 Debt as in percentage of GDP: 180 Denmark's economic woes started in 2007 with the crash of the housing sector.487 Debt as in percentage of GDP: 187 Sweden went through a bad spell between 1990 and 1993. the Canadian economy has emerged as one of the strongest advanced economies in the world.80 Per capita debt: $46. 16. while Sweden has the lowest at 9 per cent. The real estate boom also crashed adding to its economic woes. 19.90 Per capita debt: $47. Falling domestic employment. Greece Debt: $532. Denmark Debt: $559. Housing prices dropped in 2008-09. Portugal is set to introduce austerity measures including tax hikes and pay cuts. much larger than the country's economy. .795 Debt as in percentage of GDP: 217 Portugal's economy has posted an average annual growth of less than 1 percent over the past 10 years.50 billion Per capita debt: $101. In 2010. Denmark saw a slight recovery. 18. Portugal Debt: $497.30 billion Per capita debt: $91. The country faces a huge foreign debt owning to reckless spending without generating any returns.128 Debt as in percentage of GDP: 200 Austria's economic growth received a jolt with the global financial crisis in 2007-2008.

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