General Government Debt as Percentage of GDP: We’re Number 4

Budgets Taxing Spending and Priorities
Written By Sadie Cornelius

The United States is certainly not the only country compelled to borrow money. In fact, during the pandemic years, nearly all the OECD countries were compelled to borrow funds. What becomes troubling is the accumulated level of indebtedness compared to the country’s GDP. Interest on the national debt was $640 billion in FY2023, was bound to grow as indebtedness grows and as interest rates climbed higher. The United States is not the most vulnerable, but it is close to the top when comparing national debt as a percentage of GDP.

Japan ranks 1st in general government debt as a percentage of GDP, coming in at 255 percent of GDP. Greece is 2nd (192 percent), and Italy is 3rd (173 percent). The United States was 4th, with government debt at 144 percent of GDP. France (117 percent) was 6th, the United Kingdom (104 percent) was 12th, Germany (77 percent) was 19th, and Australia (70 percent) was 21st.

Note: The OECD defines general government debt as the sum of the following liability categories (as applicable): currency and deposits; debt securities, loans; insurance, pensions and standardized guarantee schemes, and other accounts payable.

Source: “General Government Debt 2022,” OECD, https://data.oecd.org/gga/general-government-debt.htm.

Sadie Cornelius

Sadie K Cornelius is a proud Longhorn and graduate of the University of Texas at Austin’s Moody School of Communications with a Bachelor's in Advertising and a minor in Business.

She has more than 15 years of experience in Squarespace website and graphic design for 200+ clients all over the world.

A fourth generation business owner Sadie is passionate about helping others through creating compelling visuals and cohesive brand identities. She’s been featured in Forbes as a female-owned company, has taught several digital marketing classes at General Assembly, is a volunteer for non-profit organizations.

Sadie enjoys traveling the world, spending time with her husband, King Charles Cavalier, and families in the Carolinas. Originally from Kansas City, Sadie resides in Washington DC (but is forever an Austin girl at heart).

https://www.skc-marketing.com
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