Norway is the country with the highest level of
The best example can be taken from Hong Kong (it is a one of the debt free countries), whose economy has the least debt to GDP ratio. It is an almost debt free country. It has a well-regulated financial system and large foreign reserves.
Australia Total Debt accounted for 264.0 % of the country's GDP in 2022, compared with the ratio of 270.3 % in the previous quarter.
A flurry of big spending packages and ballooning social welfare costs for a rapidly ageing population have left Japan with a debt pile 263% the size of its economy - double the ratio for the United States and the highest among major economies.
estimates China's total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities.
Although Australia has avoided the worst effects of a recession for almost 30 years, 2023 may be the year of a recession - if one thing keeps rising. With GDP on an upward trajectory, a 0.6 per cent uptick to be precise, and unemployment at an all-time low at 3.5 per cent - we're in a good economic situation.
As of 2022, Australians remain in the unenviable position of having the highest percentage of net household debt compared to other countries with similar economies. According to available data from the OECD, the average Australian household debt-to-income ratio comes in at $187 for every $100 of after-tax income.
Australia also partners with the World Bank Group on specific development programs which support Australia's development policy priorities. Over the last five years, Australia's annual average contributions to the WBG (core and non-core) has been around USD400 million.
Top 10 territories that own the most U.S. debt
Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion.
India takes the top spot. Its $39.7bn debt towards the WB recorded at the end of 2021 is double that of the next biggest debtor, Indonesia, with $19.6bn.
So if the U.S. cannot pay its creditors, interest rates on U.S. debt would go up, creating a cascade of higher interest rates. So mortgage rates, credit card rates, car loan rates. All would become more expensive. Finally, there is a real concern about the economy — that a default could spark a recession.
At the start of 2007, prior to the Global Financial Crisis, Australian Government gross debt was under $52 billion. Between 2007 and March 2020 total Australian Government Securities (AGS) on issue increased to $580 billion, and is $897 billion as of 5 May 2023.
Average household debt grew by 7.3 per cent to $261,492 in 2021-22, according to the latest figures from the Australian Bureau of Statistics (ABS).
But as a general rule of thumb, a debt/income ratio of 10% or less is outstanding. If it's between 10 to 20%, your credit is good, and you can probably borrow more. But once you hit 20% or above it's time to take a serious look at your debt load.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
Australia has a highly developed market economy and one of the highest per capita incomes globally. Australia is a regional power, and has the world's thirteenth-highest military expenditure.
China makes up 18.45% of the total global economy. The top two richest countries in the world combined harbor 42.38% of the world's economy. The third richest country in the world by GDP is Japan at $4.937 trillion in GDP and a $39,285.2 GDP per capita.
The richest country in the world is Luxembourg.