Dream - Debt remains a troubling matter when it comes to discussions about the country's finances. The issue of debt is often used as a political commodity to bring down opponents. Like any business, almost every country has debt to stimulate its economy. The Institute of International Finance (IIF), a global association of the financial industry, records that global debt will reach $305 trillion by 2023. This amount is $45 trillion higher than before the Covid-19 pandemic.
"Global Debt"
Global debt is the total amount of money borrowed by companies, governments, and individuals worldwide.
From the total debt, the largest portion still comes from the business sector (companies) which contributed US$161.7 trillion (53%). This is followed by the government with a debt of US$85.7 trillion (28%) and individuals contributing US$57.6 trillion (19%).
IIF predicts that global debt will continue to increase due to high government borrowing. This condition is influenced by factors such as an aging population, geopolitical tensions, increasing healthcare costs, and climate funding gaps.
Which country has the most debt?
Government debt represents the financial obligations that have not been paid by a country, consisting of various categories such as loans and bonds.
According to Aljazeera, the United States (US) has the highest national debt in the world, amounting to US$30.11 trillion owed to creditors in the first quarter of 2023. Compared to 2013, the US debt stood at US$16.34 trillion.
"15 Countries with the Highest Debt in the World until 2023"
1. United States: debt of US$30.11 trillion 2. China: debt of US$14 trillion 3. Japan: debt of US$10.17 trillion 4. France: debt of US$3.14 trillion 5. Italy: debt of US$2.87 trillion
6. India: debt US$2.70 trillion 7. United Kingdom: debt US$2.70 trillion 8. Germany: debt US$2.62 trillion 9. Canada: debt US$1.81 trillion 10. Brazil: debt US$1.63 trillion
11. Spain: debt US$1.57 trillion 12. Australia: debt US$0.84 trillion 13. Singapore: debt US$0.81 trillion 14. South Korea: debt US$0.74 trillion 15. Mexico: debt US$0.67 trillion
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