The World Economic Forum‘s latest research, published by the Businnes Insider, showed that among the 17 countries with the highest level of government debt, Greece comes in second place. As the study looks at the financial health and risks of countries around the world, surprising data comes up regarding the level of gross government debt as a percentage of GDP.
Here are the top 10 countries with the highest public debt:
1) Japan, 243.2%
Japan’s economy is growing very slowly and now the central bank has implemented negative interest rates.
2) Greece, 173.8%
The country has taken over €320 billion worth of bailout assistance and is forced to implement painful austerity measures to get its loans in order to pay it back.
3) Lebanon, 139.7%
Lebanon used to be a tourist destination but war in Syria and domestic political turmoil have led to a lack of an official budget for months.
4) Jamaica, 138.9%
Even though the services industry accounts for 80% of GDP, high crime, corruption, and large-scale unemployment have dragged the country’s growth down.
5) Italy, 132.5%
Italy ‘s proportion of debt to GDP is the second highest in the Eurozone.
6) Portugal, 128.8%
Despite the fact that the country exited its bailout program in the middle of 2014, its GDP is still 7.8% lower than it was at the end of 2007.
7) Ireland, 122.8%
Ireland exited its bailout program in 2014, but still faces a huge debt left.
8) Cyprus, 112.0%
Cyprus had to be bailed out by international creditors in 2010 and enforce capital controls and austerity measures to get funding.
9) Bhutan, 110.7%
The small Asian economy is closely linked to India and depends heavily on it for financial assistance and foreign laborers for infrastructure.
10) United States, 104.5%
The U.S. hiked interest rates for the first time in seven years in December 2015. In March, Federal Reserve Chair Janet Yellen said the economy was on a path of slow and steady growth.