U.S., U.K., Japan's debt 25 times higher than India's
By siliconindia   |   Monday, 22 June 2009, 16:17 IST   |    20 Comments
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U.S., U.K., Japan's debt 25 times higher than India's
Bangalore: The total debt of the U.S., U.K. and Japan (world's three top developed nations) has reached a size of about $17 trillion (Rs 8,16, 00,000 crore), an amount nearly 25 times of India's debt. India's total debt is about Rs 34,00,000 crore for the current fiscal and India's debt burden accounts for just about 80 percent of its GDP size. Japan's debt is almost double its GDP size. "Japan had amassed the largest (gross) government debt of all the industrial nations. Its latest debt-financed stimulus packages are very likely to send this debt spiraling to over 200 percent of GDP by 2010 at the latest," DB Research said in a report. The U.S. holds the maximum debt of over 11 trillion dollars while U.K holds a debt of one trillion dollars. Japan's debt position is over five trillion dollars and is estimated to increase to over eight trillion dollars by the next year. Due to economic slowdown these debts are expected to increase much further. The U.S. GDP size is 14 trillion dollars while its debt is estimated to be 11.41 trillion dollars. The IMF has said that the government debts would exceed the GDP size for at least six developed economies, Belgium, Greece, Ireland, Italy, Japan and the US, by 2014. Global rating agency major S&P has warned that the U.K. was projected to incur debts to the tune of 100 percent of its GDP by 2013. Currently, the U.K.'s debt is 50 percent of its GDP size of about $2.77 trillion. According to Deutsche Bank, Japan is also expected to accumulate debts which would be about 200 percent of the country's GDP by as early as 2010. The report pointed out that if the growth of Japan's debt load continues then the debt level will surge to as much as 300 percent of GDP by 2020.

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