Data published by a shares trading firm shows that six European Union countries make up the top ten nations with a highest National-to-GDP ratio.
According to the research conducted by Buy Shares, Japan has the highest ratio at 268.21%.
“U.S. debt continues to spike. Greece is second with a ratio of 214.29% while the Itlay is third at 156.92%. The United States has the fifth highest debt-to-GDP ratio at 136.69% while the United Kingdom is tenth at 100.87%,” the report stated.
The Buy Shares report also overviewed countries with the highest GDP and also the highest national debt. As of September 3rd, the United States has the highest GDP $19.54 trillion followed by China at $14.57 trillion. Japan’s GDP almost five times less compared to the US at $4.53 trillion.
Under national debt, the United States is on top with $26.71 trillion. The debt is almost double compared to second-placed Japan with a debt of $12.15 trillion. China has the third highest national debt globally at $7.32 trillion.
The US national debt continues to spiral to historical levels threatening the economy. According to the research report:
“The United States has seen its national debt spike into crisis levels even surpassing the GDP. The massive spending in stimulus packages to mitigate the coronavirus pandemic is projected to push the national debt beyond the size of the economy. Interestingly, despite the US debt hitting historical highs, the stock market in August saw the S&P 500 and the Dow Jones Industrial Average recover from March losses.”
The U.S. is among countries that pumped more money into the economy to mitigate the impact of the coronavirus pandemic.