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Which country has the most debt? Answer may surprise you.

By contrast the United States’ gross national debt is closer to 100 percent of gross domestic product, according to estimates from the International Monetary Fund and the Organization for Economic Co-operation and Development.

That still puts the U.S. in better shape than other industrialized nations including Greece, Italy and Ireland, according to the OECD estimates. Of course, those are among the European countries whose high debt levels have raised concerns in recent months.

Here are the 10 developed countries with the most gross debt, compared to GDP, based on the OECD’s projections for 2011:

1.Japan – 213 percent of GDP
2.Greece – 157 percent
3.Italy – 129 percent
4.Iceland – 121 percent
5.Ireland – 120 percent
6.Portugal – 111 percent
7.United States – 101 percent
8.Belgium – 101 percent
9.France – 97 percent
10.United Kingdom – 89 percent

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