Each country wants to represent itself in the best light and provide the best living for its residents, but these 10 countries that have the most debt in 2017 either made the greater effort than they could handle or they were just wasting their money, but it definitely looks like this year won’t be one of the best for the nation.
The thing that I always wanted to know regarding these debts is where did this money come from and whom should these countries give it back to. As it turned out, the answer is very simple. The money that some country borrows can come from any side. It can be some wealthy individual, some other country, or some corporation or financial institution such as the World Bank or the International Monetary Fund (IMF). Obviously, the country is obligated to give the money back to the ones it borrowed it from.
But depending on the height of debt and the economic situation of some country, the process of paying back the debts can last for more than a couple of years. For now, according to the latest global statistic, the worldwide debt is calculated to be around 200 trillion dollars. This number is alarming, but what is even more surprising is the fact that some of that debt belongs to some of the richest countries in the world. To be honest, I previously thought that all other countries are borrowing money from the richest ones but it turns out I was wrong.
But how come these countries are in such a debt but are still on the top of the richest countries in the world? When the standards are high and the taxes are low, there are only three options for the government. The first one is to decrease the expenditure, which would affect the standard and diminish it. The second thing they could do is to increase taxes, which would affect residents badly. The only thing that is left is to borrow money and that’s exactly what majority of countries do.
In case you were wondering, there are countries whose government found their ways of handling taxes, incomes, and outcomes, and leave it with the zero debt. Those are The British Virgin Islands, Liechtenstein, Macao, Palau, and Brunei.
To compile this list, several different sources had to be checked. The main ones were CIA, WorldBank, IMF, and Treasury. By compiling all the data from there, transferring some values in dollars, the list was finally ready to go viral. To see the results, click on 10 countries that have the most debt in 2017!