According to the Bank of Russia's estimate, external debt of the Russian Federation as of March 31, 2023 totaled $357.9 billion, having decreased by $100.4 billion, or by 22.6%, since the beginning of the year.
Japan's debt-to-GDP ratio is the highest in the world due to a prolonged period of economic stagnation and demographic challenges.
Total public sector borrowing was $96.6b. All Australia general government net debt (L2) reached 33.8% as a percentage of GDP.
International Monetary Fund data show China's explicit local government debt nearly doubled over five years to the equivalent of $5.14 trillion — or 35.34 trillion yuan — last year.
The United States, holding the highest national debt globally, has a total of $31.68 trillion, representing a YoY increase of $1.3 trillion or 4.28%, reaching $30.38 trillion. Therefore, China's national debt has surged almost three times that of the United States in the past 12 months.
New Zealand National Government Debt reached 84.4 USD bn in Dec 2022, compared with 73.5 USD bn in the previous quarter. New Zealand National Government Debt data is updated quarterly, available from Dec 2006 to Dec 2022.
This year, Victoria is expected to hold about $170 billion in debt while NSW is forecast to hold about $160 billion. Foo said the states routinely under-delivered on their infrastructure plans.
The majority (two-thirds) of our government debt is held by non-resident investors. According to the Australian Bureau of Statistics (ABS), the United States and the United Kingdom are the biggest investors followed by Belgium, Japan and Hong Kong (SAR of China).
Today, a government that defaults may be widely excluded from further credit; some of its overseas assets may be seized; and it may face political pressure from its own domestic bondholders to pay back its debt. Therefore, governments rarely default on the entire value of their debt.
The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023.
China's debt is nearly 44% of its GDP and its local governments owe nearly $5.14 trillion. With the economic slowdown and collapse of land sales revenue, provinces and local governments in China are facing an embarrassing situation.
Australian Government debt was progressively reduced after the Second World War and largely eliminated by the beginning of the 1970s.
In Australia, and in countries around the world, government economic support packages in response to the COVID-19 pandemic have led to large increases in government debt, continuing a trend of increasing government debt since the global financial crisis (GFC).
Individuals income tax. Individuals' income tax is the single most important source of government revenue. Since the mid 1970s it has consistently raised around half of the Australian Government's tax receipts and continues to be a stable and predictable source of revenue.
Although Australia has avoided the worst effects of a recession for almost 30 years, 2023 may be the year of a recession - if one thing keeps rising. With GDP on an upward trajectory, a 0.6 per cent uptick to be precise, and unemployment at an all-time low at 3.5 per cent - we're in a good economic situation.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
Australia's current account surplus increased by $13.4 billion to $14.1 billion (seasonally adjusted, current prices) in the December quarter 2022, according to figures released today by the Australian Bureau of Statistics (ABS).
If this is calculated per inhabitant, taking purchasing power parity into account, then New Zealand ranks 29th in the list of the richest countries. Inflation in New Zealand in 2022 was around 7.17%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
As of March 2023, the Japanese public debt is estimated to be approximately 9.2 trillion US Dollars (1.30 quadrillion yen), or 263% of GDP, and is the highest of any developed nation. 43.3% of this debt is held by the Bank of Japan.
When the government spends more than it earns, it has a budget deficit and must issue debt in the form of Treasury securities. The U.S. has run a deficit for the last 20 years, substantially increasing the national debt. In fact, according to the Department of the Treasury, the current debt is $31.4 trillion.
At the end of 2021, of the 98 countries for whom data was available, Pakistan ($27.4 billion of external debt to China), Angola (22.0 billion), Ethiopia (7.4 billion), Kenya (7.4 billion) and Sri Lanka (7.2 billion) held the biggest debts to China.
If China (or any other nation having a trade surplus with the U.S.) stops buying U.S. Treasuries or even starts dumping its U.S. forex reserves, its trade surplus would become a trade deficit—something which no export-oriented economy would want, as they would be worse off as a result.
Over the past 20 years, Japan and China have owned more US Treasuries than any other foreign nation. Between 2000 and 2022, Japan grew from owning $534 billion to just over $1 trillion, while China's ownership grew from $101 billion to $855 billion.
According to available data from the OECD, the average Australian household debt-to-income ratio comes in at $187 for every $100 of after-tax income.