France s debt GDP ratio is already around 90 even if its 2013 budget deficit does not exceed 3.5 of GDP, its debt GDP ratio will have climbed to 93 by the end of the year.

For Greece, with an overall deficit of 4.1 of GDP and a debt GDP ratio of 170 , the debt ratio would fall if the combination of inflation and real (inflation adjusted) GDP growth exceeded 2.4 .

The annual budget deficit is nearly 10 of GDP, higher than any of the eurozone countries. With nominal GDP stagnating, that deficit is causing the debt GDP ratio to rise by 10 annually.

Owing to strong GDP growth, the debt to GDP ratio decreased from 100.2 per cent to 95.1 per cent.

While the increase in investment reduced the saving GDP ratio, the resulting increase in imports lowered the trade surplus GDP ratio.

The debt GDP ratio varies a lot by country.

It is likely to rise to more than 60 of GDP by the end of 2010, with the debt to GDP ratio continuing to increase.

Politicians have exacerbated the situation by doubling down on fiscal austerity, which has undermined GDP growth while failing to shrink government debt GDP ratios.

Add the open public debt of 67 of GDP to this total, and the result is an overall German debt GDP ratio of about 340 .

Even an economy with an overall budget deficit will have a declining government debt GDP ratio if the growth rate of its nominal GDP exceeds that of its debt.

NEW YORK The Greek financial saga is the tip of an iceberg of problems of public debt sustainability for many advanced economies, and not only the so called PIIGS (Portugal, Italy, Ireland, Greece, and Spain). Indeed, the OECD now estimates that public debt to GDP ratios in advanced economies will rise to an average of around 100 of GDP.

India s overall public debt GDP ratio has been on a declining trend, from 73.2 in 2006 07 to 66 in 2012 13 (and the central government s debt GDP ratio is only 46 ).

Since 2008, banking sector credit growth in China has been among the fastest in the world, far outpacing GDP growth, and China s total debt has risen from 130 of GDP to 220 of GDP.

The eurozone as a whole has a debt to GDP ratio of 90 , which is high by any standard.

China s GDP growth, which relies heavily on credit, will take a hit.

With a debt GDP ratio of 230 , a four percentage point rise in borrowing costs would cause the annual deficit to double, to 20 of GDP.

Each downward revision implies postponement of the date on which the debt GDP ratio will peak.

Its debt to GDP ratio stood at 113 by the end of 2009.

The economy is contracting so much that the debt GDP ratio is actually increasing, and the actual deficit is improving only marginally, because government revenues are falling along with GDP.

As a result, China s credit GDP ratio rose by 40 percentage points in 2008 2011, with most of the lending directed toward large scale investment by state owned enterprises (SOEs).

Japan s GDP share is about one third of Asia and 8 of the world.

Each crisis hit economy had increased its financial leverage the ratio of domestic credit to GDP by 30 percentage points over five years shortly before their credit bubbles popped.

He would also lower personal tax rates by 20 , and make up lost revenue by limiting tax deductions and credits, particularly at the upper end, thereby raising about 18.5 of GDP, just above the historical average, at full employment.

At a minimum, that would mean reducing the deficit to a level that stops the rise in the debt to GDP ratio.

The alternative forecast implies that the annual budget deficit at the end of ten years will be back up to 4.7 of GDP, with the debt GDP ratio at 83 and rising.

Indeed, Japan s debt to GDP ratio is around 170 much higher than in Greece, where the figure stands at around 110 .

And the government debt to GDP ratio is around 190 , compared to 120 in Greece.

This reflects the declining share of wages in total GDP and the rising share of savings relative to household incomes.

As a result, China s external surplus GDP ratio fell significantly in 2009.

In fact, Chinese leaders have spent remarkably little, relative to China s growing GDP, on the military.

With China s trade to GDP ratio and exports to GDP ratio already exceeding 60 and 30 , respectively, the economy cannot continue to depend on external demand to sustain growth.

During this period, credit expanded rapidly as a share of GDP, reaching more than 300 at the peak.

With a debt to GDP ratio of 200 , the higher interest rate would eventually raise the government s interest bill by about 4 of GDP.

The United States trade and current account deficits have begun to shrink relative to American and world GDP.

If the government s contingent liabilities are included, China s debt GDP ratio may be closer to 50 .

Stabilizing the debt to GDP ratio is thus the line in the sand that must not be crossed.

Besides mining (21.8 of GDP) and agriculture (16 of GDP), dominant industries in the composition of GDP are wholesale and retail trade and service, transportation and storage, and real estate activities.

Even with the latest deal, Greece s debt ratio remains at 120 of last year s GDP.

That way, the debt GDP ratio declines because the denominator (economic output) increases, not because the numerator (the total the government has borrowed) declines.

Such circumstances include, first, a high debt GDP ratio, with rising interest rates impeding growth.

But, after interest rates are liberalized, the public sector s debt GDP ratio is expected to increase substantially.

The Government has resolved to increase public spending in education to at least six per cent of the gross domestic product (GDP).

The ratio of savings to gross domestic product has risen.

BEIJING China s GDP growth this year may approach 10 .

Consequently, maintaining high GDP growth rates requires an ever increasing volume of credit and a continuously growing money supply.