One of the main reasons why any meaningful recovery has failed to take place in both the US and Europe is that debt of those countries has ballooned. Indeed, in Europe many of the countries are struggling to keep head above water and are compelled to resort to austerity measures to bring down debt at a time when growth has stagnated. That is why country debt has assumed importance like never before. So what about emerging nations? Today's chart of the days shows that India's government debt as a percentage of GDP is quite on the higher side. This is in contrast to China, where it is low and so it has more headroom to spend.
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