Dominica has been listed among 30 countries worldwide with the most debt in 2024 in an article published on the Microsoft Network (MSN).
According to the article, data was used from the International Monetary Fund’s General Government Gross debt-to-GDP database concerning which countries have the highest public debt worldwide in 2024.
“The debt-to-GDP ratio is the metric comparing a country’s public debt to its Gross Domestic Product (GDP),” the article explained. “By comparing what a country owes with what it produces, the debt-to-GDP ratio shows the ability of a country to pay back its debts. Countries with similar debt-to-GDP ratios are ranked based on their GDP PPP. GDP PPP (Purchasing Power Parity) adjusts the economic output of a country by taking into account differences in the cost of living and purchasing power.”
The article stated that Dominica’s debt-to-GDP ratio in 2024 stands at 91 with the GDP (PPP) standing at US$1.14-billion.
“Debt levels increased sharply in Dominica from 2017, due to the devastating effect of Hurricane Maria on economic activity,” the article said. “Under current policies, the debt ratio will reach the regional target of 60% of GDP only in 2040, five years after the 2035 goal.”
Other Caribbean islands on the list are The Bahamas with a debt of US$19.05-billion, Saint Vincent and the Grenadines with a debt of US$2.13-billion and Barbados with debt of US$5.78-billion.
Even the United States, which is the undisputed heavyweight when it comes to the economies of the world, made it to the list with a debt of US$27.97-trillion.
“American national debt now tops a record US$34 trillion. Currently, the federal government is spending 1.5 times as much money as it’s taking in GDP,” the article said.
Japan has the highest debt-to-GDP ratio 251.9 and a public debt of US$6.71-trillion.
Click link below to see the full list of the 30 countries with the most debt in 2024.
https://www.msn.com/en-au/travel/news/countries-with-the-most-debt/ss-BB1k5VTM#image=1
@Ibo France, this is a non- issue. All the countries that we are supposed to be getting help from or the so called developed countries are all on the list all with a higher debt to GDP ratio than Dominica. Japan who gives us grant aid leads the pack with a debt to GDP ratio of 251%. The UK, France and the US all occupy prominent position on this list. By the way Haiti the poorest country in the region has a debt to GDP ratio of 25%. So my advise to you and the rest is to move to Haiti….
Are you are Jacka?Go read the report from the IMF article IV mission,who were in Dominica from 5th to 14th March 2024.And read the news item you posting your foolish comment on.They are both saying the same thing.Ahole.
@Lin Clown
Do you understand what is an Article IV report ? You cant even properly read and write. Your biggest words are ‘Jacka’ and ‘A hole’..Your lifestyle must be a very dirty one indeed.
I am 1000 000 000 % certain that you dont. Your embarrassment!! You are in no mans land.
Lie Clown reminds me very much as an empty oil drum rolling down a concrete road. Just NOISE!
One of the most dangerous persons among us is someone that is completely ignorant and processing to be an authority on matters ofan intellectual nature.
processing (typo error) – should have been ‘pretending’
yet still…Mr lair…still says things are great….look now he have a celebrity cruise to China….oh Dominica….is this progress
I have brought up the exploding national debt multiple times in previous comments here on DNO. I’m certain DNO can verify this.To my consternation, the local media entities remained deafeningly silent.
The money that the government uses to service the national debt could have been used for needed repairs to public infrastructure, medicines and equipment for the hospitals, a well earned increase in wages and salaries for public servants, for modernization of the education system, repairs to the many dilapidated police outposts, etc.
Dominica is galloping towards the abyss.
yawn…
Most of this this unacceptably astronomical debt was not as a result of the damaged caused by Hurricane Maria. This excuse is used every time by the present maladministration and their apologists.
Immediately after Hurricane Maria struck Dominica there was a stunning revelation. Dominica owed CDB, UWI, Trinidad & Tobago, Venezuela, and most countries and lending institutions it had business ties with.
The country got many millions in debt forgiveness and many more millions in grants and donations from most developed countries.
Plain and simple, it is corruption that has Dominica in this dire economic state. When a government does a lot of construction it is because that’s the easiest way to siphon off millions and billions of state money in bribery, overruns, obfuscation, fraud, et cetera.
Why do you think this incoherent fellow fights so rigorously against fair electoral reforms? It’s to illegally gained billions from the prying eyes of the public.
@Ibo France, this is a non- issue. All the countries that we are supposed to be getting help from or the so called developed countries are all on the list all with a higher debt to GDP ratio than Dominica. Japan who gives us grant aid leads the pack with a debt to GDP ratio of 251%. The UK, France and the US all occupy prominent position on this list. By the way Haiti the poorest country in the region has a debt to GDP ratio of 25%. So my advise to you and the rest is to move to Haiti….
it must be a … islands thing!
Our country’s debt is so much that it’s going to take 4-5 generations to pay it off, as it now stands.
I often wondered what’s wrong with these government’s leaders/administrators nowadays.
but yet we growing exponentially
@If we know better
We growing exponentially? Did you believe that?
There is a term in economics called “Jobless growth”. It’s like the economy is expanding, but people are largely unemployed, sucking salt. Does that remind you of Dominica? Also bear in mind IMF officials work based on the information you give them. Does anyone of us know what the IMF people were given?
Now based on the amount of money we have abroad, in the hands of one man, i am still asking why does Dominica have any debt at all. We have unaccounted passport money outside of Dominica enough to make Dominica a debt free paradise. That’s the reason why Skerrit needs to give the people certified accounting figures from a reputable accounting firm of their CBI sales.
MEME, Do you really think the IMF officials are as foolish as you think? One would be certainly sure the officials will study and investigate all information given to them before taking any action. STOP TRYING to fool people with your negative and bias mentality! Those that are jobless are the ones you ask to DO NOTHING and follow LAZY PRASITES like you.
@KID ON THE BLOCK
KIDS should be at school and not trying to interfere in areas that they have absolutely no knowledge.
Do you personally have debts? Do you personally think that you are still growing exponentially?
The US debt increases by one trillion every one hundred days but because they are the world’s currency they can print more dollars and export their inflation to us. In the mean time we concentrate on local politics failing to educate ourselves and our children.
American politicians are afraid to be honest with the American people. They keep promising them the world because all they are interested in, is being re-elected. But the moment anyone tells them the truth, they vote for the other guy who tells them what they want to hear.
They keep spending like drunken sailors and because they possess the world’s reserve currency, that gives them licence to print money.
Social Security is under pressure, but do you think they would raise premiums to bolster the program? Nah…..They keep their heads in the sand as it nothing is going to happen.
I know Ibo France and Francisco Telemakak gonna love reading that article. That is their opportunity to castigate the Government of Dominica. They love it. But when the IMF projected a 5% growth in the economy this year, they were quick to rebuke the IMF’s projections. These are two guys you cannot trust in politics. They are very bias.
where is the job creation.imf is not be lack nations friend..go read history… unemployment is rampant..
Are you working? Are you paying your bills. Are you robbing people and businesses? What are you doing for your country besides talking crap, unemployment is rampant? Are you just repeating what you hear others say?