In this article, we will look at 6 countries with economic growth or debt problems in 2024. If you want to read our discussion about the global economy, visit 15 Countries With Economic Growth or Debt Problems in 2024.
6 – Japan
Debt To GDP – 251.9
Real GDP Growth Rate – 1.0
Japan faces high inflation while wage growth has remained insufficient to drive domestic demand. This has resulted in a sluggish GDP growth rate in the country as its economy has been constantly going through phases of contraction and slow recovery in the recent past. In addition, the country’s economy relies heavily on exports, making it susceptible to fluctuations in global demand. Further, to address economic downturns, the Japanese government has implemented substantial fiscal stimulus packages, increasing public debt.
5 – Belgium
Debt To GDP – 106.8
Real GDP Growth Rate – 0.9
Belgium is among the top 5 countries with economic growth or debt problems in 2024. Its debt-to-GDP ratio is expected to remain among the highest in Europe, which is a result of its long-standing structural issue. The country also faces challenges in terms of an aging population which contributes to rising debt and structural fiscal deficits.
4 – Italy
Debt To GDP – 143.2
Real GDP Growth Rate – 0.7
Italy is fourth on our list of the 15 countries with economic growth or debt problems in 2024. A mix of excessive debt and poor political stability has resulted in one of the highest debt-to-GDP ratios in Europe. The country is also experiencing a demographic crisis with an aging population and a declining working-age population, resulting in lower tax collection. Italy has faced a slowing GDP growth rate for over a decade.
3 – Austria
Debt To GDP – 78
Real GDP Growth Rate – 0.8
Austria is among the top 3 countries with economic growth or debt problems in 2024. Its economy has been facing challenges such as high inflation, declining international competitiveness, and weak demand in the manufacturing sector, which has led to a contraction in economic growth. Austria’s heavy reliance on exports, coupled with global economic slowdowns and uncertainties related to the war in Ukraine, have further impacted its economic outlook.
2 – United Kingdom
Debt To GDP – 105.9
Real GDP Growth Rate – 0.6
The United Kingdom is second on our list of 15 countries with economic growth or debt problems in 2024. The country’s public debt-to-GDP ratio has been steadily increasing over the last few years in response to external shocks, particularly the financial crisis and the COVID-19 pandemic. In addition, its GDP growth rate has been slower than many developed nations, averaging around 1.5% annually since the financial crisis due to various reasons, including Brexit.
1 – Sudan
Debt To GDP – 256
Real GDP Growth Rate – 0.3
Sudan tops our list of the 15 countries with economic growth or debt problems in 2024. The country is struggling because of its political instability, civil war, and the effects of the Russia-Ukraine conflict. The country’s GDP growth rate has been low, with a contraction of 1.9% in 2021 and a growth of 0.7% in 2022.
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