Global Debt Report Released: Turkey Ranks Last with Low Debt Ratio
According to Bank for International Settlements data, Turkey was recorded as the economy with the lowest total indebtedness level among 43 countries.
According to the global debt report published by the Bank for International Settlements, Turkey ranked last among 43 countries, having the lowest total debt-to-gross domestic product ratio encompassing government, household, and corporate debt.
Turkey's Position in the Global Report
According to the global debt report data released by the Bank for International Settlements, Turkey holds the position of the country with the lowest total debt ratio among the 43 countries examined.
Maastricht Criterion in Government Indebtedness
As a result of maintaining discipline in public finances, the ratio of government debt to national income materialized at 23.9 percent, remaining well below the 60 percent Maastricht criterion.
Discipline Despite Major Costs
It was stated that despite the 110 billion dollar cost burden created by the earthquake, compromises from budget discipline were avoided and fiscal balances were preserved.
Household and Corporate Debts
While household debt in Turkey stood at 10.1 percent and corporate debt at 38.9 percent, the report certified that these items were also kept at low levels.
Countries at the Top of the List
Financial center Luxembourg topped the list of 43 countries based on Bank for International Settlements data, followed by Hong Kong and Japan respectively.