G7 (also known as the G-7 or Group of Seven) is the meeting of the finance ministers from a group of seven industrialized nations. The finance ministers of these countries meet several times a year to discuss economic policies.
Now here is some data as of 2006
1. France – Public Debt: 64.7% of GDP
2. Italy – Public Debt: 107.8% of GDP
3. Germany – Public Debt: 66.8% of GDP
4. United Kingdom – Public Debt: 42.2% of GDP
5. United States – Public Debt: 64.7% of GDP (Change that to 71%)
6. Japan – Public Debt: 176.2% of GDP
7. Canada – Public Debt: 65.4% of GDP
If high debt is considered a bad indicator of economy , then how come these countries are part of G7 that meet “several times a year to discuss economic policies.” Maybe an economist can help me understand that.
Countries which are not part of G7
India – Public Debt 52.7 % of GDP
Brazil – Public Debt: 50% of GDP
China – Public Debt: 22.1% of GDP