However, Romania’s government debt has increased by 26 percentage points since 2007. Consumer debt rose by one percentage point, while the debt of the financial sector fell 4% in the analyzed interval.
The analysis is based on data available for 2007 and for the end of the second quarter of 2014, as regards developed economies, and for 2007 and 2013 regarding the category of developing economies, which also includes Romania.
Israel registered the biggest decline in government debt (-22 percentage points), outpacing Saudi Arabia (-14 percentage points) and Argentina (-11 percentage points), according to the study.
The biggest increases in total debt, between 2007 and 2014, were registered by Ireland (172 percentage points), Singapore (129 percentage points) and Portugal (100 percentage points).
As regards the national debt-to-GDP ratio, Romania ranks 39th among 47 countries analyzed by McKinsey&Company, which means Romania’s national debt accounted for 104% of GDP in 2013, the same as Turkey.
The ranking is led by Japan, with a national debt accounting for 400% of GDP, and also includes Ireland, with a national debt accounting for 390% of GDP, and Singapore, with a debt making up 382% of GDP.
Global debt rose by $57,000 billion between 2007 and mid-2014, accounting for 286% of the world’s GDP, according to data by McKinsey&Company. The global government debt increased by $25,000 billion during the analyzed period and McKinsey&Company analysts expect a similar trend in Europe and Japan in 2105.