However, Turkey’s gross external debt stock amounted to $448.4 billion at the end of the 3rd quarter, bringing the debt/GDP ratio to 53.8% according to the official figures. Government Debt to GDP in Turkey is expected to reach 40.50 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. General government debt is then projected to stabilise, ending 2022 at 38.8% of GDP, still well below the current 'BB' median of 59.4%. Certain empirical evidence substantiates this agnostic position. Turkey’s central bank said corporate debt as a percentage of GDP rose to 69 percent in August, partly due to a credit scheme announced by the government to mitigate the effects of … While such a level of debt is certainly not healthy, just this year, Argentina and Ecuador—with debt ratios that are roughly half and a third of that—defaulted on their obligations. The ratio of total gross external debt stock is at 62 percent, compared to nearly half this figure of 37 percent in 2011. The government-debt-to-GDP ratio in the EU rose to 89.8% at the end of the third quarter of 2020, the EU statistical body said on Thursday. The country’s net external debt stock to its gross domestic product (GDP) ratio was 34.4% at the end of the third quarter of 2018. If the ratio indicates that a nation cannot pay its government debts, there is a risk of default, which could wreak havoc on the markets. China is to post 2.0 percent GDP growth this year and estimations point at roughly 8.0 percent GDP growth in 2021 as state-led investments to spur the economy have broadened out to consumers. The current account deficit in Turkey widened to USD 3.21 billion in December of 2020 from USD 2.73 billion a year earlier. ANKARA . The services surplus fell sharply to USD 0.64 billion from USD 1.81 billion due to weak tourism and transportation revenues, while the goods deficit narrowed to USD 3.34 billion from USD 3.67 billion a year earlier. Fitch forecasts general government debt increases from 32.8% of GDP at end-2019 to 39.5% at end-2020, 7.2pp higher than forecast at our last review. Global debt has piled up at an unprecedented pace since 2016, increasing by over $52tn vs a $6tn rise over 2012-16; Less bang for the buck: the capacity of debt to generate growth is diminishing, and investment remains subdued; EM governments face increasing interest burdens, notably in Turkey, India, South Africa, and the Philippines; Small businesses have seen a much bigger increase in debt … Hence, the total gross domestic debt of Turkey, counting both the public and the private sector, totals $444 billion. Both outliers of the global economic performance, Turkey’s 2020 growth performance had very different roots compared that of China. In the long-term, the Turkey Government Debt to GDP is projected to trend around 45.60 percent in 2021 and 49.00 percent in 2022, according to our econometric models. In 1992, Japans's Nikkei (stock market) crashed. As of December 2019, the nation with the highest debt-to-GDP ratio is Japan, with a ratio of 237%. Debt in mature markets amounted to $203.7 trillion while emerging markets saw $77.7 trillion of debt at the end of last year. Turkey The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. A total of $122 billion of this debt is short term. A country like Japan has been able to sustain debt above 200% of GDP for more than a decade.