French public finance is in the spotlight with debt reaching historic highs. But where does France really stand in relation to other nations?
A growing burden for French finance
French public debt has reached dizzying heights, approaching 3,000 billion euros in the second quarter of 2023, or around 112% of GDP. A situation that rightly worries experts and citizens. However, this raw figure is not enough to understand the complex reality of debt on a global scale.
In Europe, France is positioned among the leaders of the most indebted countries, but does not come at the top of this list. ranking unenviable. Greece (171.3% of GDP) and Italy (144.4%) have significantly higher ratios. Spain (113.2%) is close behind France, while Germany (66.3%) is a good student.
It is crucial to note that these comparisons must be nuanced. Economic structure, growth and the ability to raise funds on the markets differ greatly from country to country. France, despite its high debt, retains the confidence of investors thanks to the solidity of its economy and its status as a European power.
A global problem with many faces
On a global scale, the picture is even more mixed. Japan holds the unenviable record of being the most indebted country, with public debt reaching 262.5% of its GDP. The United States, the world's leading economic power, also has a debt rate higher than that of France (129.3% of GDP).
At the opposite end of the spectrum, some emerging or commodity-exporting nations have particularly low debt levels. Russia (17.8% of GDP) and South Korea (51.3%) are exceptions in a world where debt seems to be becoming the norm.
These international comparisons must, however, be handled with caution. Calculation methods, economic structures and political contexts vary considerably between countries, making direct comparisons sometimes misleading.
The French debt, although worrying, is therefore not an exception in the global economic landscape. It reflects global trends of increase in public debt, accentuated by recent crises. The real challenge for France, as for many countries, will be to find a balance between managing this debt and maintaining sustainable economic growth.
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