The United States is leading the pack of the global top five countries that added new public debt of $9.17 trillion between March 2020 and March 2021.
Data by Finbold shows the United States leads with a debt growth of $4.57 trillion from $23.45 trillion to $28.0.2 trillion in the period.
Japan’s public debt also has grown from $11.42 trillion to $14.64 trillion pushing the debts by the two countries higher by $7.79 trillion in new debt.
The United Kingdom’s public debt has also grown by $0.24 trillion from $3.34 trillion to $3.58 trillion. In March 2020, Germany’s national debt stood at $2.37 trillion, adding $0.83 trillion as of March 2021. Italy’s debt slightly surged by $0.31 trillion from $2.87 trillion to $3.18 trillion.
Interestingly, the analysis shows that China’s national debt dropped by $0.57 trillion from $8.56 trillion to $7.99 trillion among the selected leading economies.
The report attributed the sharp increase in the national debt of most countries over the last 12 months to the pandemic which caused additional spending in global efforts to curb the spread.
“Overall, most countries globally have enacted a massive amount of monetary and fiscal stimulus to prevent a deep and prolonged recession, in return increasing the public debt burden. However, it appears there has been little effort to balance the coronavirus response with solving the national debt crisis.”
In terms of the national debt percentage growth by Country, Germany tops with 35.02 percent, followed by Japan at 28.2 percent, and the US ranks third at 19.29 percent. Italy’s debt grew by 10.8 percent, while the UK stands at 7.19 percent.
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