FX.co ★ Top-10 countries with a small external debt

Many countries of the world are the proud owners of the lowest external debt in relation to GDP. The first places in the rating are taken by those, whose external debt to GDP is 0% and whose external debt in monetary terms is absent.

Brunei with massive oil and gas reserves – a small state in Southeast Asia – is one of the most prosperous countries in the world. Its economy is based on extraction and processing of oil (more than 10 million tons per year) and gas (more than 12 billion cubic metres), exports of which bring more than 90% of foreign exchange earnings (60% of GNP). The external debt of the country is equal to zero, the external debt in monetary terms is absent.

Macao is an autonomous territory as a part of the PRC possessing its laws, legal, customs and emigrational systems. It is a major port, a global financial center with its own casino, gambling houses, race tracks, night clubs. The business has been yielding more than 70% of returns to the municipal budget for six years. The external debt of Macao is equal to zero, the external debt in monetary terms is absent.

One more state with zero external debt to GDP and in monetary terms is the Rebublic of Palau. It is an island nation associated with USA and located in the Phillippine Sea of the Pacific Ocean. Its economy is based on tourism.

Equatorial Guinea is one of the poorest nations in the world where about 50% of the population lives in poverty. Most of the country's income is ensured through agriculture, as well as oil and gas production. The external debt of the state to GDP is 1%, equivalent to $174 million.

Algeria's economy is based on oil and gas production. It brings 30% of GDP, 60% of government revenues and 95% of export earnings. Algeria has the eighth largest reserves of gas in the world and the fifteenth largest reserves of “black gold". However, rampant corruption in the country influences the development of the economy and the banking sector. The external debt of the nation to GDP amounts to 2%, the external debt in monetary terms is equal to $3,389 million.

Iran is an industrial country with a well-developed oil industry, where oil refineries and petrochemical plants are predominant, machinebuilding and metalworking, food and textile industries are developed. The country possesses 16% of the world reserves of natural gas. The external debt of Iran to GDP is equal to 4%, the external debt in monetary terms is $15,640 million.

During two years Nigeria is the largest African Republic, getting ahead of the Republic of South Africa in terms of GDP. It has a status of the main oil producer in Africa. Thanks to the reserves of “black gold", the state gets 95% of the foreign exchange earnings and provides 80% of the government revenues. The external debt of the country to GDP achieves 5%, about $15,730 million.

Fiji, a small republic located in the Pacific Islands, can be called one of the most developed island economy. Although it possesses vast forest lands, it is rich in minerals and fishery resources, the economy of Fiji can not be described as steady and prosperous. Political instability also does not contribute to the economic growth. The external debt of the republic to GDP is 5%, the external debt in monetary terms is equal to $127 million.

Haiti can be called the poorest, economically and politically unstable country in the world. More than 50% of its population lives below the poverty line. The main source of the republic's foreign exchange earnings is the remittances from emigrants totaling 25% of GDP. Most citizens are employed in agriculture. The state's external debt to GDP is 7%, equivalent to $428 million.

Azerbaijan is an industrial-agrarian country with a well-developed industry and multisectoral agriculture. The leading industries are chemical, machine-building and mining. Oil and gas production, oil refining are also important for the country's economy. The state's GDP growth is mainly provided by increased hydrocarbon production and exports. The external debt to GDP is 8.2%, the external debt in monetary terms is $6,059 million.