DUSHANBE, February 14, 2013 Asia-Plus — The Global Competitiveness Report (GCR) 2012-1013 published by the World Economic Forum (WEF) has listed Tajikistan 59th among 144 economies in terms of public debt.
In Tajikistan, the public debt-to-GDP (gross domestic product) ratio reportedly amounted to 35.3 percent in 2011.
Brunei (0%), Libya (0%), Eastern Timor (0%), Oman (5.1 percent), Madagascar (5.7%), Estonia (6.0%), Kuwait (7.3%), Saudi Arabia (7.5%), Russia (9.6%), and Chili (9/9 percent) are among the top ten countries in the report in terms of the public debt-to-GDP ratio.
Jamaica (136%), Greece (160.8%), and Japan (229.8%) are at the bottom of the list.
The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum. The first report was released in 1979. The 2012–2013 report covers 144 major and emerging economies.
Since 2004, the Global Competitiveness Report ranks countries based on the Global Competitiveness Index, developed by Xavier Sala-i-Martin and Elsa V. Artadi.
The report assesses the ability of countries to provide high levels of prosperity to their citizens. This in turn depends on how productively a country uses available resources. Therefore, the Global Competitiveness Index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity.
Meanwhile, according to data of the Ministry of Finance (MoF) of Tajikistan, Tajikistan’s public debt amounted to 2.16941 billion USD as of January 1, 2013, 28.5 percent of GDP. The direct debt for the government has reportedly reached 1.9 billion USD by January 1, 2013, amounting to 25.8 percent of GDP.
As of January 1, 2013, Tajikistan’s external debt reportedly amounted to 2.3 billion USD, 33 percent of GDP.
Dr. Hojimuhammad Umarov, expert on the Tajik economy says that that further increase in Tajikistan’s external debt will pose threat to economic and national security of the country.
