paragraph_text: According to Der Spiegel, credits given to European governments were disguised as "swaps" and consequently did not get registered as debt because Eurostat at the time ignored statistics involving financial derivatives. A German derivatives dealer had commented to Der Spiegel that "The Maastricht rules can be circumvented quite legally through swaps," and "In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank." These conditions had enabled Greek as well as many other European governments to spend beyond their means, while meeting the deficit targets of the European Union and the monetary union guidelines. In May 2010, the Greek government deficit was again revised and estimated to be 13.6% which was the second highest in the world relative to GDP with Iceland in first place at 15.7% and Great Britain third with 12.6%. Public debt was forecast, according to some estimates, to hit 120% of GDP during 2010.

paragraph_text: As of 18 June 2012, the ECB in total had spent €212.1bn (equal to 2.2% of the Eurozone GDP) for bond purchases covering outright debt, as part of its Securities Markets Programme (SMP) running since May 2010. On 6 September 2012, the ECB announced a new plan for buying bonds from eurozone countries. The duration of the previous SMP was temporary, while the Outright Monetary Transactions (OMT) programme has no ex-ante time or size limit. On 4 September 2014, the bank went further by announcing it would buy bonds and other debt instruments primarily from banks in a bid to boost the availability of credit for businesses.

paragraph_text: The economy of India is an underdeveloped mixed economy. It is the world's seventh - largest economy by nominal GDP and the third - largest by purchasing power parity (PPP). The country ranks 141st in per capita GDP (nominal) with $1723 and 123rd in per capita GDP (PPP) with $6,616 as of 2016. After 1991 economic liberalisation, India achieved 6 - 7% average GDP growth annually. In FY 2015 India's economy became the world's fastest growing major economy surpassing China. The long - term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy.

paragraph_text: As a sovereign country (2016), Texas would be the 10th largest economy in the world by GDP (ahead of South Korea and Canada). Texas's household income was $48,259 in 2010 ranking 25th in the nation. The state debt in 2012 was calculated to be $121.7 billion, or $7,400 per taxpayer. Texas has the second largest population in the country after California.

paragraph_text: The Canadian government debt, commonly called the ``public debt ''or the`` national debt'', is the amount of money owed by the Government of Canada to holders of Canadian Treasury security. In 2013, this number stood at CAD $1.2 trillion across federal and provincial governments. With the total GDP somewhere around CAD $1.8 trillion, Canada's overall debt / GDP ratio is around 66%. ``Gross debt ''is the national debt plus intragovernmental debt obligations or debt held by trust funds. Types of securities sold by the government include treasury bills, notes, bonds, Real Return Bonds, Canada Savings Bonds, and provincial government securities.

paragraph_text: Horn of Africa Countries and territories Djibouti Eritrea Ethiopia Somalia Major regional organizations Arab League, Common Market for Eastern and Southern Africa, Community of Sahel - Saharan States, Intergovernmental Authority on Development Population 122,618,170 (2016 est.) Area 1,882,757 km Languages Afar Arabic Amharic French Oromo Somali Tigrinya Religion Islam, Christianity, traditional faiths Time zones UTC + 03: 00 Currency Djiboutian franc Eritrean nakfa Ethiopian birr Somali shilling Capitals Addis Ababa (Ethiopia) Asmara (Eritrea) Djibouti (Djibouti) Mogadishu (Somalia) Total GDP (PPP) $247.751 billion (2016) Total GDP (nominal) $102,057 billion (2016)

paragraph_text: The United States has a capitalist mixed economy which is fueled by abundant natural resources and high productivity. According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP).The nominal GDP of the U.S. is estimated to be $17.528 trillion as of 2014. From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the G7. The country ranks ninth in the world in nominal GDP per capita according to the United Nations (first in the Americas) and sixth in GDP per capita at PPP. The U.S. dollar is the world's primary reserve currency.The United States is the largest importer of goods and second-largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion. Canada, China, Mexico, Japan, and Germany are its top trading partners. In 2010, oil was the largest import commodity, while transportation equipment was the country's largest export. Japan is the largest foreign holder of U.S. public debt. The largest holder of the U.S. debt are American entities, including federal government accounts and the Federal Reserve, who hold the majority of the debt.

paragraph_text: As of July 31, 2018, debt held by the public was $15.6 trillion and intragovernmental holdings were $5.7 trillion, for a total or ``National Debt ''of $21.3 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The Congressional Budget Office forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date. As of December 2017, $6.3 trillion or approximately 45% of the debt held by the public was owned by foreign investors, the largest being China (about $1.18 trillion) then Japan (about $1.06 trillion).

paragraph_text: Swaziland is a developing country with a small economy. Its GDP per capita of $9,714 means it is classified as a country with a lower-middle income. As a member of the Southern African Customs Union (SACU) and Common Market for Eastern and Southern Africa (COMESA), its main local trading partner is South Africa. Swaziland's currency, the lilangeni, is pegged to the South African rand. Swaziland's major overseas trading partners are the United States and the European Union. The majority of the country's employment is provided by its agricultural and manufacturing sectors. Swaziland is a member of the Southern African Development Community (SADC), the African Union, the Commonwealth of Nations and the United Nations.

paragraph_text: As of 2015[update], Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa's largest economy in 2014. Also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio. Nigeria is considered to be an emerging market by the World Bank; It has been identified as a regional power on the African continent, a middle power in international affairs, and has also been identified as an emerging global power. Nigeria is a member of the MINT group of countries, which are widely seen as the globe's next "BRIC-like" economies. It is also listed among the "Next Eleven" economies set to become among the biggest in the world. Nigeria is a founding member of the Commonwealth of Nations, the African Union, OPEC, and the United Nations amongst other international organisations.

paragraph_text: On November 7, 2016, debt held by the public was $14.3 trillion or about 76% of the previous 12 months of GDP. Intragovernmental holdings stood at $5.4 trillion, giving a combined total gross national debt of $19.8 trillion or about 106% of the previous 12 months of GDP; $6.2 trillion or approximately 45% of the debt held by the public was owned by foreign investors, the largest of which were Japan and China at about $1.09 trillion for Japan and $1.06 trillion for China as of December 2016.

paragraph_text: As of July 31, 2018, debt held by the public was $15.6 trillion and intragovernmental holdings were $5.7 trillion, for a total or ``National Debt ''of $21.4 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The Congressional Budget Office forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date. As of December 2017, $6.3 trillion or approximately 45% of the debt held by the public was owned by foreign investors, the largest being China (about $1.18 trillion) then Japan (about $1.06 trillion).

paragraph_text: The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after its formation in 1789. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835 -- 1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.

paragraph_text: As of Q1 (the first quarter of) 2015, UK government debt amounted to £1.56 trillion, or 81.58% of total GDP, at which time the annual cost of servicing (paying the interest) the public debt amounted to around £43 billion (which is roughly 3% of GDP or 8% of UK government tax income). Approximately a third of this debt is owned by the British government due to the Bank of England's quantitative easing programme, so approximately 1 / 3 of the cost of servicing the debt is paid by the government to itself, reducing the annual servicing cost to approximately £30 billion (approx 2% of GDP, approx 5% of UK government tax income).

paragraph_text: On November 7, 2016, debt held by the public was $14.3 trillion or about 76% of the previous 12 months of GDP. Intragovernmental holdings stood at $5.4 trillion, giving a combined total gross national debt of $19.8 trillion or about 106% of the previous 12 months of GDP. As of December 2017, $6.3 trillion or approximately 45% of the debt held by the public was owned by foreign investors, the largest of which were Japan (about $1.06 trillion) and China (about $1.18 trillion).

paragraph_text: The Central Bank of Liberia is responsible for printing and maintaining the Liberian dollar, which is the primary form of currency in Liberia. Liberia is one of the world's poorest countries, with a formal employment rate of 15%. GDP per capita peaked in 1980 at US$496, when it was comparable to Egypt's (at the time). In 2011, the country's nominal GDP was US$1.154 billion, while nominal GDP per capita stood at US$297, the third-lowest in the world. Historically, the Liberian economy has depended heavily on foreign aid, foreign direct investment and exports of natural resources such as iron ore, rubber and timber.

paragraph_text: Israel has one of the highest ratios of defense spending to GDP of all developed countries, only topped by Oman and Saudi Arabia. In 1984, for example, the country spent 24% of its GDP on defense. By 2006, that figure had dropped to 7.3%. Israel is one of the world's largest arms exporters, and was ranked fourth in the world for weapons exports in 2007. The majority of Israel's arms exports are unreported for security reasons. Since 1967, the United States has been a particularly notable foreign contributor of military aid to Israel: the US is expected to provide the country with $3.15 billion per year from 2013 to 2018. Israel is consistently rated low in the Global Peace Index, ranking 148th out of 162 nations for peacefulness in 2015.

paragraph_text: Growth in a Time of Debt, also known by its authors' names as Reinhart–Rogoff, is an economics paper by American economists Carmen Reinhart and Kenneth Rogoff published in a non peer-reviewed issue of the "American Economic Review" in 2010. Politicians, commentators, and activists widely cited the paper in political debates over the effectiveness of austerity in fiscal policy for debt-burdened economies. The paper argues that when "gross external debt reaches 60 percent of GDP", a country's annual growth declined by two percent, and "for levels of external debt in excess of 90 percent" GDP growth was "roughly cut in half." Appearing in the aftermath of the financial crisis of 2007–2008, the evidence for the 90%-debt threshold hypothesis provided support for pro-austerity policies.

paragraph_text: Region Rank Country 2015 GDP (PPP) millions of International dollars -- Africa 5,736,700 Nigeria 1,192.00 Egypt 995.97 South Africa 724.01 Algeria 570.64 Morocco 274.53 6 Angola 185.25 7 Sudan 167.42 8 Ethiopia 159.22 9 Tanzania 150.4 10 Kenya 143.05 11 Tunisia 127.21 12 Ghana 113.35 13 Libya 92.88 14 Uganda 79.75 15 Ivory Coast 78.34 16 Cameroon 72.11 17 Zambia 64.65 18 Democratic Republic of the Congo 63.27 19 Botswana 37.16 20 Senegal 36.30 21 Madagascar 35.56 22 Gabon 34.41 23 Chad 33.73 24 Mozambique 32.00 25 Burkina Faso 31.18 26 Mali 29.15 27 Zimbabwe 28.90 28 Republic of the Congo 27.92 29 Equatorial Guinea 25.94 30 Mauritius 24.84 31 Namibia 24.51 32 Benin 21.16 33 Malawi 20.56 34 Rwanda 20.32 35 Niger 18.96 36 Mauritania 16.43 37 Guinea 15.28 38 Swaziland 10.87 39 Togo 10.82 40 Eritrea 7.94 41 Burundi 7.88 42 Somalia 5.90 43 Lesotho 5.78 44 Gambia 3.27 45 Liberia 3.78 46 Cape Verde 3.48 47 Djibouti 3.09 48 Seychelles 2.53 49 Guinea - Bissau 1.94 50 Central African Republic 1.62 51 Comoros 1.21 52 São Tomé and Príncipe 0.66

paragraph_text: About half of the population depends on agriculture (largely subsistence agriculture) for its livelihood, but Namibia must still import some of its food. Although per capita GDP is five times the per capita GDP of Africa's poorest countries, the majority of Namibia's people live in rural areas and exist on a subsistence way of life. Namibia has one of the highest rates of income inequality in the world, due in part to the fact that there is an urban economy and a more rural cash-less economy. The inequality figures thus take into account people who do not actually rely on the formal economy for their survival. Although arable land accounts for only 1% of Namibia, nearly half of the population is employed in agriculture.

Question: What is the debt-to-GDP ratio in one of the richest countries in Africa?
Answer: 11 percent