Vanuatu, India Top IMF List of Countries With Largest Budget Deficits

The article looks at 15 countries with the largest budget deficits as a percentage of GDP, using IMF data. The top 5 countries are Vanuatu, India, Algeria, Maldives, and the United States.

Budget deficits occur when government spending exceeds revenue. Deficits can help economies in the short-term but are problematic long-term.

Asia is projected to contribute two-thirds of global growth by 2024, led by India and China. However, risks like China's property sector crises threaten economic resilience.

Companies like Alibaba, Reliance Industries, and Tata Consultancy Services are driving Asian growth through e-commerce, consumer products, and IT services.

Vanuatu tops the list with a 2023 budget deficit of 9.167% of GDP. The U.S. ranks 10th, with a deficit of 8.239% of 2023 GDP.