7. Cape Verde – Debt Deficit: 114.22% of GDP
Cape Verde is well known as one of the world’s popular beach getaway destination. Located 350 miles off the coast of Western Africa, this beautiful archipelago span consists of ten volcanic islands.
Despite that fact, Cape Verde’s tourism sector gave negative contribution to its financial development among other sectors. The country’s economic growth decelerated from 4% in 2011 to just 0.7% in 2013.
Since then, the government has been winding down its Public Investment Program (PIP) which was considered too ambitious for this small country.
The amount of Cyprus public debt itself is actually not that big. However, because of the country’s struggles in optimizing its economy sectors, such as its potential tourism sector, it can only produce $1,897 of Gross Domestic Product (GDP).
