In context to loans and debts, it is hard for you to escape from their grasps. This accounts for the reason that self-control and financial management are the need of the day.
The people and businesses fail quite often to exercise the skills they need to remain free from debt. This turns very serious as most of the time in the absence of debt-relief the uncontrolled debts are the consequence of bankruptcy and insolvency. For you, it is the need of the day to be aware of optimistic techniques of debt management so that you don’t fall neck deep into a vicious obligation that not only influences your life but can ruin you outright as well.
Just like individuals and enterprises, even countries, lacking quick debt relief, take debts. They are in need of loans for their equity and infrastructural developments for the people of their country. These countries take their loans from the World Bank, and they like people and businesses can run into debts that are neck-deep along with pending disbursing payments. Government and management is done by this bank in context to the sanction of debts taken by its member countries. There is of course some nations worldwide that doesn’t hold membership with the World Bank.
In the globe, most nations entrusts The World Bank Group towards their money management. Established in 1944, The World Bank manages debts of developing countries by means of debt reduction solutions for their capital programs. The governments of member nations own the bank who has the power of making policy and financial decisions. Also, they address issues that are faced by member countries. In regard to the The World Bank Membership, the nation has to join The International Monetary Fund or the IMF. The Vice President of the Corporate Secretariat does the coordination of the member status and new membership.
As per the above-mentioned, some nations exist that are not a part of the World Bank. They manage free debt relief on their own, their economic affairs, and again some nations in the world are free from debt entirely. These nations have managed to remain optimistic and free from loans in context to the development and the governance of their countries.
Six countries are not the members of The World Bank, and they are Nauro, Monaco, North Korea, Cuba, Liechtenstein, and Andorra. The nation of Taiwan has the largest economy that again is a nonmember of the World Bank Group. The World’s observer states are Vatican City, and Palestine who don’t again form the part of the World Bank.
After the Second World War, the World Bank was joined by USA and Canada. Presently, the USA is the sole nation having about 33% of the world’s debts. The approximate debt amount is $17.3 trillion, and it is the top ranking country in regard to debts. In the list of countries struggling with debt, Canada ranks 15th, having a total debt of about 1.3 trillion dollars.
Now, according to the experts, given the present condition of debts taken by nations athwart the globe, will today the existing currency be appropriate? They are off in the opinion that the debt, which is wild and reckless, taken by countries could bring humanity back to the barter era where you have to make trades for getting products and services.
Of course, there are nations that are free from debt. Mentioned below are the top 5 debt-free nations in the world:
This country is said to be like Las Vegas without the availability of cocaine and steroids. Rather, it is more enormous than Las Vegas, about five times bigger. According to the Economic Intelligence Unit (EIU), it is the country with the fastest growth in the world. Major spoken Languages are Portuguese and Cantonese. Around 50% of the residents are Buddhists.
It is known as The Virgin Islands, dropping the word “British”. It is an overseas and non-sovereign territory of the UK. This is a region that is self-governing and has got around 60 small islands. The British Virgin Islands has a regard of being one of the most economically prosperous regions of the Caribbean Islands.
This nation also has zero debt. The covering of lovely hills and blue oceans form a gorgeous landscape. Six groups of islands exist here. People who love snorkeling ought to come here. The number of islands in the country is around 300. It has its location in the Pacific Ocean. The meager population is around 21,000 people.
This nation shares boundaries with Switzerland and Austria, having a population of about 35,000 people. A country that is small, having an area of 62 square miles. Economically, this nation is independent. This country is the 6th smallest one in the world. The nation’s population is inclusive of Italian and Turkish people. A strong economy is supported with the lowest world’s unemployment rate. This country is full of gorgeous forests, castles, and mountains. It is a tourist attraction significantly for most people athwart the globe.
In Malaysia, Brunei is colorful and musical simultaneously. Since 1984, Brunei has been declared an official independent state. Most of its residents are engaged in oil and gas industries. 2% land is agricultural in Brunei. The country has a closeness to the South China Sea, linking The Pacific and Indian Oceans and 90% of its GDP is made up by the gas production.
In the context of debt-free nations in the world, the above five countries top the list to get relief from debt through their global counterparts have not been able to keep off from the debt clutches. Debt free countries have a successful management of doing so and are today known as positive role models in the world with reference to debt free living of high quality.