Central African Republic Public Debt (2024)

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Central African Republic Public Debt? ›

Government Debt to GDP in Central African Republic averaged 59.03 percent of GDP from 2000 until 2023, reaching an all time high of 97.40 percent of GDP in 2004 and a record low of 19.70 percent of GDP in 2011. source: International Monetary Fund.

The economy of the Central African Republic is $2.321 billion by gross domestic product as of 2019, even lower than much smaller countries such as Barbados with an estimated annual per capita income of just $805 as measured by purchasing power parity in 2019. $2.321 billion (nominal, 2019 est.)

Situated on a fertile plateau and abundant in water resources, the Central African Republic has considerable agricultural potential. It also has a wealth of mineral resources, including diamonds, which account for nearly half of the country's total export earnings.

In 2022, public debt in Africa reached USD 1.8 trillion. While this is a fraction of the overall outstanding debt of developing countries, Africa's debt has increased by 183% since 2010, a rate roughly four times higher than its growth rate of GDP in dollar terms.

At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.

Government Debt to GDP in Central African Republic averaged 59.03 percent of GDP from 2000 until 2023, reaching an all time high of 97.40 percent of GDP in 2004 and a record low of 19.70 percent of GDP in 2011. source: International Monetary Fund.

Egypt continues to be ahead of Nigeria as Africa's biggest economy in purchasing power parities (PPP) terms for the 2021 Round.

The Central African Republic is a fragile country. The drivers of fragility include a lack of social cohesion, the concentration of political power, social and regional disparities, the capture and mismanagement of natural resources by the elite and persistent insecurity fueled by a regional system of conflicts.

The Central African Republic (CAR) has the 5th highest rate of poverty in the world, with nearly 70% of the country's people living in extreme poverty.

Which country in Africa has the highest debt? ›

Africa's Highest National Debt Burdens (2024) 1. Egypt 🇪🇬 ($370.5 billion) 2. South Africa 🇿🇦 ($278.1 billion) 3. Algeria 🇩🇿 ($123.3 billion) 5.

The Democratic Republic of Congo (11.1% of its GDP), Botswana (17.9% of its GDP) and Ethiopia (30.5% of its GDP) top the list of sub-Saharan African countries with the lowest external debt-to-GDP ratios in 2024, according to the International Monetary Fund.

One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.

Annual totals are based on data from April of each year. Inflation adjusted to the 2023 calendar year. As of April 2024, the five countries owning the most US debt are Japan ($1.1 trillion), China ($749.0 billion), the United Kingdom ($690.2 billion), Luxembourg ($373.5 billion), and Canada ($328.7 billion).

Due to its political and financial situation, the Central African Republic is considered one of the least developed countries in the world and is also one of the heavily indebted poor countries. With an average annual income of 470 USD it is one of the low-income countries.

Despite its significant economic potential, the country is home to some 5 million people amongst the poorest in the world. Rich in agricultural and forestry resources, the nation also possesses major reserves of diamonds, gold, oil and uranium.

The Central African Republic remains one of the poorest countries in the world and is grappling with numerous human capital challenges. The latest estimates, which date from 2020, show that roughly 71% of the population is living below the international poverty line ($1.90 per day, in terms of PPP).