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Call me stupid, but I think that Debt to GDP is a meaningless measure of our ability to repay borrowings. Why? Because it’s quite possible for a country to have a massive GDP and be unable to pay foreign debts and equally, a country could have a relatively small GDP and be able to comfortably repay them. In order to understand this, we need to look at what GDP is. In a nutshell it’s total production of goods and services, including trade surplus or deficit. So, let’s say that a country had a GDP (like South Africa) of $350bn a…

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