Next Gen News

If, as seems certain, the U.S. loses its triple-A status, it will be only 18 members of one of the world 's most exclusive clubs

Despite the last-minute debt in Washington, the U.S. will still almost certainly planted by one of the world 's most exclusive clubs when it removed from his precious triple A rating. Only 19 countries - some of them of tax havens - have that status with rating agencies and can more cheaply on the world 's financial markets.

A decade ago, when the U.S. budget surplus was, it would have been unthinkable that the world 's largest economy would be the humiliation have a debt suffer downgrade, but since the Greek crisis first flared up it has become clear that no country is completely safe. According to forecasts by the Organization for Economic Cooperation and Development May, the U.S. has a budget deficit of more than 10% of GDP this year, and the public debt of 101.1% of GDP.

The markets are now starting to wonder which of the remaining 18 countries are next in the firing line.

2011 growth forecast: 2.9%. 2011 budget deficit: 2.8% GDP. National debt 29.3% GDP

Austria

A low-risk country, Denmark has a relatively modest national debt and because it is not part of the eurozone has exchange-rate flexibility should demand for its exports suffer as a result of problems in its key European markets.

Finland

France

Despite being the second biggest economy in the single currency, France looks to be the most vulnerable European country to a downgrade. It has had solid if unspectacular growth over the past couple of years, but has a debt to GDP ratio of close to 100%, is running a high budget deficit and has a generous welfare system. The OECD has warned France has long-term fiscal issues.

Growth: 2.2%. Budget deficit: 5.6%. Public debt: 97.3%.

Germany

The sky would fall in global capitalism for Germany losing its triple-A status. Growth through exports of capital goods to China helped was healthy, the budget deficit is the lowest in the G7 group of industrialized countries, and the government in Berlin is a strong commitment to fiscal rectitude. Germany would have been hard to suffer from an existential crisis would EuroOne, but one of the last dominoes to fall.

Growth: 3.4%. Budget deficit at 2.1%. Public debt 87.3%.

Hong Kong

Growth: 2.5%. Household income: 12.5%. Public debt: 56.1%

Singapore

As one of the hubs of global trade, Singapore is moving to the business cycle. It was a quick and deep contraction in the winter of 2008-09, but rebounded impressively in 2010 with an increase of 17.5% according to the World Bank. Although Singapore has a debt ratio above 100%, it runs a budget surplus. Low risk.

Growth (2010): 17.5%. Household income (2009): 1.7%. Public debt (2009): 113.3%.

Sweden

Like the other Scandinavian countries, Sweden looks relatively fireproof. Growth is strong, national debt is one of the lowest in Europe and the budget is in surplus. Exports would suffer were the global economy to go sour but for the time being Sweden is Norway without the oil.

Growth: 4.5%. Household income: 0.3%. Public debt 45.4%.

Growth: 1.4%. Budget deficit: 8.7%. National debt: 88.5%