Balance sheet
Growth tells you how fast an economy moved. The balance sheet tells you whether it can hold. Each stock — equity, private credit, government debt, broad money — is measured as a share of GDP and judged against that economy’s own 2000–2024 norm. When assets outrun the economy underneath them, the gap eventually closes: through productivity, through inflation, or through a correction.
Growth against imbalance
Ten-year real growth on the vertical, composite balance-sheet imbalance on the horizontal. 32 largest economies; bubble area is nominal GDP.
Bubble area is nominal GDP. Only the largest economies and the focused one are labelled; hover any point for the rest.
United States in detail
Where the gap is
Each stock against United States's own 2000–2024 average.
How it got here
Each stock as a share of GDP, 1990 onward.
Every major economy, ranked
Composite imbalance at 2025, most stretched first.
| Economy | Equity | Credit | Gov debt | Money | Composite |
|---|---|---|---|---|---|
| India | +5.39σ | +0.29σ | +0.98σ | +1.12σ | +2.16σ |
| South Korea | +2.86σ | +1.47σ | +1.76σ | +1.56σ | +1.98σ |
| China | +0.99σ | +1.95σ | +2.66σ | +1.81σ | +1.81σ |
| United States● focused | +2.56σ | +1.03σ | +1.22σ | +1.04σ | +1.54σ |
| Canada | +3.40σ | +0.47σ | +1.89σ | -0.42σ | +1.53σ |
| Japan | +2.65σ | +1.25σ | +0.72σ | +0.76σ | +1.44σ |
| Mexico | +0.06σ | +1.20σ | +2.07σ | +2.13σ | +1.26σ |
| Singapore | -1.01σ | +1.44σ | +2.43σ | +2.54σ | +1.17σ |
| Brazil | -0.60σ | +1.38σ | +1.86σ | +1.91σ | +1.01σ |
| Thailand | +0.25σ | +0.23σ | +2.09σ | +1.36σ | +0.93σ |
| Australia | +0.32σ | +0.73σ | +1.33σ | +1.37σ | +0.89σ |
| France | +0.28σ | +0.78σ | +1.53σ | — | +0.83σ |
| Saudi Arabia | +0.51σ | +1.44σ | +0.07σ | +1.35σ | +0.80σ |
| Switzerland | +0.74σ | +1.73σ | -0.77σ | +1.60σ | +0.78σ |
| Indonesia | +2.08σ | +0.19σ | +0.13σ | +0.09σ | +0.72σ |
| Poland | +0.23σ | -0.53σ | +1.78σ | +0.94σ | +0.57σ |
| Israel | -0.27σ | +1.02σ | -0.23σ | +1.57σ | +0.43σ |
| Russia | -0.65σ | +0.97σ | -0.06σ | +1.76σ | +0.39σ |
| Belgium | -0.49σ | +0.65σ | +0.76σ | — | +0.25σ |
| Sweden | — | +0.38σ | -1.22σ | +0.91σ | -0.04σ |
| Germany | +1.11σ | -0.94σ | -0.63σ | — | -0.07σ |
| Austria | +0.69σ | -1.75σ | +0.62σ | — | -0.10σ |
| Argentina | -0.91σ | +1.08σ | +0.18σ | -0.71σ | -0.10σ |
| United Kingdom | -1.01σ | -1.32σ | +1.24σ | +0.24σ | -0.27σ |
| Spain | -0.17σ | -1.52σ | +0.79σ | — | -0.29σ |
| Italy | -0.71σ | -1.58σ | +0.92σ | — | -0.47σ |
| Netherlands | +1.47σ | -2.45σ | -1.41σ | — | -0.66σ |
| Turkey | -0.13σ | -0.86σ | -1.12σ | -0.66σ | -0.66σ |
| Ireland | -1.23σ | -1.21σ | -0.82σ | — | -1.10σ |
Reading a row: a large positive number means that stock sits far above where this economy normally carries it. Click any row to focus it above. Of 80 economies in the dataset, the 30 largest are shown.