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Ghana's 12-place decline in the index is blamed mostly on its worsening macroeconomic situation, characterised by large fiscal deficits, rising public debt and high inflation.
ECONOMIST: Outstripped
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But the public-sector deficit has remained high and debt is rising, partly to finance a still unreformed public-pensions system.
ECONOMIST: Colombia's presidential election
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With Brazil's tax burden and public debt already too high, the only sensible ways to fill the holes in its social safety net are economic growth (which now seems to be resuming) and a redistribution of existing spending towards those who most need it.
ECONOMIST: Defeats and victories in Brazil’s war on poverty | The
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Although Mr. Sarkozy says he has succeeded in avoiding the pitfalls of Greece, Ireland and Portugal, which had to seek international help, he has failed to deliver on his electoral promises: Unemployment is at a 13-year high of nearly 10% and public debt is nearly 90% of the country's annual output, up from 64% in 2007.
WSJ: Sarkozy Fights for Survival
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This was mostly down to high house prices, high youth unemployment, rising public debt and the cost of education, added Prof Sefton, who is also a quantitative analyst at UBS bank.
BBC: Lord Bichard: Retired people could do work for pensions
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The state offers tax relief and public debt to heavy industry but not to high-tech companies.
FORBES: Biloxi Blues
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High public or private debt in Greece, Spain and Italy has driven up borrowing costs, spooked investors and toppled leadership.
WSJ: Ryan Selection Sets Off Debate on Government
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"The most material reasons are the level of household debt, the high level of public spending, and the inefficiency of the public sector, " he claims.
BBC: Budget 2013: Should the government plough ahead with cuts?
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Thus, even if the US is successful in reducing its fiscal deficit significantly, public debt relative to GDP continues to rise due to sluggish economic growth and a still high fiscal deficit.
FORBES: Is US Debt Problem As Big As The 1990s Latin America Crisis?