Taiwan's national debt in 2009 amounted to 38.58 percent of its gross domestic product (GDP) , well below the internationally recognized ceiling of 60 percent of GDP, according to a report by the Switzerland-based Institute for Management and Development (IMD). The IMD, in the wake of the debt crises that have swept through southern European countries, released 'The Debt Stress Test' report, which showed that Taiwan was one of the countries with a debt/GDP ratios of between 20-40 percent. Other countries in that range included Switzerland, South Korea, Thailand, South Africa, Mexico, New Zealand, Indonesia and Venezuela. Those with debt/GDP ratios of 40 percent to 60 percent included Jordan, the Philippines, Malaysia, Poland, Singapore, Turkey, Finland, Sweden end Denmark. China, along with Luxembourg, Qatar, Russia and Hong Kong were listed as having lowest debt-GDP ratios of below 20 percent. Japan was ranked by the IMD among those countries with the heaviest debt burden and was not forecast to reach the 60-percent level until 2084. Italy's debt situation was not expected to improve until 2060, or Belgium's until 2035, according to the report. However, those three countries were considered to be at relatively low risk as most of their debts are to their domestic institutions. Greece and Portugal, which were forecast to see debt relief by 2031 and 2035 respectively, were considered relatively risky as they owed 106 billion euros and 44 billion euros respectively to foreign banks. 