The answer is - no. We are drowning in debt. That crowds out the necessary government investment in infrastructure that is necessary for a economy to grow:
Currently, there seems to be a positive correlation between current account balances and economic growth. Countries with big deficits like Greece, Spain and Britain are performing really bad, while surplus countries like Hong Kong, Singapore, Germany and Sweden are performing really good. And China with its large surplus are outperforming India with its deficit.
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