(FORTUNE Magazine) – You may be left with the post-election impression that the U.S. is the only nation with a crushing budget deficit. Far from it. When the deficit is expressed as a percentage of GDP, the U.S. has company. Worst off among industrial nations: Italy, which is crippled by entitlements and a revolving- door government (about one a year since 1985). Norway has similarly generous social-welfare programs, but some $8.5 billion a year in state revenues from North Sea oil keeps the deficit down. - Budget shortfalls are rarely a big issue with European voters. But the Maastricht treaty, designed to produce currency union among the European Community's 12 countries, will put pressure on governments to reduce them to no more than 3% of a member country's GDP. The prize for the biggest deficit reduction goes to Mexico. (For how President Salinas did it, see Trade.) -- S.L.

CHART: NOT AVAILABLE CREDIT: FORTUNE CHART CAPTION: BUDGET DEFICITS AROUND THE WORLD