National Debt (% of GDP): Belarus

Analysis# Belarus National Debt (% of GDP) Belarus's national debt stands at 36.7% of GDP in 2026, representing a significant recovery from its crisis peak of 58.2% in 2011. The metric has improved substantially since 2004, when debt reached a historic low of 8.1%—a 298.9% increase over the two-decade span reflects the country's fiscal challenges during the 2008–2011 global financial crisis and subsequent economic pressures. The trajectory since 2017 reveals a consistent deleveraging effort. Debt declined from 53.2% in 2017 to 40.7% by 2023, demonstrating sustained fiscal consolidation despite external shocks including the 2020 pandemic. The projected trend through 2026 suggests stabilization around 36–37%, indicating Belarus has largely contained its debt burden and moved toward sustainable fiscal management in the near term.