National Debt (% of GDP): Cambodia

Analysis# Cambodia National Debt (% of GDP) Cambodia's national debt stood at 29.3% of GDP in 2026, representing a moderate debt burden relative to its economic output. This figure sits well below the country's all-time peak of 39.8% in 2003, though notably above the recent low of 20.8% achieved in 2019. Since 1996, Cambodia's debt-to-GDP ratio has declined by 2.7 percentage points overall, demonstrating long-term fiscal improvement despite short-term fluctuations. A sharp inflection point occurred in 2020, when the debt ratio jumped from 20.8% to 25.2%, reflecting pandemic-era fiscal pressures and economic contraction. Since that trough, Cambodia's debt has climbed steadily, rising 8.5 percentage points over six years through 2026. The upward trajectory from 2019 onward suggests increased borrowing pressures, likely driven by infrastructure investment and post-COVID fiscal expansion. Current projections indicate continued elevation of debt levels in the near term.