National Debt (% of GDP): Hong Kong

Analysis# Hong Kong National Debt (% of GDP) Hong Kong's national debt reached 14% of GDP in 2026, marking both its current level and all-time peak. This represents a dramatic shift from the 0.1% recorded in 2014, the lowest point in the 2004–2030 data range. Over the full 22-year span since 2004, debt has surged 636.8%, reflecting a fundamental change in the territory's fiscal position. The most striking development occurred after 2019, when debt began accelerating sharply. From 2017 to 2019, the ratio remained nearly flat at 0.1–0.3%, but the subsequent years show consistent double-digit annual growth: 2020 saw 1%, climbing to 4.3% by 2022, then 9.2% by 2024. If projections hold, Hong Kong's debt trajectory continues upward, suggesting sustained fiscal pressures ahead.