National Debt (% of GDP): Indonesia

Analysis# Indonesia National Debt (% of GDP) Indonesia's national debt stood at 41.1% of GDP in 2026, substantially below its catastrophic peak of 87.4% in 2000. The country has reduced its debt burden by 53 percentage points over the past quarter-century, demonstrating significant fiscal improvement. The all-time low of 23% in 2012 marked the strongest position before debt began climbing again in subsequent years. A sharp spike occurred in 2020, when debt jumped to 39.7% due to pandemic-related spending, rising further to 41.1% by 2021. Since then, the ratio has stabilized around 40-41%, hovering above pre-pandemic levels. The recent trend suggests Indonesia's debt-to-GDP ratio has plateaued rather than continued declining, indicating fiscal consolidation efforts have stalled. Forward projections remain flat through 2030, with no indication of significant reduction or deterioration in the near term.