National Debt (% of GDP): Kazakhstan

Analysis# Kazakhstan National Debt (% of GDP) Kazakhstan's national debt stands at 26.4% of GDP in 2026, matching its all-time peak reached in 2020. This represents a dramatic shift from the country's 2007 low of 4.1%, reflecting a 50% increase in the debt-to-GDP ratio over the past two decades. From 2002 through the mid-2010s, Kazakhstan maintained relatively modest debt levels below 20%, positioning itself as a fiscally conservative economy. The sharp spike to 26.4% in 2020 coincided with pandemic-related spending and economic disruption. While the country briefly deleveraged between 2020 and 2023—falling to 23%—debt levels have resumed climbing, reaching 26.4% again by 2026. The recent upward trajectory suggests mounting fiscal pressures, with the debt-to-GDP ratio expected to remain elevated through the forecast period.