National Debt (% of GDP): Madagascar

Analysis# Madagascar National Debt (% of GDP) Madagascar's national debt stands at 50.9% of GDP in 2026, representing a dramatic recovery from its catastrophic peak of 113.8% in 1991. The country has achieved a 45.1% decline since 1990, demonstrating sustained fiscal improvement over three decades. The lowest point came in 2007 at 28.2%, before subsequent economic pressures began reversing gains. Recent years show volatility around the 50% threshold. A sharp spike to 52.9% occurred in 2020 during the pandemic, followed by partial recovery through 2021-2022. Current projections maintain debt levels near 50%, suggesting stabilization rather than further improvement. Madagascar remains well below its historical extremes, though elevated debt-to-GDP ratios continue to constrain fiscal flexibility and limit resources for development priorities.