National Debt (% of GDP): Maldives

Analysis# Maldives National Debt (% of GDP) Maldives's national debt stands at 135.9% of GDP in 2026, reflecting a nation still managing elevated debt levels following a severe fiscal crisis. The country's debt peaked at 155.7% in 2020—nearly four times the 34.7% recorded at its 1997 low. Since the late 1990s, the ratio has surged 256.7%, marking a dramatic shift from the island nation's earlier fiscal position. The most striking turning point occurred between 2019 and 2020, when debt spiked from 77.2% to 155.7%, primarily due to pandemic-related economic shocks and tourism disruptions. Since that peak, debt has moderated to 135.9%, though levels remain substantially elevated. The recent upward trajectory from 2023 onward suggests stabilization at elevated levels rather than meaningful deleveraging, signaling ongoing fiscal pressures for the Maldives.