National Debt (% of GDP): Mongolia

Analysis# Mongolia National Debt (% of GDP) Mongolia's national debt stood at 49.7% of GDP in 2026, representing a significant recovery from its 2017 peak of 86.9%. The country's debt-to-GDP ratio has climbed 21.5 percentage points since 2006, when it measured 31%. Current levels remain elevated compared to the post-2008 low of 31%, reflecting the structural economic challenges Mongolia faced over the past two decades. A dramatic deleveraging period began in 2018, with debt falling from 86.9% to 64.6% by 2022. However, the trajectory reversed in 2024-2026, with debt stabilizing around 44-50% of GDP. Projections suggest a modest uptick through 2026, indicating that while Mongolia has substantially reduced its debt burden from crisis-era highs, further consolidation remains necessary to return to pre-2008 levels.