National Debt (% of GDP): Montenegro

Analysis# Montenegro National Debt (% of GDP) Montenegro's national debt stood at 61.6% of GDP in 2026, reflecting substantial progress from its pandemic peak of 108.4% in 2020. The current level remains elevated compared to the country's 2007 low of 31.8%, though the overall trajectory since 2002 shows a net decline of 28.1 percentage points. This improvement demonstrates Montenegro's recovery from the severe debt accumulation of the COVID-19 era. The sharp spike from 79.6% in 2019 to 108.4% in 2020 marked the crisis's impact, followed by consistent deleveraging through 2023, when debt fell to 59.6%. Since then, the ratio has stabilized near 60%, suggesting the country has found a new equilibrium. Projections indicate debt will remain stable at 61.6% through 2026, signaling that Montenegro's fiscal consolidation efforts have plateaued rather than continuing their downward momentum.