National Debt (% of GDP): Zambia

Analysis# Zambia National Debt (% of GDP) Zambia's national debt stood at 114.9% of GDP in 2024, representing substantial progress from its all-time peak of 261% in 2000. Over the past 24 years, the debt-to-GDP ratio has declined 56%, though it remains elevated compared to the 2010 low of 18.9%. The country's debt burden has fluctuated significantly throughout this period, reflecting economic volatility and policy shifts across two decades. A sharp deterioration occurred between 2015 and 2020, when debt climbed from 61.9% to 140% of GDP—a period coinciding with currency pressures and fiscal challenges. Recent years show some stabilization, with 2024 marking a decline from 2023's 129.1%. While the current ratio remains above 100%, the downward movement from 2020's peak suggests improving fiscal management, though sustained monitoring remains critical given Zambia's ongoing debt sustainability concerns.