Georgia External Debt to GNI

Georgia’s external debt as a share of gross national income (GNI) stood at 61.19% in 2025, ranking 33rd globally and placing it in close proximity to Serbia, which recorded 61.20%. This level reflects a significant decline from the all-time peak of 131.66% reached in 2020, a surge driven by pandemic-related borrowing and currency depreciation. In stark contrast, Georgia’s debt burden was just 2.16% in 1992, the earliest recorded year, highlighting the volatility and structural shifts in external financing over the past three decades. The 2020 peak underscored vulnerabilities to external shocks, while subsequent reductions suggest fiscal adjustments and improved debt management. Positioned between Moldova at 57.32% and Uzbekistan at 61.79%, Georgia’s ratio remains moderately high within its peer group. Sustained economic growth, prudent borrowing, and stable exchange rates will be critical in determining whether the downward trajectory continues. Without structural improvements in export capacity or increased grant-based financing, the debt ratio could stabilize or rise amid global financial volatility.