Madagascar Government Debt to GDP
General government gross debt as % of GDP GGXWDG_NGDP
Madagascar's government debt to gdp was 49.75% in 2025, ranked 103rd globally. This represents a 1.2% decrease from 2024. Data from IMF WEO, covering 1990–2025.
Overview
Madagascar's government debt to gdp stood at 49.75% in 2025, a decline of +0.58% from 2024. The IMF projects 49.75% by 2025. Madagascar ranked 103rd globally.
Madagascar’s government debt-to‑GDP ratio has fallen sharply since its all‑time peak of 113.83 % in 1991, reaching a historic low of 28.21 % in 2007 before climbing again to 49.75 % in 2025, placing the country at rank 103 globally. The 36‑year series shows a long‑term downward bias after the early‑1990s debt surge, with the post‑2007 increase reflecting tighter fiscal needs and external financing pressures. Compared with peers of similar rank, Madagascar’s ratio is close to Tanzania’s 49.59 % and Papua New Guinea’s 50.36 %, suggesting a regional convergence around the mid‑50 % band. The modest rise from the 2007 trough indicates that debt remains manageable but vulnerable to shocks such as commodity price swings or fiscal deficits. Continued fiscal consolidation, improved tax collection and sustainable growth could stabilize the ratio, while a resurgence of external borrowing would likely push the trajectory upward.
Data & projection
| Year | Government Debt to GDP | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 49.54% | - | - |
| 2029* IMF | 51.66% | - | - |
| 2028* IMF | 51.58% | - | - |
| 2027* IMF | 51.37% | - | - |
| 2026* IMF | 50.95% | - | - |
| 2025* IMF | 49.75% | - | - |
| 2025 | 49.75% | −0.58% | #103 |
| 2024 | 50.33% | −2.33% | #82 |
| 2023 | 52.66% | +2.77% | #92 |
| 2022 | 49.89% | +0.45% | #79 |
| 2021 | 49.44% | −3.43% | #71 |
| 2020 | 52.87% | +11.62% | #84 |
| 2019 | 41.25% | −1.64% | #73 |
| 2018 | 42.90% | +2.77% | #79 |
| 2017 | 40.13% | −0.15% | #70 |
| 2016 | 40.28% | −3.78% | #71 |
| 2015 | 44.06% | +6.21% | #92 |
| 2014 | 37.85% | +1.61% | #83 |
| 2013 | 36.24% | +5.81% | #85 |
| 2012 | 30.44% | +0.49% | #70 |
| 2011 | 29.95% | −2.39% | #69 |
Detected Pattern
Analysis
Madagascar matched the Export Boom Cycle pattern in 2016. Historically, 71% of countries showing this pattern (546 out of 768) saw government debt to gdp improve within 24 months. View full analysis →
Frequently Asked Questions
Madagascar's government debt to gdp was 49.75% in 2025. Ranked 103rd globally. This represents a 1.2% decrease from the previous year.
Madagascar's government debt to gdp peaked at 113.84% in 1991.
The lowest government debt to gdp in Madagascar was 28.21% in 2007.
Madagascar ranks 103rd globally in government debt to gdp as of 2025.
The World Bank indicator code is GGXWDG_NGDP. Data sourced from IMF WEO.
Madagascar's government debt to gdp is projected to reach 49.75% by 2025 based on IMF projection.
The government debt to gdp of Madagascar in 2025 was 49.75%. This ranks 103rd in the world.
Cite this page
@misc{historysaid_madagascar_government-debt-to-gdp,
title = {Madagascar Government Debt to GDP},
url = {https://historysaid.com/madagascar/government-debt-to-gdp/},
publisher = {HistorySaid},
year = {2026}
}