Maldives External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Maldives's external debt to gni was 57.66% in 2025, ranked 34th globally. This represents a 23.7% decrease from 2024. Data from World Bank, covering 1978–2025.
Overview
Maldives's external debt to gni stood at 57.66% in 2025, a decline of +17.90pp from 2024. Based on recent trends, this figure is projected to reach 57.66% by 2025. Maldives ranked 34th globally.
Maldives’ external debt-to‑GNI ratio stood at 57.66 % in 2025, placing the archipelago 34th in the world and slightly above peers such as Moldova (57.32 %) and Nigeria (56.57 %). The indicator has swung dramatically over the 48‑year series, climbing from 41.89 % in 1978 to an all‑time peak of 155.12 % in 1982, a period marked by heavy borrowing for early tourism infrastructure. A pronounced contraction followed, reaching a trough of 26.44 % in 2015 as fiscal consolidation and modest external financing reduced the debt burden. Since that low, the ratio has risen steadily, reflecting expanded public investment in climate‑resilient housing, airport upgrades and renewable‑energy projects, while global financing conditions have tightened. If the government sustains prudent borrowing and diversifies revenue sources, the upward trajectory may moderate; however, heightened exposure to external shocks could reverse the recent decline and push the ratio higher.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 41.22% | - | - |
| 2026* trend | 49.44% | - | - |
| 2025* trend | 57.66% | - | - |
| 2025 | 57.66% | −17.90pp | #34 |
| 2024 | 75.56% | +7.00pp | #91 |
| 2023 | 68.56% | −4.48pp | #89 |
| 2022 | 73.04% | −13.87pp | #92 |
| 2021 | 86.90% | −20.57pp | #95 |
| 2020 | 107.47% | +55.70pp | #102 |
| 2019 | 51.77% | +4.52pp | #72 |
| 2018 | 47.26% | +14.26pp | #67 |
| 2017 | 33.00% | +4.96pp | #37 |
| 2016 | 28.04% | +1.60pp | #35 |
| 2015 | 26.44% | −6.50pp | #35 |
| 2014 | 32.94% | −2.01pp | #52 |
| 2013 | 34.95% | −0.97pp | #62 |
| 2012 | 35.92% | +0.41pp | #66 |
| 2011 | 35.52% | −4.61pp | #67 |
Detected Pattern
Analysis
Maldives matched the Fiscal Dominance Trap pattern in 2011. Historically, 72% of countries showing this pattern (278 out of 386) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Maldives's external debt to gni was 57.66% in 2025. Ranked 34th globally. This represents a 23.7% decrease from the previous year.
Maldives's external debt to gni peaked at 155.12% in 1982.
The lowest external debt to gni in Maldives was 26.44% in 2015.
Maldives ranks 34th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
Maldives's external debt to gni is projected to reach 57.66% by 2025 based on trend extrapolation.
The external debt to gni of Maldives in 2025 was 57.66%. This ranks 34th in the world.
Cite this page
@misc{historysaid_maldives_external-debt-to-gni,
title = {Maldives External Debt to GNI},
url = {https://historysaid.com/maldives/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}