Thailand External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Thailand's external debt to gni was 38.43% in 2025, ranked 61st globally. This represents a 2.5% increase from 2024. Data from World Bank, covering 1970–2025.
Overview
Thailand's external debt to gni stood at 38.43% in 2025, a rise of +0.94pp from 2024. Based on recent trends, this figure is projected to reach 38.43% by 2025. Thailand ranked 61st globally.
Thailand’s external debt to gross national income stood at 38.43 % in 2025, placing the country 61st in the global ranking and closely aligning with peers such as Kosovo (39.34 %) and Belarus (39.81 %). The ratio has risen markedly from an early‑year level of 14.10 % in 1970, reflecting the expansion of external borrowing over the past five decades. The most pronounced surge occurred in the aftermath of the 1997 Asian financial crisis, when the debt‑to‑GNI ratio peaked at 96.05 % in 1998, before retreating to a trough of 11.54 % in 1973. Over the 56‑year coverage period the indicator has fluctuated but remains well above the long‑run low of the early 1970s, suggesting a structural shift toward greater reliance on foreign financing. Continued fiscal consolidation and prudent external borrowing could moderate the upward trajectory, while any resurgence of external shocks may reignite debt accumulation.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 37.84% | - | - |
| 2026* trend | 38.13% | - | - |
| 2025* trend | 38.43% | - | - |
| 2025 | 38.43% | +0.94pp | #61 |
| 2024 | 37.49% | −1.22pp | #41 |
| 2023 | 38.71% | −3.19pp | #41 |
| 2022 | 41.90% | +1.65pp | #51 |
| 2021 | 40.25% | +2.07pp | #41 |
| 2020 | 38.19% | +6.01pp | #38 |
| 2019 | 32.18% | −3.51pp | #35 |
| 2018 | 35.69% | +0.46pp | #46 |
| 2017 | 35.23% | +1.96pp | #47 |
| 2016 | 33.27% | +0.96pp | #44 |
| 2015 | 32.31% | −5.71pp | #47 |
| 2014 | 38.03% | −1.07pp | #65 |
| 2013 | 39.10% | −0.75pp | #66 |
| 2012 | 39.84% | +7.32pp | #70 |
| 2011 | 32.52% | −0.27pp | #64 |
Detected Pattern
Analysis
Thailand matched the Export Boom Cycle pattern in 2017. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Thailand's external debt to gni was 38.43% in 2025. Ranked 61st globally. This represents a 2.5% increase from the previous year.
Thailand's external debt to gni peaked at 96.05% in 1998.
The lowest external debt to gni in Thailand was 11.54% in 1973.
Thailand ranks 61st 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.
Thailand's external debt to gni is projected to reach 38.43% by 2025 based on trend extrapolation.
The external debt to gni of Thailand in 2025 was 38.43%. This ranks 61st in the world.
Cite this page
@misc{historysaid_thailand_external-debt-to-gni,
title = {Thailand External Debt to GNI},
url = {https://historysaid.com/thailand/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}