Uzbekistan External Debt to GNI

Uzbekistan’s external debt-to‑gross national income ratio has risen sharply from a modest 0.46 % in 1992 to a peak of 61.79 % in 2025, placing the country 31st in the global ranking. This 34‑year trajectory reflects a gradual accumulation of foreign borrowing that accelerated after the early 2000s, coinciding with expanded infrastructure projects and increased participation in international capital markets. The 2025 level is comparable to peer economies such as Serbia, whose ratio stands at 61.20 %, and slightly lower than Grenada’s 63.85 % and Lesotho’s 64.56 %, suggesting that Uzbekistan now shares a debt burden similar to several middle‑income and small‑state borrowers. While the current ratio remains well above the 1990s trough, it is still below the thresholds observed in many heavily indebted nations, leaving fiscal space for continued external financing if growth prospects remain robust. Future movements will depend on the balance between export earnings, fiscal consolidation and the terms of new borrowing, which could either stabilize the ratio or push it higher.