Indonesia's Government Debt Ratio is Relatively Low in ASEAN

Economics & Macro

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Adi Ahdiat 19/12/2023 13:10 WIB

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According to IMF projections, Indonesia's government debt-to-GDP ratio in 2023 will be only 39%. This figure is relatively low compared to other ASEAN countries.

Projected Government Debt-to-GDP Ratio of ASEAN Countries (2023)*

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Indonesia's Government Debt Ratio is Relatively Low in ASEAN

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Projected Government Debt-to-GDP Ratio of ASEAN Countries (2023)*

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The debt-to-gross domestic product (GDP) ratio is one indicator of a country's economic health.

According to a World Bank study titled *Finding the Tipping Point—When Sovereign Debt Turns Bad* (2010), a country's economic growth risks slowing if its debt-to-GDP ratio exceeds 77% in the long term.

Indonesia's debt ratio is still far below this risk threshold.

Based on projections by the International Monetary Fund (IMF), Indonesia's government debt ratio in 2023 is only 39% of total GDP, relatively low compared to neighboring countries.

Compare this to Singapore, for example. The IMF projects that this year their government debt ratio will reach 167.9% of total GDP, the highest in ASEAN.

Other ASEAN countries with higher debt ratios than Indonesia include Laos, Malaysia, Thailand, the Philippines, and Myanmar.

Meanwhile, Cambodia, Vietnam, Timor Leste, and Brunei Darussalam have lower debt ratios, as shown in the graph.

Although Indonesia's debt ratio is relatively low, its nominal debt is quite large.

Until October 2023, the total external debt of the Indonesian government and central bank reached US$195.2 billion, a 3.9% increase year-on-year (yoy).

However, Bank Indonesia (BI) claims that this figure is still within safe limits.

"The position of government external debt is relatively safe and controlled, considering that almost all external debt has a long-term tenor," said Erwin Haryono, Head of BI's Communication Department, in a press release on Friday, December 15, 2023.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Government Debt Ratio is Relatively Low in ASEAN

Indonesia's Government Debt Ratio is Relatively Low in ASEAN

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Indonesia's Government Debt Ratio is Relatively Low in ASEAN

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