ASEAN country with highest debt-to-GDP ratio—where does Indonesia rank?

Jakarta — Indonesia’s debt-to-GDP ratio represents a key indicator of fiscal health. According to the International Monetary Fund’s World Economic Outlook (October 2025), Indonesia’s debt-to-GDP ratio stands at 41.1%, remaining well below the 60% threshold commonly used as a benchmark for assessing fiscal sustainability.

This threshold aligns with Indonesian legislation, specifically Law Number 17 of 2003 on State Finance and Government Regulation Number 23 of 2003, which establish requirements to maintain healthy fiscal management across central and regional budgets.

Within ASEAN, Indonesia’s position is relatively favourable, ranking fourth lowest. Only Brunei Darussalam (2.3%), Cambodia (29.3%), and Vietnam (31.8%) maintain lower debt-to-GDP ratios. Higher ratios are recorded by the Philippines (58.8%), Myanmar (63%), Thailand (66.7%), Malaysia (70.5%), and Laos (84.7%), with Singapore registering the region’s highest at 176.3%.

However, a high debt-to-GDP ratio does not necessarily indicate weak fiscal conditions. Whilst the ratio measures government debt relative to the size of the economy, a comprehensive assessment requires consideration of additional factors including debt structure, interest expenses, loan maturity periods, and the strength of national assets.