Singapore Debt to GDP Ratio

Singapore's government debt-to-GDP ratio hit a record 173% in 2024, up from 170% in 2023. This increase stems from deficit spending for economic stimulation and population support. Most government borrowing funds reserves under the Government Securities Act with infrastructure spending under the Significant Infrastructure Government Loan Act accounting for less. Despite high gross debt, Singapore holds net assets exceeding liabilities and retains a triple-A credit rating. Singapore's record low government debt to gdp was 67.4% in 1995 and record high was 173% in 2024.