Brazil's General Government Debt (% of GDP), 2001-2022

Brazil’s general government debt-to-GDP ratio was marked by fluctuations over the decades. After peaking at 76.1% in 2002, Brazil managed to reduce its debt to 60.6% in 2011 through economic reforms and revenue growth. However, from 2014 onward, debt increased rapidly due to economic downturns, reaching 87.1% by 2019, as government spending rose to address economic and social challenges.

The COVID-19 pandemic exacerbated Brazil’s debt levels, pushing it to a high of 96.0% in 2020. By 2022, debt had decreased slightly to 85.3% as Brazil’s economy began recovering, but debt remained elevated due to long-standing fiscal pressures and pandemic recovery spending.