Serbia's General Government Debt (% of GDP), 1990-2022

Serbia's general government debt as a percentage of GDP experienced a dramatic decline from 2000 to 2007, starting at a peak of 213.8% in 2000 and plummeting to 31.2% by 2007. This sharp decrease reflects economic reforms and debt restructuring efforts, including a series of agreements with the IMF and other financial institutions aimed at stabilizing the economy post-conflict. The early 2000s marked Serbia's transition from hyperinflation and economic isolation to a market economy, reducing its debt-to-GDP ratio significantly.

From 2008 onward, debt levels fluctuated in response to various economic factors, notably rising during the 2008 global financial crisis, reaching 66.2% in 2014. The effects of the financial crisis and subsequent slow economic recovery contributed to this uptick, with government debt continuing to grow due to increased borrowing needs. However, a period of fiscal consolidation led to reductions post-2016, with debt stabilizing around 53.5% in 2022, illustrating the country's efforts to maintain fiscal discipline amid regional and global economic challenges.