Singapore's Central Government Debt (% of GDP), 1990-2022

Singapore's central government debt has consistently exceeded 70% of GDP due to the government’s policy of issuing bonds to develop a robust domestic debt market rather than financing deficits. Debt rose steadily from 75.6% in 1990 to over 100% in the early 2000s, reflecting increased issuance to support infrastructure investments and economic growth.

During the COVID-19 pandemic, debt reached a historic high of 153.52% in 2021 as Singapore introduced stimulus measures to sustain its economy. By 2022, the ratio moderated to 135.86%, signaling the recovery of economic activity while maintaining the debt's role in fostering financial stability rather than reflecting fiscal stress.