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

Turkey’s government debt-to-GDP ratio showed significant volatility, with a peak of 75.5% in 2001 due to a severe financial crisis. Economic reforms, structural adjustments, and fiscal discipline over the following years brought debt down to 28.4% by 2014. However, Turkey’s debt rose modestly in subsequent years due to political instability and economic challenges, reaching 39.7% in 2020 as COVID-19 impacted Turkey’s economy.

In 2021, debt continued to rise slightly, peaking at 41.8%, but by 2022, it decreased to 31.2%, reflecting Turkey’s ongoing efforts to manage fiscal policy amidst inflation and currency devaluation challenges. The recent reduction showcases Turkey’s resilience and fiscal adjustments, despite economic headwinds.