Papua New Guinea vs South Korea: Government debt

Government debt: 51.6% of GDP in Papua New Guinea in 2025 and 49.6% of GDP in South Korea in 2024, by IMF estimates. In 2024 the value was higher in Papua New Guinea, by 3.8 percentage points, or 1.08 times that in South Korea.

Watch it change on the map

% of GDP · IMF

Papua New GuineaSouth KoreaIMF projection (World Economic Outlook, October 2026)

What the numbers say

Papua New Guinea has been higher since 2023, when it overtook South Korea.
The IMF projection (World Economic Outlook, October 2026) puts Papua New Guinea at 31.9% of GDP and South Korea at 49.7% of GDP in 2031.

Every year

% of GDP · IMF

Year	Papua New Guinea	South Korea
2025	51.6	52.4
2024	53.3	49.6
2023	54.8	50.6
2022	49.2	49.7
2021	53.8	48
2020	48.7	45.9
2019	38.2	39.7
2018	36.7	37.9
2017	32.5	38
2016	33.7	39.1
2015	29.9	38.8
2014	26.9	37.9
2013	24.9	36
2012	19.1	33.5
2011	16.3	–
2010	17.3	–
2009	21.7	–
2008	21.6	–
2007	22.2	–
2006	26	–
2005	31.6	–
2004	37.2	–
2003	40.4	–
2002	48.4	–
2001	47.7	–
2000	42.3	–
1999	41.8	–
1998	45.7	–
1997	43.9	–
1996	37.8	–
1995	36.6	–
1994	40.1	–

12.3Projected

IMF projection (World Economic Outlook, October 2026) · 2026–2031

Year	Papua New Guinea	South Korea
2026	46.8	47.3
2027	42	46.2
2028	39.1	47
2029	36.6	48.2
2030	34.2	49.2
2031	31.9	49.7

Each country on its own

Good to know

What the government owes, as a share of the economy’s yearly output.
Source: IMF, World Economic Outlook, October 2026.
The dashed line is the IMF projection (World Economic Outlook, October 2026), a scenario rather than a forecast.
Ranks count the 149 countries with a value in 2025, highest first.

How the layers work, where their data comes from and what they can’t tell you: Countries through time