Philippines vs South Korea: Government debt

Government debt: 59.1% of GDP in Philippines in 2025 and 49.6% of GDP in South Korea in 2024, by IMF estimates. In 2024 the value was higher in Philippines, by 7.1 percentage points, or 1.14 times that in South Korea.

Watch it change on the map

% of GDP · IMF

PhilippinesSouth KoreaIMF projection (World Economic Outlook, October 2026)

What the numbers say

Philippines has been higher since 2020, when it overtook South Korea.
The IMF projection (World Economic Outlook, October 2026) puts Philippines at 56.4% of GDP and South Korea at 49.7% of GDP in 2031.

Every year

% of GDP · IMF

Year	Philippines	South Korea
2025	59.1	52.4
2024	56.6	49.6
2023	56.5	50.6
2022	57.4	49.7
2021	57	48
2020	51.6	45.9
2019	37	39.7
2018	37.2	37.9
2017	38.1	38
2016	37.4	39.1
2015	39.7	38.8
2014	40.3	37.9
2013	43.9	36
2012	45.7	33.5
2011	45.4	–
2010	47.6	–
2009	49.8	–
2008	50	–
2007	50.2	–
2006	57.2	–
2005	64.7	–
2004	71.1	–
2003	71.4	–
2002	65.2	–
2001	59.5	–
2000	59.2	–
1999	54.2	–
1998	50.8	–
1997	56.9	–
1996	53.1	–
1995	60.9	–
1994	63.6	–
1993	73.9	–

12.3Projected

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

Year	Philippines	South Korea
2026	60.5	47.3
2027	60.5	46.2
2028	60.4	47
2029	59.7	48.2
2030	58.2	49.2
2031	56.4	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

Philippines vs South Korea: Government debt

What the numbers say

Every year

Each country on its own

Good to know

Philippines vs South Korea

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