10 Countries with the Lowest Debt to GDP Ratios

Page 5 of 10

6. Azerbaijan

Debt to GDP ratio: 11.7

As of December 2021, external debt for Azerbaijan stood at $8.1 billion, while nominal GDP was reported to be $20.4 billion in September 2022. The country has a comfortable cushion against rising public debt due to adequate gross official reserves. This cushion is also complemented by foreign assets held by the State Oil Fund of Azerbaijan (SOFAZ), estimated to be $50 billion.

Page 5 of 10