Singapore — The International Monetary Fund (IMF), in its World Economic Outlook (October 2025), identified ten countries with the lowest debt‑to‑GDP ratios worldwide. These nations—ranging from Macau (0%) to Nauru (15%)—demonstrate how fiscal discipline, resource management, and strategic governance can sustain prosperity without heavy borrowing.
For ASEAN, the presence of Brunei Darussalam in the top three is particularly significant. With a debt ratio of just 2.3%, Brunei leverages oil and gas revenues to finance public spending while channeling surpluses into sovereign wealth funds. This model underscores how resource wealth, when managed prudently, can secure long‑term fiscal comfort.
Other examples include Macau, which thrives on casino and tourism revenues, and Liechtenstein, whose financial sector ensures stability with a debt ratio of only 0.5%. Small Pacific nations like Tuvalu (3.6%) and Kiribati (8.7%) highlight creative approaches—such as fishing rights and internet domain revenues—that sustain national budgets with minimal borrowing.
The broader lesson for ASEAN economies is clear: low debt is not accidental but the result of deliberate policy choices. Whether through diversification of revenue streams, disciplined spending, or investment in sovereign wealth reserves, these countries show that fiscal resilience can be achieved even in small or resource‑dependent economies.
For ASEAN, where debt levels vary widely, these cases provide valuable insights. Nations like Indonesia, Vietnam, and the Philippines face growing infrastructure needs and social spending pressures. Learning from Brunei’s resource management or Tuvalu’s creative revenue strategies could inspire new approaches to balancing growth with fiscal sustainability.
Ultimately, the IMF’s list is not just about numbers—it is about governance. By aligning fiscal responsibility with long‑term prosperity, ASEAN countries can strengthen resilience against global shocks, ensure sustainable development, and enhance regional stability.
