This paradox — high gross public debt without fiscal stress — can be explained by three structural features that fundamentally distinguish Singapore’s public debt from most advanced economies.
Singapore’s gross public debt stands at around 170% of GDP — among the highest of advanced economies. Among the OECD countries, only Japan’s debt is higher at around 220%, while Singapore’s debt exceeds that of Greece, Italy and the US.
Yet this striking headline figure has not triggered financial market concerns or ratings downgrades. Singapore has consistently maintained its top-tier AAA sovereign credit rating.
