Countries with high government debt-to-GDP ratios, 1954–present The UK reached 270% in 1946 due to wartime financing during World War II. Subsequently, through economic growth and inflation, it reduced this ratio to below 50% over the next 30 years. After the oil crisis, Belgium’s debt surged due to fiscal stimulus, reaching 139% by 1993. It began fiscal consolidation in 1992 in preparation for the euro (reducing the ratio to 84% by 2007), and in 1999, it surpassed Japan to become the leader.
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