As debates over debt sustainability in the global economy and the record surge in gold prices marked the start of 2026, Türkiye continues to positively differentiate itself among OECD and G-20 countries with its fiscal discipline performance and strategic increase in gold reserves.
While many advanced and emerging economies, such as Japan, China, Italy, the U.S. and France, seek a way out from under massive debt burdens, Türkiye presents a profile that refreshes confidence in global markets with both its low debt ratio and strong reserve structure.
According to the latest data from the Organisation for Economic Co-operation and Development (OECD) and the relevant finance ministries, public debt sustainability in advanced economies is undergoing a historic test.
OECD data show that the average public debt-to-GDP ratio in advanced economies has exceeded 110%. In Europe and North America in particular, aging populations, rising social expenditures, increasing defense spending and the high interest rate environment have pushed debt burdens to unsustainable levels.
Japan tops the list with a debt ratio reaching 237%. Interest payments exceeding 31 trillion yen in the 2026 budget have placed the country’s economy in a fragile position.
In the world’s largest economy, the U.S., public debt has reached 124% of GDP, while Canada stands at 113%, France at 111.7% and Italy at 137.8%, all above critical thresholds.
Meanwhile, according to data from the World Gold Council (WGC), the U.S., which holds the world’s largest gold reserves, ranks first with 8,133.5 tons. Approximately 79% of its total reserves consist of gold.
Germany ranks second with 3,350.3 tons, while Italy (2,451.8 tons) and France (2,437 tons), maintain their positions in the top five through their traditional gold-holding policies.
In recent years, Russia, which has pursued a de-dollarization strategy, holds 2,333 tons, while China, with 2,306 tons, continues to play a decisive role in the global league.
Through strategic purchases at the central bank level, Türkiye has managed to climb the global rankings.
According to Central Bank of the Republic of Türkiye (CBRT) data, with official gold reserves reaching 641.3 tons, Türkiye ranks just behind giants such as Japan and India, becoming the world’s 10th largest gold holder.
At the same time, unlike many OECD countries, Türkiye displays a sustainable outlook in public debt management.
According to data from the Treasury and Finance Ministry, Türkiye’s public debt stock-to-GDP ratio stands at 24.6%. This figure draws attention as it remains well below both the Maastricht Criteria threshold of 60% and the OECD average.
The decline of the country’s net debt stock-to-GDP ratio to 18.2% confirms the strength of its financial assets in covering debt obligations.
Economists describe Türkiye’s journey, which began with Law No. 4749, as "a governance success that controls not only the amount of debt but also its quality and sustainability."
This structural shield positions Türkiye as one of the most resilient safe havens within the OECD during the global debt crisis of 2026.
The "Golden Age" between 2002 and 2012 was a period when fiscal discipline combined with banking reforms. Türkiye grew not merely by borrowing, but by becoming a fundamentally efficient economy. Thanks to this discipline, the ratio of debt stock to national income declined rapidly and the country entered a genuine real growth path.
Although the mathematical effect of inflation in lowering the debt ratio is acknowledged today, it is emphasized that the primary reason lies in the state’s structural stance.
Unlike many advanced economies, Türkiye continues to prioritize a budget-discipline model rather than a debt-dependent structure.
In gold reserves, Türkiye has risen in the global rankings through strategic purchases at the central bank level.
As of January 2026, the CBRT’s official gold reserves approached $134 billion in value, while total gross reserves surpassed the $200 billion threshold. Like this, Türkiye has become the fastest gold-accumulating OECD country over the past five years.
In his latest statements in February 2026, CBRT Governor Fatih Karahan shared striking figures regarding the so-called "under-the-mattress" gold holdings in Türkiye and their economic impact.
Karahan stated that the amount of gold estimated to be held by households in Türkiye (outside the formal financial system) is around $600 billion.
Additionally, the rise in gold prices has generated an enormous wealth effect of approximately $200 billion over the past year through these assets.
Meanwhile, according to OECD forecasts, the Turkish economy is expected to grow by 3.6% in 2025 and 3.4% in 2026. These projections place Türkiye among the top four fastest-growing economies within the OECD.
