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Economy of Bangladesh vs Madagascar compared: GDP & Debt

Updated on by Georank

Bangladesh has a GDP of $456B compared to $19.6B for Madagascar, ranking 38/197 and 136/197 by economy size, respectively.

Bangladesh has $192B in government debt (42% of GDP), compared to $9.56B (48.7% of GDP) in Madagascar.

Bangladesh vs Madagascar GDP by year

Bangladesh
Madagascar
1x
Year GDP, current $
Bangladesh Madagascar
2025 $456,319,229,256 $19,620,352,036
2024 $450,119,432,069 $17,592,832,696
2023 $437,415,333,018 $16,036,707,976
2022 $460,131,689,083 $15,342,178,598
2021 $416,271,647,911 $14,354,731,964
2020 $373,979,442,362 $13,051,441,204
2019 $351,231,654,604 $14,104,664,679
2018 $321,362,752,442 $13,760,033,282
2017 $293,732,446,625 $13,176,313,594
2016 $265,224,515,675 $11,848,613,858
2015 $195,146,608,978 $11,323,020,701
2014 $172,886,611,654 $12,522,957,399
2013 $149,998,957,434 $12,423,555,455
2012 $133,310,747,603 $11,578,975,062
2011 $128,607,482,310 $11,551,819,618
2010 $115,275,540,051 $9,982,711,338
2009 $102,475,158,191 $9,616,879,409
2008 $91,636,997,371 $10,725,137,724
2007 $79,611,644,975 $8,524,620,890
2006 $71,795,736,172 $6,395,712,491
2005 $69,476,001,239 $5,859,269,753
2004 $65,108,544,250 $5,064,732,626
2003 $60,158,929,188 $6,372,498,890
2002 $54,724,081,491 $5,351,701,663
2001 $53,991,289,844 $5,438,332,602
2000 $53,369,787,319 $4,629,247,204
1999 $51,270,569,884 $4,277,903,780
1998 $49,984,559,471 $4,401,967,633
1997 $48,244,309,133 $4,262,965,420
1996 $46,438,484,108 $4,931,861,039
1995 $37,939,748,769 $3,838,100,904
1994 $33,768,660,883 $3,522,227,092
1993 $33,166,519,418 $4,063,298,919
1992 $31,708,874,594 $3,714,966,678
1991 $30,957,483,950 $3,254,713,056
1990 $31,598,340,778 $3,931,334,875
1989 $28,781,715,189 $3,175,638,333
1988 $26,579,005,558 $3,189,456,965
1987 $24,298,032,258 $3,212,900,556
1986 $21,774,033,333 $4,347,989,788
1985 $22,278,423,077 $3,802,557,895
1984 $18,920,840,000 $3,905,938,481
1983 $17,609,048,822 $4,686,457,031
1982 $18,525,399,202 $4,784,977,326
1981 $20,249,694,002 $4,759,333,998
1980 $18,138,049,096 $5,201,818,348
1979 $15,565,480,322 $3,463,565,854
1978 $13,281,767,143 $2,669,755,115
1977 $9,651,149,302 $2,358,930,406
1976 $10,117,113,333 $2,181,844,179
1975 $19,448,348,073 $2,283,049,215
1974 $12,512,460,520 $1,917,508,190
1973 $8,086,725,729 $1,653,062,335
1972 $6,288,245,867 $1,341,590,690
1971 $8,751,843,188 $1,199,507,631
1970 $8,992,722,167 $1,111,859,571
1969 $8,471,006,438 $1,056,391,056
1968 $7,483,685,771 $1,031,669,637
1967 $7,253,575,688 $956,436,932
1966 $6,439,687,854 $900,264,585
1965 $5,906,636,792 $833,563,473
1964 $5,386,054,833 $802,482,184
1963 $5,319,458,563 $759,345,864
1962 $5,081,413,542 $739,286,908
1961 $4,817,580,375 $699,161,945
1960 $4,274,894,083 $673,081,725

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

GDP per capita in Bangladesh vs Madagascar by year

Bangladesh
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bangladesh Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $2,597 - $599 -
2024 $2,593 $9,647 $550 $1,884
2023 $2,551 $9,148 $514 $1,808
2022 $2,716 $8,451 $504 $1,717
2021 $2,483 $7,441 $483 $1,577
2020 $2,249 $6,641 $451 $1,490
2019 $2,130 $6,047 $500 $1,612
2018 $1,965 $5,490 $500 $1,547
2017 $1,811 $4,883 $492 $1,547
2016 $1,649 $4,579 $454 $1,562
2015 $1,224 $4,212 $445 $1,497
2014 $1,094 $3,973 $506 $1,499
2013 $958 $3,691 $515 $1,473
2012 $860 $3,434 $494 $1,464
2011 $837 $3,051 $506 $1,475
2010 $757 $2,834 $450 $1,464
2009 $679 $2,675 $446 $1,480
2008 $613 $2,555 $513 $1,577
2007 $538 $2,388 $420 $1,493
2006 $490 $2,195 $324 $1,416
2005 $480 $2,020 $306 $1,343
2004 $456 $1,862 $272.2 $1,280
2003 $427 $1,746 $353 $1,219
2002 $394 $1,659 $305 $1,121
2001 $395 $1,598 $319 $1,299
2000 $397 $1,512 $280.3 $1,236
1999 $388 $1,430 $267.4 $1,194
1998 $386 $1,373 $284.2 $1,162
1997 $379 $1,315 $284.4 $1,142
1996 $372 $1,261 $340 $1,119
1995 $309 $1,206 $273.1 $1,111
1994 $280.6 $1,145 $258.7 $1,104
1993 $280.8 $1,099 $308 $1,116
1992 $273.5 $1,045 $290.2 $1,101
1991 $272.1 $987 $262 $1,096
1990 $283.1 $941 $326 $1,166
1989 $263 - $271.3 -
1988 $247.9 - $280.5 -
1987 $231.5 - $290.8 -
1986 $212.1 - $405 -
1985 $222.2 - $364 -
1984 $193.4 - $385 -
1983 $184.7 - $476 -
1982 $199.6 - $501 -
1981 $224.2 - $513 -
1980 $206.1 - $578 -
1979 $181.1 - $396 -
1978 $158.3 - $315 -
1977 $117.9 - $286.9 -
1976 $126.7 - $273.5 -
1975 $249.8 - $295 -
1974 $165 - $255.3 -
1973 $109.7 - $226.8 -
1972 $87.8 - $189.6 -
1971 $124.5 - $174.6 -
1970 $130.2 - $166.6 -
1969 $125.9 - $162.9 -
1968 $114.4 - $163.6 -
1967 $114.2 - $155.9 -
1966 $104.4 - $150.7 -
1965 $98.6 - $143.2 -
1964 $92.6 - $141.5 -
1963 $94.1 - $137.4 -
1962 $92.6 - $137.3 -
1961 $90.4 - $133.3 -
1960 $82.5 - $131.7 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

Bangladesh's GDP per capita is $2,597, ranking 151/197, compared to $599 in Madagascar, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Bangladesh ranks 135th at $9,647, while Madagascar ranks 187th at $1,884.

Economic indicators

Bangladesh Madagascar
Gross domestic product
$456B
2025
$19.6B
2025
GDP rank
38/197
2025
136/197
2025
GDP growth
3.49%
2024-2025
3%
2024-2025
GDP per capita
$2,597
2025
$599
2025
GDP per capita rank
151/197
2025
194/197
2025
GDP per capita, PPP
$9,647
2024
$1,884
2024
GDP per capita PPP rank
135/197
2024
187/197
2024
Government debt
$192B
2025
$9.56B
2025
Debt-to-GDP ratio
42%
2025
48.7%
2025
Government debt per person
$1,092
2025
$292
2025
Government debt per person rank
143/185
2025
179/185
2025
Average annual personal income after taxes
$2,829
2026
$1,285
2026
Market capitalization of domestic companies
$26.2B
2025
n/a
Income share by richest 10%
25.5%
2022
29.6%
2021
Income share by poorest 10%
3.7%
2022
2.9%
2021
Government expenditure, % of GDP
10.9%
2025
13.5%
2025
Consumer prices inflation
10%
2024-2025
8.05%
2024-2025
Central bank interest rate
10%
2024
n/a
Unemployment rate
3.64%
2024
3.19%
2022
Population
178936470
33936132

Spending and national debt comparison by year

Bangladesh
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Bangladesh Madagascar
Government spending Government debt Government spending Government debt
2025 10.9% 42% 13.5% 48.7%
2024 12% 41% 16.1% 49.8%
2023 12.6% 39.7% 17.7% 52.1%
2022 13% 37.9% 16.2% 49.8%
2021 12.9% 35.6% 13.9% 49.4%
2020 13.3% 34.5% 16.4% 52.9%
2019 13.6% 32% 15.4% 41.3%
2018 13% 29.6% 14.4% 42.9%
2017 12.2% 28.3% 14.9% 40.1%
2016 11.6% 27.7% 13.5% 40.3%
2015 11.5% 28.2% 13% 44.1%
2014 11.7% 28.7% 12.6% 37.8%
2013 12.1% 28.3% 12.7% 36.2%
2012 11.7% 29.1% 11.5% 30.4%
2011 11.5% 29.4% 12% 29.9%
2010 10.6% 29.6% 12.3% 32.3%
2009 10.6% 33% 12.5% 34.9%
2008 11.5% 33.9% 15.7% 31%
2007 9.63% 35% 16.1% 28.2%
2006 10.1% 35.3% 18.5% 32.2%
2005 10.3% 35.6% 18.4% 74.4%
2004 9.88% 36.6% 21.7% 81.9%
2003 10.2% 37% 16.6% 85.9%
2002 10.4% 38.9% 12.4% 86.7%
2001 10.7% 37.1% 15.3% 82.1%
2000 9.76% 31.2% 15.3% 90.2%
1999 8.66% 32.7% 15.5% 104.1%
1998 9.82% 31.1% 16.9% 108.5%
1997 9.89% 29.1% 14.5% 89.7%
1996 9.79% 31% 14.4% 98.7%
1995 10.5% 32.9% 14.5% 95.8%
1994 10% 35.5% 16.7% 96%
1993 9.74% 34.1% 17.1% 105.2%
1992 8.8% 33.1% 16.2% 110.9%
1991 8.86% 31.8% 13.5% 113.8%
1990 9.14% 31.5% 13.3% 92.7%
1989 - - 15.5% 122%
1988 - - 11.4% 126.6%
1987 - - 10.4% 127.5%
1986 - - 11.1% 84.9%
1985 - - 11.8% 82.7%
1984 - - 13.9% 70.9%
1983 - - 13.4% 57.5%
1982 - - 14.3% 56.1%
1981 - - 18.2% 51.5%
1980 - - 22.7% 37.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–2002, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

In 2025, Bangladesh's government spending was $49.6B, accounting for 10.9% of its GDP, while Madagascar spent $2.65B, or 13.5% of GDP.

Debt-to-GDP ratio is 42% in Bangladesh and 48.7% in Madagascar, ranking 124/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Bangladesh

Madagascar
1x
Year Deficit/surplus, % of GDP
Bangladesh Madagascar
2025 -2.93% -2.21%
2024 -3.7% -2.49%
2023 -4.39% -4.15%
2022 -4.53% -5.45%
2021 -3.56% -2.83%
2020 -4.84% -3.96%
2019 -5.41% -1.42%
2018 -4.07% -1.34%
2017 -4.17% -2.1%
2016 -3.16% -1.11%
2015 -3.29% -2.85%
2014 -2.62% -1.96%
2013 -2.86% -3.4%
2012 -2.56% -2.24%
2011 -2.96% -2.04%
2010 -2.23% -0.76%
2009 -2.68% -2.26%
2008 -3.36% -1.72%
2007 -1.86% -2.31%
2006 -2.15% -5.71%
2005 -2.4% -2.47%
2004 -2.21% -4.23%
2003 -1.96% -3.32%
2002 -2.3% -4.09%
2001 -3.44% -3.61%
2000 -2.5% -2.35%
1999 -1.35% -2.42%
1998 -2.2% -5.31%
1997 -1.94% -2%
1996 -2.01% -3.97%
1995 -0.38% -5.09%
1994 0.03% -7.23%
1993 0.43% -6.34%
1992 0.36% -5%
1991 0.44% -4.4%
1990 -0.15% -0.49%
1989 - -3.35%
1988 - -0.57%
1987 - -2.12%
1986 - -2.24%
1985 - -2.39%
1984 - -6.09%
1983 - -6.04%
1982 - -6.97%
1981 - -9.97%
1980 - -11%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

In 2025, Bangladesh's government deficit, the difference between spending and revenue, was $13.4B, equivalent to 2.93% of GDP. This compares to Madagascar's deficit of $433M, or 2.21% of GDP.

Over the past 36 years, Bangladesh recorded a fiscal deficit in 32 of those years, while Madagascar ran a deficit in 36 years. On average, Bangladesh posted an annual deficit equal to 2.47% of GDP, compared to deficit of 3.18% of GDP for Madagascar.

Inflation comparison by year

Inflation
Bangladesh

Madagascar
1x
Year Consumer prices inflation
Bangladesh Madagascar
2025 10% 8.05%
2024 9.7% 7.61%
2023 9% 9.87%
2022 6.1% 8.16%
2021 5.6% 5.81%
2020 5.6% 4.2%
2019 5.5% 5.61%
2018 5.8% 8.59%
2017 5.4% 8.61%
2016 5.9% 6.04%
2015 6.4% 7.4%
2014 7.3% 6.08%
2013 6.8% 5.83%
2012 8.9% 5.71%
2011 8.8% 9.48%
2010 7.3% 9.25%
2009 6.7% 8.95%
2008 9.9% 9.3%
2007 7.2% 10.3%
2006 7.2% 10.8%
2005 6.5% 18.4%
2004 8.1% 14%
2003 3.9% -1.7%
2002 2.4% 16.5%
2001 1.8% 7.92%
2000 3.6% 11.9%
1999 8.9% 9.93%
1998 6.7% 6.21%
1997 2.7% 4.49%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

Over the past 29 years, Bangladesh has recorded an average annual inflation rate of 6.54%, compared with 8.38% in Madagascar. In 2025, inflation was 10% in Bangladesh and 8.05% in Madagascar.

Top exports between countries

Bangladesh
Export category Export value
Textiles & consumer goods $751K
Processed food, beverages & tobacco $292K
Chemicals & pharma $17K
Wood & paper products $3K
Raw materials & minerals $1K
Madagascar
Export category Export value
Processed food, beverages & tobacco $751K
Raw agricultural goods $391K
Textiles & consumer goods $238K
Wood & paper products $17K
Machinery & equipment $3K
Miscellaneous $1K

Balance of trade

Bangladesh Madagascar
Current account balance
-$239M
2025
-$749M
2024
Current account balance ranking
93/190
2025
110/190
2024
Current account balance, % of GDP
-0.05%
2025
-4.26%
2024
Goods imports
$66B
2025
$4.16B
2024
Goods exports
$43.8B
2025
$2.58B
2024
Service imports
$14.7B
2025
$1.27B
2024
Service exports
$8.42B
2025
$1.53B
2024
Imports of goods and services, % of GDP
16.8%
2025
32.9%
2025
Exports of goods and services, % of GDP
11.1%
2025
21.3%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bangladesh Madagascar
Economic freedom 54.8 57
Economic freedom ranking 131/197 119/197
Property rights 32.1 39.8
Government integrity 22.7 26.8
Judicial effectiveness 36.7 33.7
Tax burden 79.9 90.5
Government spending 95.3 91.5
Fiscal health 68.4 68.8
Business freedom 52.7 37.3
Labor freedom 50.5 56.1
Monetary freedom 65.8 71.8
Trade freedom 63 67.6
Investment freedom 50 50
Financial freedom 40 50

Economic freedom comparison by year

Bangladesh
Madagascar
1x
Year Economic freedom index
Bangladesh Madagascar
2026 54.8 57
2025 54.7 57
2024 54.4 57.3
2023 54.4 58.9
2022 52.7 58.9
2021 56.5 57.7
2020 56.4 60.5
2019 55.6 56.6
2018 55.1 56.8
2017 55 57.4
2016 53.3 61.1
2015 53.9 61.7
2014 54.1 61.7
2013 52.6 62
2012 53.2 62.4
2011 53 61.2
2010 51.1 63.2
2009 47.5 62.2
2008 44.2 62.4
2007 46.7 61.1
2006 52.9 61
2005 47.5 63.1
2004 50 60.9
2003 49.3 62.8
2002 51.9 56.8
2001 51.2 53.9
2000 48.9 54.4
1999 50 52.8
1998 52 51.8
1997 49.9 53.8
1996 51.1 52.2
1995 40.9 51.6

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

The Economic Freedom Index for Bangladesh is 54.8, ranking 131/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bangladesh Madagascar
Services, % of GDP
52.1%
2025
48.8%
2025
Industry, % of GDP
34%
2025
23.9%
2025
Agriculture, forestry, and fishing, % of GDP
11.4%
2025
21.7%
2025
GNI, Atlas method
$499B
2025
$18.2B
2025
GNI per capita, PPP
$10,710
2025
$1,910
2025
Total reserves including gold
$28.6B
2025
$2.78B
2024
Total reserves ranking
58/177
2025
122/177
2024
Net foreign direct investment
-$1.84B
2025
-$472M
2024
Net inflows of foreign direct investment
$1.28B
2024
$606M
2024
Net outflows of foreign direct investment
$34.1M
2024
$134M
2024
Servicing debt to the IMF, % of GNI
1.83%
2024
1.71%
2024
Poverty at national poverty lines
18.7%
2022
75.2%
2021
Gross capital formation, % of GDP
28.5%
2025
24.1%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/bangladesh/madagascar | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–2002, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2018–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.