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Economy of Belarus vs Taiwan compared: GDP & Debt

Updated on by Georank team

Belarus has a GDP of $76B compared to $797B for Taiwan, ranking 83/197 and 22/197 by economy size, respectively.

Belarus has $33.7B in government debt (42.9% of GDP), compared to $209B (24% of GDP) in Taiwan.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Belarus
GDP, current $

GDP, constant 2015 $
Taiwan
GDP, current $

GDP, constant 2015 $
Year GDP
Belarus Taiwan
Current $ Constant $ Current $ Constant $
1961 - - $1,778,000,000 $8,679,929,611
1962 - - $1,960,000,000 $9,454,346,748
1963 - - $2,218,000,000 $10,464,907,675
1964 - - $2,592,000,000 $11,793,964,384
1965 - - $2,869,000,000 $13,190,336,174
1966 - - $3,207,000,000 $14,463,525,312
1967 - - $3,709,000,000 $16,077,852,678
1968 - - $4,325,000,000 $17,637,862,239
1969 - - $5,017,000,000 $19,323,708,846
1970 - - $5,785,000,000 $21,555,007,674
1971 - - $6,727,000,000 $24,445,797,153
1972 - - $8,063,000,000 $27,842,009,247
1973 - - $10,940,000,000 $32,847,062,458
1974 - - $14,739,000,000 $33,945,846,774
1975 - - $15,836,000,000 $36,044,903,890
1976 - - $18,988,000,000 $41,191,572,828
1977 - - $22,252,000,000 $45,893,568,392
1978 - - $27,373,000,000 $53,597,868,524
1979 - - $33,875,000,000 $59,870,085,548
1980 - - $42,292,000,000 $64,680,315,014
1981 - - $49,047,000,000 $67,783,428,692
1982 - - $49,540,000,000 $66,810,194,447
1983 - - $54,155,000,000 $71,137,046,806
1984 - - $61,036,000,000 $79,147,911,326
1985 - - $63,599,000,000 $82,460,447,325
1986 - - $78,347,000,000 $96,836,732,438
1987 - - $104,956,000,000 $129,675,882,423
1988 - - $126,378,000,000 $156,044,046,292
1989 - - $152,687,000,000 $183,784,649,810
1990 $17,389,558,233 $29,435,120,618 $166,392,000,000 $190,504,223,552
1991 $18,404,907,975 $29,081,900,435 $187,100,000,000 $206,988,834,464
1992 $16,939,790,094 $26,290,037,656 $222,947,000,000 $238,968,470,019
1993 $16,275,073,527 $24,291,994,261 $234,943,000,000 $243,364,255,376
1994 $14,931,435,232 $21,449,829,995 $256,213,000,000 $260,942,755,411
1995 $13,972,683,274 $19,219,047,590 $279,013,000,000 $277,583,630,009
1996 $14,756,846,154 $19,757,181,802 $292,473,000,000 $284,304,017,330
1997 $14,130,585,516 $22,009,501,596 $303,315,000,000 $288,489,435,863
1998 $15,221,352,699 $23,858,297,858 $279,926,000,000 $257,858,026,837
1999 $12,138,243,081 $24,669,479,794 $303,827,000,000 $285,370,494,339
2000 $12,736,780,455 $26,100,310,428 $330,725,000,000 $313,484,942,307
2001 $12,354,820,144 $27,333,629,973 $299,303,000,000 $285,512,538,534
2002 $14,594,900,945 $28,712,684,737 $307,429,000,000 $294,450,146,922
2003 $17,825,444,724 $30,734,974,395 $317,374,000,000 $308,324,316,262
2004 $23,141,566,293 $34,254,050,014 $346,881,000,000 $339,503,528,904
2005 $30,210,091,837 $37,473,931,238 $374,042,000,000 $371,706,869,424
2006 $36,961,894,281 $41,221,322,382 $386,492,000,000 $388,895,059,066
2007 $45,275,711,996 $44,766,358,828 $406,940,000,000 $411,645,733,929
2008 $60,752,106,347 $49,332,527,214 $415,824,000,000 $432,019,156,870
2009 $50,873,167,326 $49,431,189,908 $390,788,000,000 $405,487,441,747
2010 $57,231,904,543 $53,262,115,562 $444,245,000,000 $466,993,498,994
2011 $61,762,382,328 $56,218,149,512 $483,957,000,000 $519,940,525,565
2012 $65,685,890,439 $57,178,272,623 $495,536,000,000 $528,811,359,505
2013 $75,527,558,966 $57,749,323,055 $512,957,000,000 $539,165,671,117
2014 $78,813,069,121 $58,702,836,384 $535,332,000,000 $553,457,593,678
2015 $56,454,769,845 $56,454,769,845 $534,474,000,000 $534,474,000,000
2016 $47,723,545,321 $55,028,470,324 $543,002,000,000 $538,950,160,299
2017 $54,725,405,751 $56,421,892,170 $591,734,000,000 $593,383,986,358
2018 $60,031,026,576 $58,198,729,041 $610,744,000,000 $616,265,638,561
2019 $64,410,170,653 $59,040,547,745 $613,453,000,000 $619,320,922,242
2020 $61,371,673,345 $58,643,356,622 $676,935,000,000 $669,693,209,528
2021 $69,673,747,132 $60,073,587,235 $777,062,000,000 $754,527,202,297
2022 $73,775,179,925 $57,275,121,700 $765,529,000,000 $728,253,805,256
2023 $72,478,760,370 $59,638,602,548 $757,276,000,000 $704,527,158,972
2024 $75,961,865,472 $62,030,020,173 $796,904,000,000 $716,608,430,916

Economic indicators

Belarus Taiwan
Gross domestic product
$76B
2024
$797B
2024
GDP rank
83/197
2024
22/197
2024
GDP growth
4.81%
2023-2024
5.23%
2023-2024
GDP per capita
$8,317
2024
$34,041
2024
GDP per capita rank
95/197
2024
34/197
2024
GDP per capita, PPP
$33,006
2024
$50,500
2017
Government debt
$33.7B
2024
$209B
2024
Debt-to-GDP ratio
42.9%
2025
24%
2025
Government debt per person
$3,691
2024
$8,907
2024
Government debt per person rank
94/185
2024
61/185
2024
Average annual personal income after taxes
$6,343
2025
$17,771
2025
Market capitalization of domestic companies
$6.01B
2024
n/a
Number of millionaires n/a
788,799
2024
Number of billionaires n/a
54
2025
Income share by richest 10%
20.7%
2020
n/a
Income share by poorest 10%
4.5%
2020
n/a
Government expenditure, % of GDP
41.3%
2025
15.9%
2024
Consumer prices inflation
7%
2024-2025
1.7%
2024-2025
Central bank interest rate
9.75%
2025
2%
2024
Unemployment rate
3.46%
2023
3.38%
2024
Population
9074112
23308308

GDP per capita in Belarus vs Taiwan

Belarus' GDP per capita is $8,317, ranking 95/197, compared to $34,041 in Taiwan, ranking 34/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,006, while Taiwan ranks 43rd at $50,500.

Belarus
GDP per capita

GDP per capita, PPP
Taiwan
GDP per capita

GDP per capita, PPP
Year Current $
Belarus Taiwan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1961 - - $161.2 -
1962 - - $172 -
1963 - - $188.6 -
1964 - - $213.6 -
1965 - - $229.3 -
1966 - - $249.1 -
1967 - - $280.8 -
1968 - - $319 -
1969 - - $357 -
1970 - - $397 -
1971 - - $451 -
1972 - - $530 -
1973 - - $706 -
1974 - - $934 -
1975 - - $985 -
1976 - - $1,158 -
1977 - - $1,330 -
1978 - - $1,606 -
1979 - - $1,950 -
1980 - - $2,389 -
1981 - - $2,720 -
1982 - - $2,699 -
1983 - - $2,903 -
1984 - - $3,224 -
1985 - - $3,314 -
1986 - - $4,036 -
1987 - - $5,350 -
1988 - - $6,370 -
1989 - - $7,613 -
1990 $1,707 $5,220 $8,205 -
1991 $1,805 $5,330 $9,125 -
1992 $1,658 $4,917 $10,768 -
1993 $1,590 $4,641 $11,242 -
1994 $1,460 $4,190 $12,150 -
1995 $1,371 $3,846 $13,119 -
1996 $1,453 $4,039 $13,641 -
1997 $1,397 $4,596 $14,020 -
1998 $1,511 $5,061 $12,820 -
1999 $1,211 $5,331 $13,804 $16,100
2000 $1,276 $5,796 $14,908 $17,400
2001 $1,244 $6,238 $13,397 $17,200
2002 $1,479 $6,697 $13,686 $18,000
2003 $1,820 $7,362 $14,066 $23,400
2004 $2,378 $8,483 $15,317 $25,300
2005 $3,126 $9,637 $16,456 $27,500
2006 $3,848 $10,995 $16,934 $29,500
2007 $4,735 $12,320 $17,757 $30,100
2008 $6,376 $13,886 $18,081 $31,100
2009 $5,352 $14,034 $16,933 $32,000
2010 $6,035 $15,339 $19,197 $35,700
2011 $6,528 $16,563 $20,866 $38,200
2012 $6,953 $18,115 $21,295 $39,400
2013 $7,998 $19,014 $21,973 $39,600
2014 $8,341 $19,038 $22,874 -
2015 $5,967 $18,134 $22,780 $46,800
2016 $5,040 $17,832 $23,091 -
2017 $5,786 $18,414 $25,121 $50,500
2018 $6,360 $20,026 $25,901 -
2019 $6,838 $22,302 $25,998 -
2020 $6,543 $24,872 $28,705 -
2021 $7,490 $27,611 $33,111 -
2022 $7,995 $28,429 $32,827 -
2023 $7,897 $30,834 $32,442 -
2024 $8,317 $33,006 $34,041 -

Spending and national debt comparison

In 2024, Belarus' government spending was $31.1B, accounting for 41.3% of its GDP, while Taiwan's spent $127B, or 15.9% of GDP.

Debt-to-GDP ratio is 42.9% in Belarus and 24% in Taiwan, ranking 127/185 and 170/185, respectively.

Belarus
Government spending

Government debt
Taiwan
Government spending

Government debt
Year % of GDP
Belarus Taiwan
Government spending Government debt Government spending Government debt
1976 - - 21.4% -
1977 - - 18.3% -
1978 - - 14.9% -
1979 - - 12% -
1980 - - 9.63% -
1981 - - 23.6% -
1982 - - 23.3% -
1983 - - 21.3% -
1984 - - 18.9% -
1985 - - 18.2% -
1986 - - 14.8% -
1987 - - 11% -
1988 - - 9.14% -
1989 - - 7.57% -
1990 - - 6.95% -
1991 - - 25.4% -
1992 - - 21.3% -
1993 - - 20.3% -
1994 - - 18.6% -
1995 - - 17.1% -
1996 - - 16.3% -
1997 - - 15.7% 25%
1998 - - 17% 23.7%
1999 - - 15.7% 23.7%
2000 - - 14.4% 26.2%
2001 42.4% - 22.5% 30.1%
2002 43.8% - 21.9% 29.8%
2003 43.5% - 21.2% 32.1%
2004 44% 9.22% 19.4% 33.4%
2005 45% 8.12% 18% 34.1%
2006 47.2% 12.3% 17.4% 33.3%
2007 49.2% 15.8% 16.5% 32.2%
2008 60% 20.3% 16.2% 33.4%
2009 51.7% 32.5% 17.2% 36.7%
2010 44.3% 36.8% 15.1% 36.9%
2011 40.3% 58.2% 18.3% 38.3%
2012 38.9% 36.9% 17.9% 39.2%
2013 40.8% 36.9% 17.3% 38.9%
2014 38.8% 38.8% 16.6% 37.5%
2015 41.8% 53% 15.5% 35.9%
2016 40.7% 53.5% 15.6% 35.4%
2017 39% 53.2% 15.4% 34.5%
2018 37.8% 47.5% 15.4% 33.8%
2019 37.4% 41% 15.3% 32.6%
2020 38% 47.5% 16.2% 32%
2021 36.7% 41.2% 15.4% 30.1%
2022 38% 40.8% 16% 29.5%
2023 40.3% 40.7% 17.1% 29%
2024 41% 44.4% 15.9% 26.2%
2025 41.3% 42.9% - 24%

Government deficit by year

In 2024, Belarus' government surplus, the difference between spending and revenue, was $567M, equivalent to 0.75% of GDP. This compares to Taiwan's surplus of $3.45B, or 0.43% of GDP.

Over the past 24 years, Belarus recorded a fiscal deficit in 18 of those years, while Taiwan ran a deficit in 19 years. On average, Belarus posted an annual deficit equal to -3.34% of GDP, compared to deficit of -1.68% of GDP for Taiwan.

Deficit/surplus
Belarus

Taiwan
Year Deficit/surplus, % of GDP
Belarus Taiwan
1976 - 1.39%
1977 - 1.19%
1978 - 0.97%
1979 - 0.78%
1980 - 0.63%
1981 - -0.78%
1982 - -0.77%
1983 - -0.7%
1984 - -0.62%
1985 - -0.6%
1986 - -0.49%
1987 - -0.36%
1988 - -0.3%
1989 - -0.25%
1990 - -0.23%
1991 - -4.5%
1992 - -3.78%
1993 - -3.58%
1994 - -3.29%
1995 - -3.02%
1996 - -2.88%
1997 - -2.78%
1998 - -3.01%
1999 - -2.77%
2000 - -2.55%
2001 -4.74% -3.71%
2002 -7.81% -3.61%
2003 -6.74% -3.49%
2004 -7.06% -3.2%
2005 -6.71% -2.97%
2006 -7.71% -2.87%
2007 -7.82% -2.73%
2008 -10.9% -2.67%
2009 -7.23% -2.84%
2010 -4.19% -2.5%
2011 -2.81% -2.15%
2012 0.36% -2.1%
2013 -0.98% -2.03%
2014 0.09% -1.94%
2015 -2.96% 0.1%
2016 -1.66% -0.31%
2017 -0.34% -0.14%
2018 1.8% 0.02%
2019 0.91% 0.11%
2020 -2.87% -1.03%
2021 -0.22% -0.18%
2022 -2.04% 0.17%
2023 0.71% -0.61%
2024 0.75% 0.43%
2025 0.24% -

Inflation comparison by year

Over the past 30 years, Belarus has recorded an average annual inflation rate of 36.7%, compared with 1.22% in Taiwan. In 2025, inflation was 7% in Belarus and 1.7% in Taiwan.

Inflation
Belarus

Taiwan
Year Inflation
Belarus Taiwan Belarus Taiwan
1996 52.7% 3.1%
1997 63.8% 0.9%
1998 73% 1.7%
1999 293.7% 0.2%
2000 168.6% 1.2%
2001 61.1% 0%
2002 42.6% -0.2%
2003 28.4% -0.3%
2004 18.1% 1.6%
2005 10.3% 2.3%
2006 7% 0.6%
2007 8.4% 1.8%
2008 14.8% 3.5%
2009 13% -0.9%
2010 7.7% 1%
2011 53.2% 1.4%
2012 59.2% 1.9%
2013 18.3% 0.8%
2014 18.1% 1.2%
2015 13.5% -0.3%
2016 11.8% 1.4%
2017 6% 0.6%
2018 4.9% 1.4%
2019 5.6% 0.6%
2020 5.5% -0.2%
2021 9.5% 2%
2022 15.2% 2.9%
2023 5% 2.5%
2024 5.7% 2.2%
2025 7% 1.7%

Balance of trade

Belarus Taiwan
Current account balance
-$1.94B
2024
$113B
2024
Current account balance ranking
141/189
2024
4/189
2024
Current account balance, % of GDP
-2.56%
2024
+14.1%
2024
Goods imports
$44.2B
2024
n/a
Goods exports
$39.5B
2024
n/a
Service imports
$6.82B
2024
n/a
Service exports
$10.1B
2024
n/a
Imports of goods and services, % of GDP
66.9%
2024
50.2%
2024
Exports of goods and services, % of GDP
65.1%
2024
63.3%
2024

Economic freedom indices

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

Belarus Taiwan
Economic freedom 48.9 79.7
Economic freedom ranking 168/197 5/197
Property rights 20.9 83
Government integrity 28.8 73.3
Judicial effectiveness 10.5 94.4
Tax burden 89.3 79
Government spending 55.6 90.1
Fiscal health 96.2 91.3
Business freedom 50.9 79.6
Labor freedom 48 69
Monetary freedom 67.2 79.9
Trade freedom 69.2 86.6
Investment freedom 30 70
Financial freedom 20 60

Economic freedom by year comparison

The Economic Freedom Index for Belarus is 48.9, ranking 168/197, compared to 79.7 for Taiwan, ranking 5/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Belarus
Taiwan
Year Economic freedom index
Belarus Taiwan
1995 40.4 74.2
1996 38.7 74.1
1997 39.8 70
1998 38 70.4
1999 35.4 71.5
2000 41.3 72.5
2001 38 72.8
2002 39 71.3
2003 39.7 71.7
2004 43.1 69.6
2005 46.7 71.3
2006 47.5 69.7
2007 47 69.4
2008 45.3 70.3
2009 45 69.5
2010 48.7 70.4
2011 47.9 70.8
2012 49 71.9
2013 48 72.7
2014 50.1 73.9
2015 49.8 75.1
2016 48.8 74.7
2017 58.6 76.5
2018 58.1 76.6
2019 57.9 77.3
2020 61.7 77.1
2021 61 78.6
2022 53 80.1
2023 51 80.7
2024 48.4 80
2025 48.9 79.7

More economic indicators

Belarus Taiwan
Services, % of GDP
49.7%
2024
58.8%
2024
Industry, % of GDP
30.7%
2024
39.8%
2024
Agriculture, forestry, and fishing, % of GDP
6.87%
2024
1.47%
2024
GNI, Atlas method
$75.2B
2024
$825B
2024
GNI per capita, PPP
$32,220
2024
n/a
Total reserves including gold
$8.91B
2024
n/a
Total reserves ranking
82/177
2024
n/a
Net foreign direct investment
-$1.57B
2024
n/a
Net inflows of foreign direct investment
$1.74B
2024
n/a
Net outflows of foreign direct investment
$170M
2024
n/a
Servicing debt to the IMF, % of GNI
11.3%
2023
n/a
Poverty at national poverty lines
3.9%
2022
1.5%
2020
Gross capital formation, % of GDP
25.8%
2024
26.7%
2024

GDP per capita map

GDP per capita

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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.