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Economy of Belize vs Malaysia compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $422B for Malaysia, ranking 168/197 and 38/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Belize vs Malaysia GDP by year

Belize
Malaysia
1x
Year GDP, current $
Belize Malaysia
2024 $3,203,631,800 $422,227,005,429
2023 $3,052,362,650 $399,949,418,753
2022 $2,846,604,350 $407,830,525,990
2021 $2,428,606,250 $373,784,553,030
2020 $2,047,284,600 $337,456,163,961
2019 $2,381,187,850 $365,177,721,022
2018 $2,285,915,050 $358,788,845,713
2017 $2,266,028,250 $319,109,094,160
2016 $2,239,604,950 $301,256,033,870
2015 $2,193,095,150 $301,355,266,965
2014 $2,138,242,200 $338,066,095,097
2013 $2,035,191,450 $323,276,235,524
2012 $1,917,083,500 $314,443,047,642
2011 $1,831,576,700 $297,951,668,675
2010 $1,748,988,400 $255,017,638,456
2009 $1,688,012,750 $202,257,453,037
2008 $1,738,453,600 $230,811,614,370
2007 $1,706,190,450 $193,549,569,478
2006 $1,590,463,100 $162,692,258,307
2005 $1,474,298,400 $143,534,405,819
2004 $1,400,202,000 $124,749,473,684
2003 $1,308,280,250 $110,202,368,421
2002 $1,243,912,050 $100,845,526,316
2001 $1,172,045,150 $92,783,947,368
2000 $1,138,138,100 $93,789,736,842
1999 $999,713,050 $79,148,421,053
1998 $929,047,000 $72,167,498,981
1997 $872,916,050 $100,005,323,302
1996 $850,339,100 $100,855,393,910
1995 $818,590,250 $88,705,342,903
1994 $771,838,000 $74,478,356,958
1993 $752,255,150 $66,894,966,969
1992 $695,741,150 $59,167,550,163
1991 $596,682,100 $49,143,148,094
1990 $546,750,912 $44,024,585,240
1989 $491,100,000 $38,847,965,293
1988 $421,450,000 $35,272,109,220
1987 $371,100,000 $32,181,210,158
1986 $311,500,000 $27,734,111,400
1985 $287,300,000 $31,199,633,353
1984 $290,350,000 $33,942,897,422
1983 $262,150,000 $30,347,442,111
1982 $248,550,000 $26,804,493,635
1981 $260,750,000 $25,004,285,792
1980 $257,400,000 $24,488,224,677
1979 $151,800,000 $21,213,264,962
1978 $136,300,000 $16,358,079,862
1977 $117,650,000 $13,139,488,633
1976 $97,094,227 $11,050,234,599
1975 $118,194,026 $9,298,800,799
1974 $103,160,450 $9,496,204,302
1973 $78,214,768 $7,662,902,678
1972 $65,998,069 $5,043,347,250
1971 $59,074,687 $4,244,395,956
1970 $53,339,893 $3,864,145,667
1969 $47,399,905 $3,664,552,041
1968 $44,999,910 $3,330,371,551
1967 $47,431,256 $3,188,924,677
1966 $44,450,044 $3,143,517,944
1965 $40,110,040 $2,956,337,669
1964 $36,194,586 $2,674,423,922
1963 $33,750,114 $2,510,110,348
1962 $31,857,592 $2,001,489,602
1961 $29,965,000 $1,901,856,123
1960 $28,072,478 $1,916,229,477

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/belize/malaysia | CC BY

GDP per capita in Belize vs Malaysia by year

Belize
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $11,874 $38,779
2023 $7,425 $13,730 $11,386 $36,467
2022 $7,068 $13,461 $11,755 $34,420
2021 $6,143 $11,716 $10,903 $29,823
2020 $5,239 $9,639 $9,958 $27,475
2019 $6,172 $10,500 $10,920 $28,934
2018 $6,012 $9,497 $10,902 $27,794
2017 $6,072 $9,121 $9,863 $26,416
2016 $6,141 $9,399 $9,477 $25,286
2015 $6,155 $9,538 $9,649 $24,526
2014 $6,128 $9,490 $11,013 $24,307
2013 $5,957 $9,526 $10,714 $23,161
2012 $5,733 $9,303 $10,601 $22,639
2011 $5,596 $9,722 $10,217 $21,324
2010 $5,461 $9,748 $8,899 $20,193
2009 $5,400 $9,728 $7,191 $18,923
2008 $5,712 $9,975 $8,372 $19,480
2007 $5,762 $10,226 $7,169 $18,617
2006 $5,525 $9,910 $6,158 $17,426
2005 $5,270 $9,466 $5,556 $16,371
2004 $5,154 $9,245 $4,939 $15,416
2003 $4,960 $8,850 $4,465 $14,387
2002 $4,859 $8,154 $4,184 $13,656
2001 $4,719 $7,852 $3,944 $13,072
2000 $4,727 $7,544 $4,084 $13,027
1999 $4,290 $6,790 $3,528 $11,980
1998 $4,126 $6,333 $3,294 $11,398
1997 $4,014 $6,243 $4,679 $12,469
1996 $4,043 $6,087 $4,837 $11,709
1995 $4,010 $6,091 $4,363 $10,720
1994 $3,877 $6,073 $3,758 $9,806
1993 $3,860 $6,075 $3,462 $9,018
1992 $3,643 $5,706 $3,141 $8,224
1991 $3,190 $5,053 $2,679 $7,583
1990 $2,986 $4,467 $2,469 $6,887
1989 $2,742 - $2,244 -
1988 $2,406 - $2,100 -
1987 $2,166 - $1,977 -
1986 $1,859 - $1,760 -
1985 $1,754 - $2,046 -
1984 $1,814 - $2,300 -
1983 $1,677 - $2,124 -
1982 $1,629 - $1,938 -
1981 $1,753 - $1,866 -
1980 $1,774 - $1,886 -
1979 $1,071 - $1,680 -
1978 $983 - $1,327 -
1977 $866 - $1,092 -
1976 $729 - $940 -
1975 $906 - $811 -
1974 $805 - $848 -
1973 $619 - $701 -
1972 $529 - $472 -
1971 $481 - $407 -
1970 $442 - $380 -
1969 $402 - $368 -
1968 $392 - $342 -
1967 $426 - $335 -
1966 $412 - $339 -
1965 $383 - $326 -
1964 $356 - $303 -
1963 $342 - $291.8 -
1962 $332 - $238.8 -
1961 $320 - $232.9 -
1960 $307 - $240.8 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/belize/malaysia | CC BY

Belize's GDP per capita is $7,681, ranking 98/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Malaysia ranks 60th at $38,779.

Economic indicators

Belize Malaysia
Gross domestic product
$3.2B
2024
$422B
2024
GDP rank
168/197
2024
38/197
2024
GDP growth
3.5%
2023-2024
5.11%
2023-2024
GDP per capita
$7,681
2024
$11,874
2024
GDP per capita rank
98/197
2024
79/197
2024
GDP per capita, PPP
$14,347
2024
$38,779
2024
GDP per capita PPP rank
117/197
2024
60/197
2024
Government debt
$2.1B
2024
$296B
2024
Debt-to-GDP ratio
65.4%
2024
70.1%
2024
Government debt per person
$5,026
2024
$8,322
2024
Government debt per person rank
78/185
2024
62/185
2024
Average annual personal income after taxes
$9,204
2026
$11,005
2026
Market capitalization of domestic companies n/a
$449B
2024
Number of billionaires
1
2025
19
2025
Income share by richest 10%
30%
2018
30.9%
2021
Income share by poorest 10%
2.2%
2018
2.3%
2021
Government expenditure, % of GDP
26.3%
2024
23.9%
2024
Consumer prices inflation
3.3%
2023-2024
1.83%
2023-2024
Central bank interest rate n/a
2.75%
2025
Unemployment rate
29.3%
2020
3.93%
2022
Population
430409
36512221

Spending and national debt comparison by year

Belize
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Belize Malaysia
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 23.9% 70.1%
2023 25.8% 67.5% 24.9% 69.7%
2022 23.4% 66.8% 24.6% 65.5%
2021 25.7% 82.2% 24.5% 69.2%
2020 33.2% 103% 25% 67.7%
2019 27.5% 78.6% 23.6% 57.1%
2018 26.9% 79% 22.8% 55.6%
2017 27.7% 78.1% 22% 54.4%
2016 27.7% 70.5% 22.9% 55.8%
2015 27.9% 65.1% 24.7% 57%
2014 24.8% 61.5% 26% 55.4%
2013 23.8% 62.8% 27.8% 55.7%
2012 22.1% 63.1% 28.5% 53.8%
2011 23.5% 66.2% 27.1% 51.9%
2010 23.3% 68.4% 26.6% 51.2%
2009 23.2% 69.7% 30.9% 50.4%
2008 21.8% 64.7% 26.9% 39.4%
2007 22.1% 66.4% 25.9% 39.3%
2006 21.2% 71.4% 25.6% 39.7%
2005 21.4% 72.7% 24.5% 40.8%
2004 21.7% 70.7% 25.9% 42%
2003 24.6% 67.2% 28.1% 41.4%
2002 24.4% 53.2% 27.1% 39.5%
2001 25.9% 49.5% 28.2% 38.1%
2000 23.2% 79% 25.6% 32.5%
1999 23.6% 41.5% 24.6% 34.4%
1998 20.9% 38.7% 23.1% 33.6%
1997 19.9% 39.4% 21.2% 29.6%
1996 19.9% 38.4% 22.4% 32.8%
1995 - - 22.6% 38.2%
1994 - - 23.3% 43.7%
1993 - - 24.6% 51.1%
1992 - - 28.2% 59.1%
1991 - - 27.4% 67.3%
1990 - - 30.5% 74.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1996–2000, retrieved 2026-02-20).

GeoRank.org/economy/belize/malaysia | CC BY

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 70.1% in Malaysia, ranking 67/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Malaysia
1x
Year Deficit/surplus, % of GDP
Belize Malaysia
2024 -1.23% -3.95%
2023 -2.42% -3.97%
2022 -1.04% -4.56%
2021 -3.29% -6.03%
2020 -8.57% -4.9%
2019 -2.9% -2.01%
2018 -1.37% -2.64%
2017 -3.48% -2.41%
2016 -4.47% -2.6%
2015 -5.14% -2.55%
2014 -1.72% -2.63%
2013 -1.21% -3.48%
2012 -0.22% -3.1%
2011 -1.06% -3.57%
2010 -1.9% -4.32%
2009 -2.46% -5.88%
2008 1.25% -3.4%
2007 -0.19% -2.57%
2006 -2.27% -2.6%
2005 -3.7% -2.83%
2004 -4.52% -3.35%
2003 -8.41% -4.6%
2002 -5.41% -3.96%
2001 -7.23% -4.36%
2000 -6.68% -6.05%
1999 -6.51% -3%
1998 -2.69% -0.63%
1997 -1.81% 4.84%
1996 -1.76% 3.27%
1995 - 3.1%
1994 - 5.45%
1993 - 3.44%
1992 - 1.81%
1991 - 1.6%
1990 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/belize/malaysia | CC BY

In 2024, Belize's government deficit, the difference between spending and revenue, was $39.4M, equivalent to 1.23% of GDP. This compares to Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Malaysia ran a deficit in 27 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 3.03% of GDP for Malaysia.

Inflation comparison by year

Inflation
Belize

Malaysia
1x
Year Consumer prices inflation
Belize Malaysia
2024 3.3% 1.83%
2023 4.4% 2.49%
2022 6.3% 3.38%
2021 3.2% 2.48%
2020 0.1% -1.14%
2019 0.2% 0.66%
2018 0.3% 0.88%
2017 1.1% 3.87%
2016 0.7% 2.09%
2015 -0.9% 2.1%
2014 1.2% 3.14%
2013 0.5% 2.11%
2012 1.2% 1.66%
2011 1.7% 3.17%
2010 0.9% 1.62%
2009 -1.1% 0.58%
2008 6.4% 5.44%
2007 2.3% 2.03%
2006 4.2% 3.61%
2005 3.7% 2.98%
2004 3.1% 1.42%
2003 2.6% 1.09%
2002 2.2% 1.81%
2001 1.1% 1.42%
2000 0.6% 1.53%
1999 -1.2% 2.74%
1998 -0.8% 5.27%
1997 1% 2.66%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/belize/malaysia | CC BY

Over the past 28 years, Belize has recorded an average annual inflation rate of 1.73%, compared with 2.25% in Malaysia. In 2024, inflation was 3.3% in Belize and 1.83% in Malaysia.

Top exports between countries

Belize
Export category Export value
Textiles & consumer goods $31K
Processed food, beverages & tobacco $8K
Malaysia
Export category Export value
Processed food, beverages & tobacco $1.46M
Raw agricultural goods $710K
Machinery & equipment $660K
Textiles & consumer goods $448K
Raw materials & minerals $223K
Miscellaneous $107K
Chemicals & pharma $89K
Animal & marine products $29K
Metals $19K

Balance of trade

Belize Malaysia
Current account balance
-$51.7M
2024
$7.15B
2024
Current account balance ranking
84/190
2024
26/190
2024
Current account balance, % of GDP
-1.61%
2024
+1.69%
2024
Goods imports
$1.36B
2024
$223B
2024
Goods exports
$482M
2024
$248B
2024
Service imports
$362M
2024
$56.4B
2024
Service exports
$1.16B
2024
$53.4B
2024
Imports of goods and services, % of GDP
53.7%
2024
66%
2024
Exports of goods and services, % of GDP
55.2%
2024
71.3%
2024

Economic freedom indices

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

Belize Malaysia
Economic freedom 64.7 68
Economic freedom ranking 71/197 51/197
Property rights 46.3 62.7
Government integrity 46.2 52.9
Judicial effectiveness 73.9 63.4
Tax burden 81.8 83.5
Government spending 81 82
Fiscal health 87.5 62.5
Business freedom 67.2 79.6
Labor freedom 57.6 55.4
Monetary freedom 72.6 80.8
Trade freedom 57.8 83
Investment freedom 55 60
Financial freedom 50 50

Economic freedom comparison by year

Belize
Malaysia
1x
Year Economic freedom index
Belize Malaysia
2026 64.7 68
2025 64.2 67.1
2024 61.2 65.7
2023 59.8 67.3
2022 56.6 68.1
2021 57.5 74.4
2020 57.4 74.7
2019 55.4 74
2018 57.1 74.5
2017 58.6 73.8
2016 57.4 71.5
2015 56.8 70.8
2014 56.7 69.6
2013 57.3 66.1
2012 61.9 66.4
2011 63.8 66.3
2010 61.5 64.8
2009 63 64.6
2008 63 63.9
2007 63.3 63.8
2006 64.7 61.6
2005 64.5 61.9
2004 62.8 59.9
2003 63.5 61.1
2002 65.6 60.1
2001 65.9 60.2
2000 63.3 66
1999 60.7 68.9
1998 59.1 68.2
1997 64.3 66.8
1996 61.6 69.9
1995 62.9 71.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/belize/malaysia | CC BY

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Malaysia
Services, % of GDP
62.4%
2024
53.7%
2024
Industry, % of GDP
14.6%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
8.13%
2024
GNI, Atlas method
$2.98B
2024
$414B
2024
GNI per capita, PPP
$13,760
2024
$37,450
2024
Total reserves including gold
$498M
2024
$116B
2024
Total reserves ranking
156/177
2024
24/177
2024
Net foreign direct investment
-$126M
2024
-$2.55B
2024
Net inflows of foreign direct investment
$128M
2024
$15.6B
2024
Net outflows of foreign direct investment
$2.61M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
n/a
Poverty at national poverty lines
52%
2018
5.8%
2023
Gross capital formation, % of GDP
19.8%
2024
22%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/belize/malaysia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2022–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1996–2000, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.