Cambodia has a GDP of $46.4B compared to $11B for Malawi, ranking 97/197 and 151/197 by economy size, respectively.
Cambodia has $12.3B in government debt (29.1% of GDP), compared to $8.19B (73% of GDP) in Malawi.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Cambodia
|
Malawi
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | - | $944,667,422 |
| 1961 | - | - | - | $1,016,836,214 |
| 1962 | - | - | - | $1,023,632,389 |
| 1963 | - | - | - | $1,009,392,859 |
| 1964 | - | - | - | $1,036,253,845 |
| 1965 | - | - | - | $1,177,355,282 |
| 1966 | - | - | - | $1,333,343,511 |
| 1967 | - | - | - | $1,430,431,584 |
| 1968 | - | - | - | $1,402,923,252 |
| 1969 | - | - | - | $1,485,448,247 |
| 1970 | - | - | - | $1,492,567,971 |
| 1971 | - | - | - | $1,734,641,057 |
| 1972 | - | - | - | $1,842,732,595 |
| 1973 | - | - | - | $1,885,127,636 |
| 1974 | - | - | - | $2,020,403,709 |
| 1975 | $749,129,748 | $5,104,596,992 | - | $2,143,382,123 |
| 1976 | $790,357,255 | $5,104,596,992 | - | $2,250,502,601 |
| 1977 | $716,261,764 | $4,355,425,545 | - | $2,361,183,025 |
| 1978 | $766,642,356 | $4,355,425,545 | - | $2,591,281,917 |
| 1979 | $723,738,503 | $3,796,687,002 | - | $2,705,198,654 |
| 1980 | $744,384,130 | $3,581,475,362 | $1,801,156,775 | $2,716,201,952 |
| 1981 | $815,153,652 | $3,582,947,066 | $1,801,193,910 | $2,572,511,629 |
| 1982 | $865,516,040 | $3,582,947,066 | $1,717,379,495 | $2,636,913,268 |
| 1983 | $939,291,262 | $3,741,793,667 | $1,780,148,049 | $2,734,972,403 |
| 1984 | $1,021,176,059 | $3,926,341,896 | $1,758,028,656 | $2,881,575,239 |
| 1985 | $1,102,669,184 | $4,109,709,289 | $1,646,442,273 | $3,013,291,524 |
| 1986 | $1,167,630,318 | $4,265,911,860 | $1,722,586,299 | $3,006,818,902 |
| 1987 | $1,036,974,910 | $5,184,427,494 | $1,721,711,808 | $3,055,686,904 |
| 1988 | $1,662,877,859 | $5,805,361,651 | $2,008,189,508 | $3,152,774,981 |
| 1989 | $1,353,137,648 | $6,007,352,428 | $2,314,205,130 | $3,195,170,016 |
| 1990 | $1,402,541,177 | $6,077,176,597 | $2,737,087,862 | $3,377,048,507 |
| 1991 | $2,054,974,089 | $6,538,513,179 | $3,206,783,830 | $3,671,872,669 |
| 1992 | $2,491,486,594 | $6,997,355,850 | $2,618,837,835 | $3,402,615,041 |
| 1993 | $2,533,727,592 | $7,284,133,440 | $3,013,392,658 | $3,732,391,067 |
| 1994 | $2,791,435,272 | $4,748,625,743 | $1,719,864,761 | $3,350,187,440 |
| 1995 | $3,441,205,693 | $5,218,904,416 | $2,033,701,498 | $3,910,634,176 |
| 1996 | $3,506,695,720 | $5,526,689,597 | $3,319,573,750 | $4,196,762,834 |
| 1997 | $3,443,413,389 | $5,748,123,107 | $3,875,785,863 | $4,355,921,669 |
| 1998 | $3,120,425,503 | $6,017,229,084 | $2,547,609,590 | $4,525,595,860 |
| 1999 | $3,517,242,477 | $6,781,740,973 | $2,584,478,924 | $4,663,277,074 |
| 2000 | $3,694,168,979 | $7,459,479,705 | $2,537,307,580 | $4,736,773,940 |
| 2001 | $4,145,665,970 | $8,010,713,671 | $2,498,008,665 | $4,501,121,160 |
| 2002 | $4,501,227,627 | $8,512,590,715 | $5,087,328,438 | $4,577,640,221 |
| 2003 | $5,046,693,484 | $9,387,998,415 | $4,669,789,300 | $4,838,823,865 |
| 2004 | $5,883,297,160 | $10,275,886,654 | $5,058,726,350 | $5,101,112,195 |
| 2005 | $7,066,296,463 | $11,642,922,160 | $5,320,409,651 | $5,267,853,576 |
| 2006 | $8,350,531,017 | $12,917,049,054 | $5,818,279,739 | $5,515,442,682 |
| 2007 | $10,127,916,460 | $14,260,222,988 | $6,451,210,219 | $6,044,925,173 |
| 2008 | $12,174,303,999 | $15,326,369,460 | $7,743,617,352 | $6,506,741,521 |
| 2009 | $12,502,901,170 | $15,950,885,069 | $9,009,887,947 | $7,048,630,103 |
| 2010 | $13,808,673,288 | $16,760,698,493 | $10,128,323,011 | $7,533,157,578 |
| 2011 | $16,032,622,024 | $17,981,993,294 | $11,648,142,958 | $7,904,743,382 |
| 2012 | $17,826,536,700 | $19,357,661,919 | $8,773,203,178 | $8,054,933,506 |
| 2013 | $19,807,135,253 | $20,878,690,157 | $8,031,571,928 | $8,490,733,601 |
| 2014 | $22,041,463,968 | $22,549,052,337 | $8,801,326,169 | $8,968,360,291 |
| 2015 | $24,174,170,369 | $24,174,170,369 | $9,219,474,379 | $9,219,474,379 |
| 2016 | $26,556,545,153 | $26,085,259,688 | $7,909,868,618 | $9,449,961,239 |
| 2017 | $29,355,665,910 | $28,191,654,622 | $8,943,543,794 | $9,827,959,688 |
| 2018 | $33,145,892,169 | $30,665,817,314 | $9,879,231,592 | $10,255,826,274 |
| 2019 | $36,685,356,408 | $33,099,747,943 | $11,051,865,580 | $10,842,133,934 |
| 2020 | $34,818,073,901 | $31,922,812,945 | $11,769,313,598 | $10,928,176,722 |
| 2021 | $36,790,163,687 | $32,909,177,696 | $12,378,129,751 | $11,426,314,940 |
| 2022 | $39,994,532,960 | $34,597,385,967 | $12,429,060,151 | $11,531,564,449 |
| 2023 | $42,335,646,896 | $36,329,791,405 | $12,712,150,082 | $11,749,794,461 |
| 2024 | $46,352,647,035 | $38,515,324,291 | $11,008,925,323 | $11,964,445,581 |
Economic indicators
|
Cambodia
|
Malawi
|
|
|---|---|---|
| Gross domestic product |
$46.4B
2024 |
$11B
2024 |
| GDP rank |
97/197
2024 |
151/197
2024 |
| GDP growth |
9.49%
2023-2024 |
-13.4%
2023-2024 |
| GDP per capita |
$2,628
2024 |
$508
2024 |
| GDP per capita rank |
145/197
2024 |
195/197
2024 |
| GDP per capita, PPP |
$7,970
2024 |
$1,859
2024 |
| Government debt |
$12.3B
2024 |
$8.19B
2024 |
| Debt-to-GDP ratio |
29.1%
2025 |
73%
2025 |
| Government debt per person |
$700
2024 |
$378
2024 |
| Government debt per person rank |
154/185
2024 |
173/185
2024 |
| Average annual personal income after taxes |
$2,518
2025 |
$2,610
2025 |
| Income share by richest 10% | n/a |
31%
2019 |
| Income share by poorest 10% | n/a |
2.9%
2019 |
| Government expenditure, % of GDP |
17.9%
2025 |
28%
2025 |
| Consumer prices inflation |
1.6%
2024-2025 |
28.2%
2024-2025 |
| Central bank interest rate | n/a |
26%
2024 |
| Unemployment rate |
0.26%
2023 |
0.91%
2020 |
| Population |
18011232
|
22673513
|
GDP per capita in Cambodia vs Malawi
Cambodia's GDP per capita is $2,628, ranking 145/197, compared to $508 in Malawi, ranking 195/197. Adjusted for purchasing power (GDP per capita PPP), Cambodia ranks 140th at $7,970, while Malawi ranks 189th at $1,859.
| Year | Current $ | |||
|---|---|---|---|---|
|
Cambodia
|
Malawi
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1975 | $113.8 | - | - | - |
| 1976 | $128.8 | - | - | - |
| 1977 | $126.4 | - | - | - |
| 1978 | $147.1 | - | - | - |
| 1979 | $142.2 | - | - | - |
| 1980 | $143.2 | - | $287.5 | - |
| 1981 | $154.3 | - | $276.4 | - |
| 1982 | $159.2 | - | $253.3 | - |
| 1983 | $166.7 | - | $252.4 | - |
| 1984 | $174.7 | - | $239.7 | - |
| 1985 | $182.4 | - | $216.1 | - |
| 1986 | $185.8 | - | $217.9 | - |
| 1987 | $158.1 | - | $207.6 | - |
| 1988 | $244.1 | - | $229.4 | - |
| 1989 | $191.3 | - | $252.2 | - |
| 1990 | $190.2 | $1,410 | $286.7 | $672 |
| 1991 | $267.3 | $1,504 | $326 | $732 |
| 1992 | $307 | $1,560 | $258.4 | $674 |
| 1993 | $294.1 | $1,565 | $293 | $746 |
| 1994 | $302 | $972 | $169.2 | $692 |
| 1995 | $343 | $1,006 | $200.4 | $825 |
| 1996 | $325 | $1,006 | $321 | $884 |
| 1997 | $297.6 | $994 | $367 | $915 |
| 1998 | $258.8 | $1,009 | $236 | $941 |
| 1999 | $286.8 | $1,134 | $233.9 | $961 |
| 2000 | $296.4 | $1,256 | $224.2 | $974 |
| 2001 | $328 | $1,357 | $215.5 | $924 |
| 2002 | $350 | $1,442 | $428 | $931 |
| 2003 | $387 | $1,598 | $383 | $979 |
| 2004 | $444 | $1,770 | $405 | $1,033 |
| 2005 | $526 | $2,038 | $414 | $1,071 |
| 2006 | $612 | $2,297 | $441 | $1,124 |
| 2007 | $732 | $2,566 | $475 | $1,231 |
| 2008 | $866 | $2,769 | $554 | $1,311 |
| 2009 | $876 | $2,854 | $626 | $1,388 |
| 2010 | $952 | $2,989 | $683 | $1,458 |
| 2011 | $1,089 | $3,223 | $763 | $1,516 |
| 2012 | $1,193 | $3,583 | $558 | $1,464 |
| 2013 | $1,306 | $3,891 | $497 | $1,558 |
| 2014 | $1,432 | $4,118 | $530 | $1,506 |
| 2015 | $1,547 | $4,434 | $540 | $1,403 |
| 2016 | $1,675 | $4,748 | $451 | $1,410 |
| 2017 | $1,826 | $5,050 | $496 | $1,380 |
| 2018 | $2,037 | $5,617 | $533 | $1,364 |
| 2019 | $2,226 | $6,154 | $581 | $1,450 |
| 2020 | $2,082 | $5,942 | $603 | $1,513 |
| 2021 | $2,167 | $6,226 | $617 | $1,688 |
| 2022 | $2,325 | $6,919 | $604 | $1,778 |
| 2023 | $2,430 | $7,431 | $602 | $1,830 |
| 2024 | $2,628 | $7,970 | $508 | $1,859 |
Spending and national debt comparison
In 2024, Cambodia's government spending was $8.22B, accounting for 17.9% of its GDP, while Malawi's spent $2.91B, or 28% of GDP.
Debt-to-GDP ratio is 29.1% in Cambodia and 73% in Malawi, ranking 160/185 and 52/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Cambodia
|
Malawi
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1996 | 15.7% | 30.1% | - | - |
| 1997 | 12.4% | 31.4% | - | - |
| 1998 | 13.4% | 37.2% | - | - |
| 1999 | 13.8% | 34.6% | - | - |
| 2000 | 14.9% | 34.9% | - | - |
| 2001 | 14.5% | 33.5% | - | - |
| 2002 | 16.1% | 37.8% | 13.8% | 101.5% |
| 2003 | 14.5% | 39.8% | 15.4% | 84.7% |
| 2004 | 12.6% | 38.7% | 17.2% | 74.7% |
| 2005 | 11% | 31.7% | 17.4% | 70.9% |
| 2006 | 11.3% | 26.7% | 17.8% | 17.9% |
| 2007 | 12.3% | 25.1% | 20.7% | 18.9% |
| 2008 | 13.1% | 23% | 20.6% | 23.5% |
| 2009 | 17% | 23.7% | 20.2% | 23.5% |
| 2010 | 17% | 23.4% | 19.6% | 19.3% |
| 2011 | 16.5% | 23.8% | 17% | 20% |
| 2012 | 17.1% | 24.9% | 18.8% | 28.6% |
| 2013 | 16.4% | 24.4% | 20.7% | 35.3% |
| 2014 | 16.5% | 24.2% | 18.3% | 33.5% |
| 2015 | 14.5% | 23.3% | 19.5% | 35.5% |
| 2016 | 15.2% | 21.8% | 19.7% | 37.1% |
| 2017 | 16.2% | 22.6% | 21% | 40% |
| 2018 | 16.1% | 21.1% | 19.4% | 40.8% |
| 2019 | 17.6% | 20.8% | 19.3% | 41.2% |
| 2020 | 20.3% | 25.2% | 22.7% | 53.9% |
| 2021 | 21% | 25.9% | 23.7% | 66.5% |
| 2022 | 18.4% | 25% | 26.7% | 75.5% |
| 2023 | 18.7% | 25.7% | 25.5% | 86.1% |
| 2024 | 17.7% | 26.6% | 26.4% | 74.4% |
| 2025 | 17.9% | 29.1% | 28% | 73% |
Government deficit by year
In 2024, Cambodia's government deficit, the difference between spending and revenue, was -$1.44B, equivalent to -3.1% of GDP. This compares to Malawi's deficit of -$891M, or -8.1% of GDP.
Over the past 23 years, Cambodia recorded a fiscal deficit in 19 of those years, while Malawi ran a deficit in 22 years. On average, Cambodia posted an annual deficit equal to -1.96% of GDP, compared to deficit of -4.13% of GDP for Malawi.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Cambodia
|
Malawi
|
|
| 1996 | -7.53% | - |
| 1997 | -3.7% | - |
| 1998 | -5.35% | - |
| 1999 | -3.79% | - |
| 2000 | -4.76% | - |
| 2001 | -4.95% | - |
| 2002 | -6.07% | -4.47% |
| 2003 | -5.69% | -2.6% |
| 2004 | -3.23% | -2.61% |
| 2005 | -0.34% | -1.63% |
| 2006 | -0.15% | -0.05% |
| 2007 | 0.62% | -2.56% |
| 2008 | 0.43% | -2.92% |
| 2009 | -3.98% | -2.97% |
| 2010 | -3.09% | 0.63% |
| 2011 | -3.76% | -2.85% |
| 2012 | -3.57% | -1.45% |
| 2013 | -2.01% | -3.73% |
| 2014 | -1.24% | -3.08% |
| 2015 | -0.65% | -4.17% |
| 2016 | -0.29% | -4.9% |
| 2017 | -0.76% | -5.15% |
| 2018 | 0.28% | -4.35% |
| 2019 | 2.19% | -4.55% |
| 2020 | -2.53% | -8.03% |
| 2021 | -5.18% | -8.34% |
| 2022 | -0.29% | -9.32% |
| 2023 | -2.77% | -7.84% |
| 2024 | -3.1% | -8.1% |
| 2025 | -3.23% | -8.94% |
Inflation comparison by year
Over the past 30 years, Cambodia has recorded an average annual inflation rate of 4.24%, compared with 18.5% in Malawi. In 2025, inflation was 1.6% in Cambodia and 28.2% in Malawi.
| Year | Inflation | ||
|---|---|---|---|
|
Cambodia
|
Malawi
|
Cambodia
|
Malawi
|
| 1996 | 7.1% | 37.7% | |
| 1997 | 10.5% | 9.1% | |
| 1998 | 12.9% | 29.8% | |
| 1999 | 2% | 44.8% | |
| 2000 | -0.8% | 29.6% | |
| 2001 | -0.1% | 22.7% | |
| 2002 | 0% | 14.7% | |
| 2003 | 1% | 9.6% | |
| 2004 | 3.9% | 11.4% | |
| 2005 | 6.3% | 15.5% | |
| 2006 | 6.1% | 13.9% | |
| 2007 | 7.7% | 7.9% | |
| 2008 | 25% | 8.7% | |
| 2009 | -0.7% | 8.4% | |
| 2010 | 4% | 7.4% | |
| 2011 | 5.5% | 7.6% | |
| 2012 | 2.9% | 21.3% | |
| 2013 | 2.9% | 28.3% | |
| 2014 | 3.9% | 23.8% | |
| 2015 | 1.2% | 21.9% | |
| 2016 | 3% | 21.7% | |
| 2017 | 2.9% | 11.5% | |
| 2018 | 2.4% | 9.2% | |
| 2019 | 2% | 9.4% | |
| 2020 | 2.9% | 8.6% | |
| 2021 | 2.9% | 9.3% | |
| 2022 | 5.3% | 20.8% | |
| 2023 | 2.1% | 28.8% | |
| 2024 | 0.9% | 32.2% | |
| 2025 | 1.6% | 28.2% | |
Top exports between countries
Balance of trade
|
Cambodia
|
Malawi
|
|
|---|---|---|
Current account balance
|
$228M
2024 |
-$2.28B
2023 |
| Current account balance ranking |
62/189
2024 |
144/189
2023 |
| Current account balance, % of GDP |
+0.49%
2024 |
-17.9%
2023 |
| Goods imports |
$31.2B
2024 |
$3B
2023 |
| Goods exports |
$26.8B
2024 |
$1.05B
2023 |
| Service imports |
$3.08B
2024 |
$998M
2023 |
| Service exports |
$4.97B
2024 |
$475M
2023 |
| Imports of goods and services, % of GDP |
72.1%
2024 |
n/a |
| Exports of goods and services, % of GDP |
71.4%
2024 |
14%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Cambodia
|
Malawi
|
|
|---|---|---|
| Economic freedom | 58.2 | 50.9 |
| Economic freedom ranking | 108/197 | 160/197 |
| Property rights | 41.7 | 49.4 |
| Government integrity | 17.6 | 34.4 |
| Judicial effectiveness | 22.7 | 52.3 |
| Tax burden | 89.8 | 77.1 |
| Government spending | 88.8 | 79.4 |
| Fiscal health | 86.6 | 3.3 |
| Business freedom | 61 | 31.3 |
| Labor freedom | 47.2 | 56 |
| Monetary freedom | 74.1 | 58.3 |
| Trade freedom | 69.2 | 68.8 |
| Investment freedom | 50 | 50 |
| Financial freedom | 50 | 50 |
Economic freedom by year comparison
The Economic Freedom Index for Cambodia is 58.2, ranking 108/197, compared to 50.9 for Malawi, ranking 160/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Cambodia
|
Malawi
|
|
| 1995 | - | 54.7 |
| 1996 | - | 56.2 |
| 1997 | 52.8 | 53.4 |
| 1998 | 59.8 | 54.1 |
| 1999 | 59.9 | 54 |
| 2000 | 59.3 | 57.4 |
| 2001 | 59.6 | 56.2 |
| 2002 | 60.7 | 56.9 |
| 2003 | 63.7 | 53.2 |
| 2004 | 61.1 | 53.6 |
| 2005 | 60 | 53.6 |
| 2006 | 56.7 | 55.4 |
| 2007 | 55.9 | 52.9 |
| 2008 | 55.9 | 52.7 |
| 2009 | 56.6 | 53.7 |
| 2010 | 56.6 | 54.1 |
| 2011 | 57.9 | 55.8 |
| 2012 | 57.6 | 56.4 |
| 2013 | 58.5 | 55.3 |
| 2014 | 57.4 | 55.4 |
| 2015 | 57.5 | 54.8 |
| 2016 | 57.9 | 51.8 |
| 2017 | 59.5 | 52.2 |
| 2018 | 58.7 | 52 |
| 2019 | 57.8 | 51.4 |
| 2020 | 57.3 | 52.8 |
| 2021 | 57.3 | 53 |
| 2022 | 57.1 | 53 |
| 2023 | 56.5 | 52.8 |
| 2024 | 55.6 | 52.1 |
| 2025 | 58.2 | 50.9 |
More economic indicators
|
Cambodia
|
Malawi
|
|
|---|---|---|
| Services, % of GDP |
35.6%
2024 |
44.9%
2024 |
| Industry, % of GDP |
41.8%
2024 |
16%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
16.6%
2024 |
32.4%
2024 |
|
GNI, Atlas method
|
$44.4B
2024 |
$11.8B
2024 |
| GNI per capita, PPP |
$7,820
2024 |
$1,790
2024 |
| Total reserves including gold |
$22.5B
2024 |
$594M
2020 |
| Total reserves ranking |
58/177
2024 |
154/177
2020 |
|
Net foreign direct investment
|
-$4.22B
2024 |
-$134M
2023 |
|
Net inflows of foreign direct investment
|
$4.39B
2024 |
$220M
2024 |
|
Net outflows of foreign direct investment
|
$172M
2024 |
$48.3M
2024 |
|
Servicing debt to the IMF, % of GNI
|
5.94%
2023 |
1.22%
2023 |
| Poverty at national poverty lines |
17.7%
2012 |
50.7%
2019 |
|
Gross capital formation, % of GDP
|
32.2%
2024 |
n/a |
GDP per capita map
GDP per capita
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Economy comparisons
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.