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Economy of Georgia vs Malaysia compared: GDP & Debt

Updated on by Georank team

Georgia has a GDP of $34.2B compared to $422B for Malaysia, ranking 107/197 and 38/197 by economy size, respectively.

Georgia has $12.3B in government debt (36.1% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Georgia vs Malaysia GDP by year

Georgia
Malaysia
1x
Year GDP, current $
Georgia Malaysia
2024 $34,189,423,545 $422,227,005,429
2023 $30,777,833,601 $399,949,418,753
2022 $24,984,568,960 $407,830,525,990
2021 $18,853,115,589 $373,784,553,030
2020 $16,010,869,216 $337,456,163,961
2019 $17,638,337,117 $365,177,721,022
2018 $17,902,544,881 $358,788,845,713
2017 $16,473,125,375 $319,109,094,160
2016 $15,444,548,902 $301,256,033,870
2015 $15,223,796,149 $301,355,266,965
2014 $17,966,015,109 $338,066,095,097
2013 $17,517,660,144 $323,276,235,524
2012 $16,894,392,033 $314,443,047,642
2011 $15,475,290,469 $297,951,668,675
2010 $12,426,907,967 $255,017,638,456
2009 $10,766,920,066 $202,257,453,037
2008 $12,795,145,131 $230,811,614,370
2007 $10,172,931,089 $193,549,569,478
2006 $7,745,250,734 $162,692,258,307
2005 $6,410,912,050 $143,534,405,819
2004 $5,125,365,192 $124,749,473,684
2003 $3,991,377,904 $110,202,368,421
2002 $3,395,766,678 $100,845,526,316
2001 $3,219,462,262 $92,783,947,368
2000 $3,057,475,335 $93,789,736,842
1999 $2,800,025,883 $79,148,421,053
1998 $3,613,497,317 $72,167,498,981
1997 $3,510,520,231 $100,005,323,302
1996 $3,094,936,177 $100,855,393,910
1995 $2,693,732,612 $88,705,342,903
1994 $2,513,867,645 $74,478,356,958
1993 $2,701,181,331 $66,894,966,969
1992 $3,690,328,964 $59,167,550,163
1991 $6,324,503,311 $49,143,148,094
1990 $7,735,927,264 $44,024,585,240
1989 $8,902,632,715 $38,847,965,293
1988 $8,833,588,173 $35,272,109,220
1987 $7,321,981,334 $32,181,210,158
1986 - $27,734,111,400
1985 - $31,199,633,353
1984 - $33,942,897,422
1983 - $30,347,442,111
1982 - $26,804,493,635
1981 - $25,004,285,792
1980 - $24,488,224,677
1979 - $21,213,264,962
1978 - $16,358,079,862
1977 - $13,139,488,633
1976 - $11,050,234,599
1975 - $9,298,800,799
1974 - $9,496,204,302
1973 - $7,662,902,678
1972 - $5,043,347,250
1971 - $4,244,395,956
1970 - $3,864,145,667
1969 - $3,664,552,041
1968 - $3,330,371,551
1967 - $3,188,924,677
1966 - $3,143,517,944
1965 - $2,956,337,669
1964 - $2,674,423,922
1963 - $2,510,110,348
1962 - $2,001,489,602
1961 - $1,901,856,123
1960 - $1,916,229,477

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

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

GDP per capita in Georgia vs Malaysia by year

Georgia
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Georgia Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $9,241 $28,285 $11,874 $38,779
2023 $8,284 $25,072 $11,386 $36,467
2022 $6,730 $22,461 $11,755 $34,420
2021 $5,084 $18,916 $10,903 $29,823
2020 $4,301 $16,791 $9,958 $27,475
2019 $4,741 $16,770 $10,920 $28,934
2018 $4,804 $15,022 $10,902 $27,794
2017 $4,419 $13,719 $9,863 $26,416
2016 $4,143 $13,065 $9,477 $25,286
2015 $4,087 $12,270 $9,649 $24,526
2014 $4,830 $11,771 $11,013 $24,307
2013 $4,712 $10,797 $10,714 $23,161
2012 $4,531 $10,060 $10,601 $22,639
2011 $4,120 $8,564 $10,217 $21,324
2010 $3,282 $7,712 $8,899 $20,193
2009 $2,823 $7,119 $7,191 $18,923
2008 $3,325 $7,279 $8,372 $19,480
2007 $2,635 $6,951 $7,169 $18,617
2006 $1,996 $5,980 $6,158 $17,426
2005 $1,643 $5,272 $5,556 $16,371
2004 $1,305 $4,635 $4,939 $15,416
2003 $1,010 $4,240 $4,465 $14,387
2002 $854 $3,719 $4,184 $13,656
2001 $802 $3,441 $3,944 $13,072
2000 $750 $3,161 $4,084 $13,027
1999 $674 $2,977 $3,528 $11,980
1998 $852 $2,795 $3,294 $11,398
1997 $807 $2,616 $4,679 $12,469
1996 $689 $2,253 $4,837 $11,709
1995 $578 $1,919 $4,363 $10,720
1994 $520 $1,764 $3,758 $9,806
1993 $550 $1,898 $3,462 $9,018
1992 $757 $2,643 $3,141 $8,224
1991 $1,308 $4,727 $2,679 $7,583
1990 $1,611 $5,836 $2,469 $6,887
1989 $1,853 - $2,244 -
1988 $1,844 - $2,100 -
1987 $1,544 - $1,977 -
1986 - - $1,760 -
1985 - - $2,046 -
1984 - - $2,300 -
1983 - - $2,124 -
1982 - - $1,938 -
1981 - - $1,866 -
1980 - - $1,886 -
1979 - - $1,680 -
1978 - - $1,327 -
1977 - - $1,092 -
1976 - - $940 -
1975 - - $811 -
1974 - - $848 -
1973 - - $701 -
1972 - - $472 -
1971 - - $407 -
1970 - - $380 -
1969 - - $368 -
1968 - - $342 -
1967 - - $335 -
1966 - - $339 -
1965 - - $326 -
1964 - - $303 -
1963 - - $291.8 -
1962 - - $238.8 -
1961 - - $232.9 -
1960 - - $240.8 -

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

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

Georgia's GDP per capita is $9,241, ranking 89/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Georgia ranks 74th at $28,285, while Malaysia ranks 60th at $38,779.

Economic indicators

Georgia Malaysia
Gross domestic product
$34.2B
2024
$422B
2024
GDP rank
107/197
2024
38/197
2024
GDP growth
9.68%
2023-2024
5.11%
2023-2024
GDP per capita
$9,241
2024
$11,874
2024
GDP per capita rank
89/197
2024
79/197
2024
GDP per capita, PPP
$28,285
2024
$38,779
2024
GDP per capita PPP rank
74/197
2024
60/197
2024
Government debt
$12.3B
2024
$296B
2024
Debt-to-GDP ratio
36.1%
2024
70.1%
2024
Government debt per person
$3,336
2024
$8,322
2024
Government debt per person rank
96/185
2024
62/185
2024
Average annual personal income after taxes
$6,891
2026
$11,005
2026
Market capitalization of domestic companies n/a
$449B
2024
Number of billionaires
2
2025
19
2025
Income share by richest 10%
26.2%
2024
30.9%
2021
Income share by poorest 10%
2.9%
2024
2.3%
2021
Government expenditure, % of GDP
30.3%
2024
23.9%
2024
Consumer prices inflation
1.11%
2023-2024
1.83%
2023-2024
Central bank interest rate
8%
2024
2.75%
2025
Unemployment rate
8.01%
2024
3.93%
2022
Population
3697615
36512221

Spending and national debt comparison by year

Georgia
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Georgia Malaysia
Government spending Government debt Government spending Government debt
2024 30.3% 36.1% 23.9% 70.1%
2023 29.7% 38.9% 24.9% 69.7%
2022 28.5% 39.2% 24.6% 65.5%
2021 31.2% 49.1% 24.5% 69.2%
2020 34.1% 59.6% 25% 67.7%
2019 28.7% 40% 23.6% 57.1%
2018 26.7% 38.2% 22.8% 55.6%
2017 27.2% 38.9% 22% 54.4%
2016 27.8% 39.5% 22.9% 55.8%
2015 27% 36% 24.7% 57%
2014 27.5% 30.3% 26% 55.4%
2013 26.6% 28.9% 27.8% 55.7%
2012 27.7% 28.1% 28.5% 53.8%
2011 27.1% 27.7% 27.1% 51.9%
2010 31% 31.4% 26.6% 51.2%
2009 34.8% 33.6% 30.9% 50.4%
2008 31.8% 26.3% 26.9% 39.4%
2007 27.7% 22.5% 25.9% 39.3%
2006 22.7% 28.3% 25.6% 39.7%
2005 21.6% 35.3% 24.5% 40.8%
2004 18.9% 44.3% 25.9% 42%
2003 16.1% 54.6% 28.1% 41.4%
2002 16% 50.3% 27.1% 39.5%
2001 16.8% 53% 28.2% 38.1%
2000 16.9% 58.5% 25.6% 32.5%
1999 19.8% 76.5% 24.6% 34.4%
1998 18.9% 80% 23.1% 33.6%
1997 21.9% 48.2% 21.2% 29.6%
1996 18.4% 38.9% 22.4% 32.8%
1995 15.6% 19.8% 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 (1995–1999, retrieved 2026-02-20).

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

In 2024, Georgia's government spending was $10.3B, accounting for 30.3% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 36.1% in Georgia and 70.1% in Malaysia, ranking 144/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Georgia

Malaysia
1x
Year Deficit/surplus, % of GDP
Georgia Malaysia
2024 -2.3% -3.95%
2023 -2.33% -3.97%
2022 -2.2% -4.56%
2021 -5.97% -6.03%
2020 -9.16% -4.9%
2019 -1.82% -2.01%
2018 -0.8% -2.64%
2017 -0.45% -2.41%
2016 -1.49% -2.6%
2015 -1.16% -2.55%
2014 -1.78% -2.63%
2013 -1.25% -3.48%
2012 -0.71% -3.1%
2011 -0.81% -3.57%
2010 -4.48% -4.32%
2009 -6.36% -5.88%
2008 -1.92% -3.4%
2007 0.81% -2.57%
2006 3.28% -2.6%
2005 2.14% -2.83%
2004 3.59% -3.35%
2003 -0.55% -4.6%
2002 -0.19% -3.96%
2001 -0.71% -4.36%
2000 -1.92% -6.05%
1999 -4.72% -3%
1998 -4% -0.63%
1997 -6.79% 4.84%
1996 -5.91% 3.27%
1995 -4.89% 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/georgia/malaysia | CC BY

In 2024, Georgia's government deficit, the difference between spending and revenue, was $785M, equivalent to 2.3% of GDP. This compares to Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 30 years, Georgia recorded a fiscal deficit in 26 of those years, while Malaysia ran a deficit in 27 years. On average, Georgia posted an annual deficit equal to 2.16% of GDP, compared to deficit of 2.83% of GDP for Malaysia.

Inflation comparison by year

Inflation
Georgia

Malaysia
1x
Year Consumer prices inflation
Georgia Malaysia
2024 1.11% 1.83%
2023 2.49% 2.49%
2022 11.9% 3.38%
2021 9.57% 2.48%
2020 5.2% -1.14%
2019 4.85% 0.66%
2018 2.62% 0.88%
2017 6.04% 3.87%
2016 2.13% 2.09%
2015 4% 2.1%
2014 3.07% 3.14%
2013 -0.51% 2.11%
2012 -0.94% 1.66%
2011 8.54% 3.17%
2010 7.11% 1.62%
2009 1.73% 0.58%
2008 10% 5.44%
2007 9.24% 2.03%
2006 9.16% 3.61%
2005 8.25% 2.98%
2004 5.66% 1.42%
2003 0.84% 1.09%
2002 5.59% 1.81%
2001 4.65% 1.42%
2000 4.06% 1.53%
1999 19.2% 2.74%
1998 3.57% 5.27%
1997 7.09% 2.66%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Georgia has recorded an average annual inflation rate of 5.58%, compared with 2.25% in Malaysia. In 2024, inflation was 1.11% in Georgia and 1.83% in Malaysia.

Top exports between countries

Georgia
Export category Export value
Transport & tourism services $2.07M
Metals $834K
Processed food, beverages & tobacco $425K
Machinery & equipment $245K
Raw materials & minerals $101K
Miscellaneous $28K
Textiles & consumer goods $19K
Raw agricultural goods $14K
Wood & paper products $2K
Animal & marine products $1K
Malaysia
Export category Export value
Processed food, beverages & tobacco $25M
Machinery & equipment $24.1M
Raw materials & minerals $2.7M
Textiles & consumer goods $2.69M
Chemicals & pharma $1.17M
Metals $247K
Wood & paper products $60K
Raw agricultural goods $49K
Miscellaneous $3K
Precious metals & jewellery $2K

Balance of trade

Georgia Malaysia
Current account balance
-$1.79B
2024
$7.15B
2024
Current account balance ranking
139/190
2024
26/190
2024
Current account balance, % of GDP
-5.22%
2024
+1.69%
2024
Goods imports
$15.2B
2024
$223B
2024
Goods exports
$8.63B
2024
$248B
2024
Service imports
$3.81B
2024
$56.4B
2024
Service exports
$7.71B
2024
$53.4B
2024
Imports of goods and services, % of GDP
55.6%
2024
66%
2024
Exports of goods and services, % of GDP
47.8%
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.

Georgia Malaysia
Economic freedom 69.6 68
Economic freedom ranking 41/197 51/197
Property rights 53 62.7
Government integrity 59.9 52.9
Judicial effectiveness 53.8 63.4
Tax burden 87.8 83.5
Government spending 73.9 82
Fiscal health 89.1 62.5
Business freedom 76.6 79.6
Labor freedom 64 55.4
Monetary freedom 70.2 80.8
Trade freedom 86.8 83
Investment freedom 60 60
Financial freedom 60 50

Economic freedom comparison by year

Georgia
Malaysia
1x
Year Economic freedom index
Georgia Malaysia
2026 69.6 68
2025 69 67.1
2024 68.4 65.7
2023 68.7 67.3
2022 71.8 68.1
2021 77.2 74.4
2020 77.1 74.7
2019 75.9 74
2018 76.2 74.5
2017 76 73.8
2016 72.6 71.5
2015 73 70.8
2014 72.6 69.6
2013 72.2 66.1
2012 69.4 66.4
2011 70.4 66.3
2010 70.4 64.8
2009 69.8 64.6
2008 69.2 63.9
2007 69.3 63.8
2006 64.5 61.6
2005 57.1 61.9
2004 58.9 59.9
2003 58.6 61.1
2002 56.7 60.1
2001 58.3 60.2
2000 54.3 66
1999 52.5 68.9
1998 47.9 68.2
1997 46.5 66.8
1996 44.1 69.9
1995 - 71.9

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

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

The Economic Freedom Index for Georgia is 69.6, ranking 41/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Georgia Malaysia
Services, % of GDP
62%
2024
53.7%
2024
Industry, % of GDP
19.6%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
5.49%
2024
8.13%
2024
GNI, Atlas method
$30B
2024
$414B
2024
GNI per capita, PPP
$26,200
2024
$37,450
2024
Total reserves including gold
$4.45B
2024
$116B
2024
Total reserves ranking
104/177
2024
24/177
2024
Net foreign direct investment
-$1.14B
2024
-$2.55B
2024
Net inflows of foreign direct investment
$1.6B
2024
$15.6B
2024
Net outflows of foreign direct investment
$462M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
15.2%
2024
n/a
Poverty at national poverty lines
9.4%
2024
5.8%
2023
Gross capital formation, % of GDP
24.5%
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/georgia/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 (2021–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, 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.