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Economy of Jamaica vs Malaysia compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $422B for Malaysia, ranking 124/197 and 38/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Jamaica vs Malaysia GDP by year

Jamaica
Malaysia
1x
Year GDP, current $
Jamaica Malaysia
2024 $22,014,397,090 $422,227,005,429
2023 $21,418,804,320 $399,949,418,753
2022 $18,813,516,805 $407,830,525,990
2021 $15,963,885,376 $373,784,553,030
2020 $15,000,214,216 $337,456,163,961
2019 $17,026,269,263 $365,177,721,022
2018 $16,855,447,986 $358,788,845,713
2017 $15,783,583,237 $319,109,094,160
2016 $14,898,999,754 $301,256,033,870
2015 $14,963,589,916 $301,355,266,965
2014 $13,899,217,680 $338,066,095,097
2013 $14,264,205,153 $323,276,235,524
2012 $14,807,086,556 $314,443,047,642
2011 $14,444,661,522 $297,951,668,675
2010 $13,220,549,908 $255,017,638,456
2009 $12,120,458,115 $202,257,453,037
2008 $13,709,401,520 $230,811,614,370
2007 $12,799,600,047 $193,549,569,478
2006 $11,930,179,090 $162,692,258,307
2005 $11,243,865,778 $143,534,405,819
2004 $10,174,664,854 $124,749,473,684
2003 $9,430,234,811 $110,202,368,421
2002 $9,719,009,495 $100,845,526,316
2001 $9,194,727,831 $92,783,947,368
2000 $9,005,064,475 $93,789,736,842
1999 $8,887,057,997 $79,148,421,053
1998 $8,787,195,622 $72,167,498,981
1997 $8,400,041,724 $100,005,323,302
1996 $7,393,891,921 $100,855,393,910
1995 $6,577,520,643 $88,705,342,903
1994 $5,452,558,947 $74,478,356,958
1993 $5,440,075,676 $66,894,966,969
1992 $3,535,460,090 $59,167,550,163
1991 $4,106,207,649 $49,143,148,094
1990 $4,592,208,087 $44,024,585,240
1989 $4,404,937,853 $38,847,965,293
1988 $3,828,342,820 $35,272,109,220
1987 $3,287,007,322 $32,181,210,158
1986 $2,754,549,582 $27,734,111,400
1985 $2,100,239,019 $31,199,633,353
1984 $2,373,564,549 $33,942,897,422
1983 $3,619,262,277 $30,347,442,111
1982 $3,293,496,312 $26,804,493,635
1981 $2,979,027,966 $25,004,285,792
1980 $2,679,379,372 $24,488,224,677
1979 $2,425,064,229 $21,213,264,962
1978 $2,644,527,822 $16,358,079,862
1977 $3,249,733,140 $13,139,488,633
1976 $2,966,042,856 $11,050,234,599
1975 $2,860,442,750 $9,298,800,799
1974 $2,375,122,375 $9,496,204,302
1973 $1,905,917,553 $7,662,902,678
1972 $1,875,146,587 $5,043,347,250
1971 $1,539,861,816 $4,244,395,956
1970 $1,404,720,442 $3,864,145,667
1969 $1,191,239,047 $3,664,552,041
1968 $1,083,839,133 $3,330,371,551
1967 $1,148,014,311 $3,188,924,677
1966 $1,096,759,561 $3,143,517,944
1965 $972,159,611 $2,956,337,669
1964 $897,949,001 $2,674,423,922
1963 $826,706,669 $2,510,110,348
1962 $777,727,689 $2,001,489,602
1961 $748,043,501 $1,901,856,123
1960 $699,064,380 $1,916,229,477

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

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

GDP per capita in Jamaica vs Malaysia by year

Jamaica
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $11,874 $38,779
2023 $7,542 $12,651 $11,386 $36,467
2022 $6,626 $11,888 $11,755 $34,420
2021 $5,626 $10,431 $10,903 $29,823
2020 $5,299 $9,764 $9,958 $27,475
2019 $6,031 $10,845 $10,920 $28,934
2018 $5,977 $10,753 $10,902 $27,794
2017 $5,605 $10,466 $9,863 $26,416
2016 $5,302 $9,948 $9,477 $25,286
2015 $5,339 $9,476 $9,649 $24,526
2014 $4,975 $9,210 $11,013 $24,307
2013 $5,124 $9,101 $10,714 $23,161
2012 $5,341 $8,831 $10,601 $22,639
2011 $5,233 $8,809 $10,217 $21,324
2010 $4,810 $8,521 $8,899 $20,193
2009 $4,428 $8,580 $7,191 $18,923
2008 $5,030 $8,952 $8,372 $19,480
2007 $4,716 $8,893 $7,169 $18,617
2006 $4,417 $8,577 $6,158 $17,426
2005 $4,184 $8,127 $5,556 $16,371
2004 $3,808 $7,854 $4,939 $15,416
2003 $3,550 $7,593 $4,465 $14,387
2002 $3,681 $7,226 $4,184 $13,656
2001 $3,504 $7,019 $3,944 $13,072
2000 $3,453 $6,816 $4,084 $13,027
1999 $3,432 $6,653 $3,528 $11,980
1998 $3,419 $6,543 $3,294 $11,398
1997 $3,297 $6,682 $4,679 $12,469
1996 $2,929 $6,706 $4,837 $11,709
1995 $2,631 $6,657 $4,363 $10,720
1994 $2,203 $6,435 $3,758 $9,806
1993 $2,221 $6,279 $3,462 $9,018
1992 $1,458 $5,664 $3,141 $8,224
1991 $1,710 $5,485 $2,679 $7,583
1990 $1,930 $5,106 $2,469 $6,887
1989 $1,865 - $2,244 -
1988 $1,632 - $2,100 -
1987 $1,411 - $1,977 -
1986 $1,191 - $1,760 -
1985 $917 - $2,046 -
1984 $1,048 - $2,300 -
1983 $1,619 - $2,124 -
1982 $1,494 - $1,938 -
1981 $1,370 - $1,866 -
1980 $1,249 - $1,886 -
1979 $1,144 - $1,680 -
1978 $1,262 - $1,327 -
1977 $1,569 - $1,092 -
1976 $1,450 - $940 -
1975 $1,417 - $811 -
1974 $1,193 - $848 -
1973 $972 - $701 -
1972 $971 - $472 -
1971 $809 - $407 -
1970 $748 - $380 -
1969 $642 - $368 -
1968 $591 - $342 -
1967 $633 - $335 -
1966 $612 - $339 -
1965 $549 - $326 -
1964 $514 - $303 -
1963 $480 - $291.8 -
1962 $458 - $238.8 -
1961 $447 - $232.9 -
1960 $424 - $240.8 -

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

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

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Malaysia ranks 60th at $38,779.

Economic indicators

Jamaica Malaysia
Gross domestic product
$22B
2024
$422B
2024
GDP rank
124/197
2024
38/197
2024
GDP growth
-0.54%
2023-2024
5.11%
2023-2024
GDP per capita
$7,754
2024
$11,874
2024
GDP per capita rank
95/197
2024
79/197
2024
GDP per capita, PPP
$12,890
2024
$38,779
2024
GDP per capita PPP rank
121/197
2024
60/197
2024
Government debt
$14B
2024
$296B
2024
Debt-to-GDP ratio
63.4%
2024
70.1%
2024
Government debt per person
$4,917
2024
$8,322
2024
Government debt per person rank
79/185
2024
62/185
2024
Average annual personal income after taxes
$6,905
2026
$11,005
2026
Market capitalization of domestic companies
$12.4B
2024
$449B
2024
Number of billionaires n/a
19
2025
Income share by richest 10%
29.6%
2021
30.9%
2021
Income share by poorest 10%
2.2%
2021
2.3%
2021
Government expenditure, % of GDP
30.5%
2024
23.9%
2024
Consumer prices inflation
5.41%
2023-2024
1.83%
2023-2024
Central bank interest rate
5.75%
2025
2.75%
2025
Unemployment rate
3.02%
2023
3.93%
2022
Population
2834980
36512221

Spending and national debt comparison by year

Jamaica
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Jamaica Malaysia
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 23.9% 70.1%
2023 28% 67.3% 24.9% 69.7%
2022 28.4% 73.5% 24.6% 65.5%
2021 29% 90.9% 24.5% 69.2%
2020 29.8% 100.1% 25% 67.7%
2019 27.8% 88.6% 23.6% 57.1%
2018 27.8% 89.2% 22.8% 55.6%
2017 27.3% 96.7% 22% 54.4%
2016 27% 109.1% 22.9% 55.8%
2015 26.3% 117.6% 24.7% 57%
2014 26.5% 136.7% 26% 55.4%
2013 26.9% 138.1% 27.8% 55.7%
2012 29.6% 143% 28.5% 53.8%
2011 31.7% 138.1% 27.1% 51.9%
2010 32.9% 140.1% 26.6% 51.2%
2009 38.6% 141.5% 30.9% 50.4%
2008 34.4% 125.6% 26.9% 39.4%
2007 31.6% 115.3% 25.9% 39.3%
2006 31.2% 118% 25.6% 39.7%
2005 29.3% 124.5% 24.5% 40.8%
2004 31.5% 120.1% 25.9% 42%
2003 32.5% 125.5% 28.1% 41.4%
2002 31.1% 119.1% 27.1% 39.5%
2001 28.5% 107.9% 28.2% 38.1%
2000 26.2% 91.3% 25.6% 32.5%
1999 28.9% 83.5% 24.6% 34.4%
1998 28.3% 75.6% 23.1% 33.6%
1997 28.3% 74.4% 21.2% 29.6%
1996 27.7% 70.2% 22.4% 32.8%
1995 23.1% 85.2% 22.6% 38.2%
1994 21.5% 90.4% 23.3% 43.7%
1993 21.5% 106.2% 24.6% 51.1%
1992 20% 100.4% 28.2% 59.1%
1991 24.5% 175.1% 27.4% 67.3%
1990 25.7% 128.8% 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 (1990–1998, retrieved 2026-02-20).

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

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 70.1% in Malaysia, ranking 73/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Malaysia
1x
Year Deficit/surplus, % of GDP
Jamaica Malaysia
2024 0.22% -3.95%
2023 0.04% -3.97%
2022 0.27% -4.56%
2021 0.89% -6.03%
2020 -2.83% -4.9%
2019 0.85% -2.01%
2018 1.12% -2.64%
2017 0.43% -2.41%
2016 -0.19% -2.6%
2015 -0.28% -2.55%
2014 -0.49% -2.63%
2013 0.12% -3.48%
2012 -4.05% -3.1%
2011 -6.34% -3.57%
2010 -6.27% -4.32%
2009 -11.1% -5.88%
2008 -7.43% -3.4%
2007 -3.82% -2.57%
2006 -4.9% -2.6%
2005 -3.3% -2.83%
2004 -4.68% -3.35%
2003 -5.67% -4.6%
2002 -6.77% -3.96%
2001 -4.89% -4.36%
2000 -0.8% -6.05%
1999 -3.53% -3%
1998 -5.82% -0.63%
1997 -6.54% 4.84%
1996 -5.32% 3.27%
1995 1.6% 3.1%
1994 2.59% 5.45%
1993 2.6% 3.44%
1992 3.11% 1.81%
1991 3.87% 1.6%
1990 2.34% 0.15%

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

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

In 2024, Jamaica's government surplus, the difference between spending and revenue, was $49.1M, equivalent to 0.22% of GDP. This compares to Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 35 years, Jamaica recorded a fiscal deficit in 21 of those years, while Malaysia ran a deficit in 27 years. On average, Jamaica posted an annual deficit equal to 2.14% of GDP, compared to deficit of 2.07% of GDP for Malaysia.

Inflation comparison by year

Inflation
Jamaica

Malaysia
1x
Year Consumer prices inflation
Jamaica Malaysia
2024 5.41% 1.83%
2023 6.47% 2.49%
2022 10.3% 3.38%
2021 5.86% 2.48%
2020 5.23% -1.14%
2019 3.91% 0.66%
2018 3.74% 0.88%
2017 4.38% 3.87%
2016 2.35% 2.09%
2015 3.69% 2.1%
2014 8.27% 3.14%
2013 9.34% 2.11%
2012 6.87% 1.66%
2011 7.56% 3.17%
2010 12.6% 1.62%
2009 9.59% 0.58%
2008 22% 5.44%
2007 9.24% 2.03%
2006 8.56% 3.61%
2005 15.1% 2.98%
2004 13.6% 1.42%
2003 10.1% 1.09%
2002 7.08% 1.81%
2001 6.8% 1.42%
2000 8.17% 1.53%
1999 5.95% 2.74%
1998 8.63% 5.27%
1997 9.66% 2.66%

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

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

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 2.25% in Malaysia. In 2024, inflation was 5.41% in Jamaica and 1.83% in Malaysia.

Top exports between countries

Jamaica
Export category Export value
Chemicals & pharma $101K
Raw agricultural goods $85K
Wood & paper products $12K
Machinery & equipment $11K
Malaysia
Export category Export value
Processed food, beverages & tobacco $6.64M
Raw agricultural goods $4.66M
Machinery & equipment $3.21M
Chemicals & pharma $2.4M
Textiles & consumer goods $1.98M
Metals $1.77M
Raw materials & minerals $574K
Wood & paper products $228K
Weapons & explosives $37K
Miscellaneous $2K

Balance of trade

Jamaica Malaysia
Current account balance
$679M
2024
$7.15B
2024
Current account balance ranking
56/190
2024
26/190
2024
Current account balance, % of GDP
+3.08%
2024
+1.69%
2024
Goods imports
$6.07B
2024
$223B
2024
Goods exports
$1.87B
2024
$248B
2024
Service imports
$3.46B
2024
$56.4B
2024
Service exports
$5.26B
2024
$53.4B
2024
Imports of goods and services, % of GDP
52.1%
2019
66%
2024
Exports of goods and services, % of GDP
38%
2019
71.3%
2024

Economic freedom indices

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

Jamaica Malaysia
Economic freedom 68.2 68
Economic freedom ranking 48/197 51/197
Property rights 66.8 62.7
Government integrity 49.4 52.9
Judicial effectiveness 75.6 63.4
Tax burden 76.3 83.5
Government spending 76 82
Fiscal health 92.2 62.5
Business freedom 68.5 79.6
Labor freedom 59.2 55.4
Monetary freedom 74.2 80.8
Trade freedom 70.4 83
Investment freedom 60 60
Financial freedom 50 50

Economic freedom comparison by year

Jamaica
Malaysia
1x
Year Economic freedom index
Jamaica Malaysia
2026 68.2 68
2025 68.7 67.1
2024 68.1 65.7
2023 68.1 67.3
2022 67.4 68.1
2021 69 74.4
2020 68.5 74.7
2019 68.6 74
2018 69.1 74.5
2017 69.5 73.8
2016 67.5 71.5
2015 67.7 70.8
2014 66.7 69.6
2013 66.8 66.1
2012 65.1 66.4
2011 65.7 66.3
2010 65.5 64.8
2009 65.2 64.6
2008 65.7 63.9
2007 65.5 63.8
2006 66.4 61.6
2005 67 61.9
2004 66.7 59.9
2003 67 61.1
2002 61.7 60.1
2001 63.7 60.2
2000 65.5 66
1999 64.7 68.9
1998 67.1 68.2
1997 67.7 66.8
1996 66.7 69.9
1995 64.4 71.9

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Malaysia
Services, % of GDP
60%
2024
53.7%
2024
Industry, % of GDP
16.5%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
8.13%
2024
GNI, Atlas method
$20.5B
2024
$414B
2024
GNI per capita, PPP
$12,690
2024
$37,450
2024
Total reserves including gold
$5.63B
2024
$116B
2024
Total reserves ranking
93/177
2024
24/177
2024
Net foreign direct investment
-$304M
2024
-$2.55B
2024
Net inflows of foreign direct investment
$305M
2024
$15.6B
2024
Net outflows of foreign direct investment
$1.07M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
n/a
Poverty at national poverty lines
8.2%
2023
5.8%
2023
Gross capital formation, % of GDP
22.6%
2019
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/jamaica/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 (2020–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, 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.