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Economy of Liberia vs Malaysia compared: GDP & Debt

Updated on by Georank team

Liberia has a GDP of $4.78B compared to $422B for Malaysia, ranking 163/197 and 38/197 by economy size, respectively.

Liberia has $2.73B in government debt (57.2% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Liberia vs Malaysia GDP by year

Liberia
Malaysia
1x
Year GDP, current $
Liberia Malaysia
2024 $4,779,300,900 $422,227,005,429
2023 $4,390,000,000 $399,949,418,753
2022 $4,001,047,000 $407,830,525,990
2021 $3,513,049,500 $373,784,553,030
2020 $3,176,126,300 $337,456,163,961
2019 $3,319,596,500 $365,177,721,022
2018 $3,422,754,800 $358,788,845,713
2017 $3,390,703,400 $319,109,094,160
2016 $3,398,419,600 $301,256,033,870
2015 $3,227,075,700 $301,355,266,965
2014 $3,225,652,000 $338,066,095,097
2013 $3,177,198,100 $323,276,235,524
2012 $2,791,614,000 $314,443,047,642
2011 $2,398,000,000 $297,951,668,675
2010 $1,998,000,000 $255,017,638,456
2009 $1,768,000,000 $202,257,453,037
2008 $1,726,000,000 $230,811,614,370
2007 $1,373,000,000 $193,549,569,478
2006 $1,119,000,000 $162,692,258,307
2005 $949,000,000 $143,534,405,819
2004 $897,000,000 $124,749,473,684
2003 $748,000,000 $110,202,368,421
2002 $927,000,000 $100,845,526,316
2001 $906,000,000 $92,783,947,368
2000 $874,000,000 $93,789,736,842
1999 $441,800,000 $79,148,421,053
1998 $359,600,000 $72,167,498,981
1997 $295,900,000 $100,005,323,302
1996 $159,400,000 $100,855,393,910
1995 $134,800,000 $88,705,342,903
1994 $132,200,000 $74,478,356,958
1993 $160,400,000 $66,894,966,969
1992 $223,500,000 $59,167,550,163
1991 $348,000,000 $49,143,148,094
1990 $384,400,000 $44,024,585,240
1989 $786,300,000 $38,847,965,293
1988 $1,038,300,000 $35,272,109,220
1987 $972,800,000 $32,181,210,158
1986 $840,964,400 $27,734,111,400
1985 $851,296,100 $31,199,633,353
1984 $848,478,300 $33,942,897,422
1983 $823,374,900 $30,347,442,111
1982 $863,933,200 $26,804,493,635
1981 $846,514,500 $25,004,285,792
1980 $854,711,500 $24,488,224,677
1979 $814,067,900 $21,213,264,962
1978 $717,240,400 $16,358,079,862
1977 $673,010,600 $13,139,488,633
1976 $596,675,700 $11,050,234,599
1975 $577,549,300 $9,298,800,799
1974 $486,955,000 $9,496,204,302
1973 $386,968,300 $7,662,902,678
1972 $368,098,000 $5,043,347,250
1971 $341,543,100 $4,244,395,956
1970 $323,099,700 $3,864,145,667
1969 $306,961,800 $3,664,552,041
1968 $276,820,700 $3,330,371,551
1967 $261,024,300 $3,188,924,677
1966 $244,459,500 $3,143,517,944
1965 $229,260,800 $2,956,337,669
1964 $218,929,100 $2,674,423,922
1963 $200,229,600 $2,510,110,348
1962 $191,861,800 $2,001,489,602
1961 $183,920,900 $1,901,856,123
1960 $190,495,600 $1,916,229,477

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

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

GDP per capita in Liberia vs Malaysia by year

Liberia
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Liberia Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $851 $1,871 $11,874 $38,779
2023 $799 $1,795 $11,386 $36,467
2022 $745 $1,692 $11,755 $34,420
2021 $668 $1,539 $10,903 $29,823
2020 $617 $1,660 $9,958 $27,475
2019 $658 $1,900 $10,920 $28,934
2018 $692 $1,800 $10,902 $27,794
2017 $699 $1,665 $9,863 $26,416
2016 $715 $1,490 $9,477 $25,286
2015 $693 $1,340 $9,649 $24,526
2014 $707 $1,419 $11,013 $24,307
2013 $711 $1,360 $10,714 $23,161
2012 $638 $1,157 $10,601 $22,639
2011 $568 $1,041 $10,217 $21,324
2010 $492 $980 $8,899 $20,193
2009 $448 $939 $7,191 $18,923
2008 $452 $915 $8,372 $19,480
2007 $374 $873 $7,169 $18,617
2006 $321 $815 $6,158 $17,426
2005 $287.5 $774 $5,556 $16,371
2004 $284.1 $745 $4,939 $15,416
2003 $239.8 $716 $4,465 $14,387
2002 $299.5 $1,013 $4,184 $13,656
2001 $300 $987 $3,944 $13,072
2000 $298.5 $965 $4,084 $13,027
1999 $156.6 $762 $3,528 $11,980
1998 $134.7 $652 $3,294 $11,398
1997 $122.6 $548 $4,679 $12,469
1996 $71.4 $282.2 $4,837 $11,709
1995 $62.1 $254.4 $4,363 $10,720
1994 $61.5 $262.6 $3,758 $9,806
1993 $74.4 $328 $3,462 $9,018
1992 $107.8 $497 $3,141 $8,224
1991 $177.9 $793 $2,679 $7,583
1990 $172.9 $787 $2,469 $6,887
1989 $312 - $2,244 -
1988 $424 - $2,100 -
1987 $409 - $1,977 -
1986 $364 - $1,760 -
1985 $380 - $2,046 -
1984 $390 - $2,300 -
1983 $391 - $2,124 -
1982 $422 - $1,938 -
1981 $426 - $1,866 -
1980 $443 - $1,886 -
1979 $435 - $1,680 -
1978 $394 - $1,327 -
1977 $381 - $1,092 -
1976 $347 - $940 -
1975 $346 - $811 -
1974 $299.4 - $848 -
1973 $244.4 - $701 -
1972 $238.6 - $472 -
1971 $227.1 - $407 -
1970 $220.3 - $380 -
1969 $214.7 - $368 -
1968 $198.6 - $342 -
1967 $192.2 - $335 -
1966 $184.6 - $339 -
1965 $177.6 - $326 -
1964 $173.9 - $303 -
1963 $163.1 - $291.8 -
1962 $160.3 - $238.8 -
1961 $157.5 - $232.9 -
1960 $167.2 - $240.8 -

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

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

Liberia's GDP per capita is $851, ranking 184/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Liberia ranks 188th at $1,871, while Malaysia ranks 60th at $38,779.

Economic indicators

Liberia Malaysia
Gross domestic product
$4.78B
2024
$422B
2024
GDP rank
163/197
2024
38/197
2024
GDP growth
4.02%
2023-2024
5.11%
2023-2024
GDP per capita
$851
2024
$11,874
2024
GDP per capita rank
184/197
2024
79/197
2024
GDP per capita, PPP
$1,871
2024
$38,779
2024
GDP per capita PPP rank
188/197
2024
60/197
2024
Government debt
$2.73B
2024
$296B
2024
Debt-to-GDP ratio
57.2%
2024
70.1%
2024
Government debt per person
$487
2024
$8,322
2024
Government debt per person rank
167/185
2024
62/185
2024
Average annual personal income after taxes
$1,191
2026
$11,005
2026
Market capitalization of domestic companies n/a
$449B
2024
Number of billionaires n/a
19
2025
Income share by richest 10%
27.1%
2016
30.9%
2021
Income share by poorest 10%
2.9%
2016
2.3%
2021
Government expenditure, % of GDP
24.3%
2024
23.9%
2024
Consumer prices inflation
8.2%
2023-2024
1.83%
2023-2024
Central bank interest rate n/a
2.75%
2025
Unemployment rate
5.93%
2017
3.93%
2022
Population
5887000
36512221

Spending and national debt comparison by year

Liberia
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Liberia Malaysia
Government spending Government debt Government spending Government debt
2024 24.3% 57.2% 23.9% 70.1%
2023 27.1% 57.8% 24.9% 69.7%
2022 26.9% 54.3% 24.6% 65.5%
2021 29.8% 53.3% 24.5% 69.2%
2020 35.3% 58.7% 25% 67.7%
2019 32.3% 48.6% 23.6% 57.1%
2018 32.7% 37.1% 22.8% 55.6%
2017 35.1% 31.8% 22% 54.4%
2016 35.8% 28.6% 22.9% 55.8%
2015 37.1% 24.8% 24.7% 57%
2014 33.4% 24.3% 26% 55.4%
2013 27.4% 20.6% 27.8% 55.7%
2012 30.8% 20.5% 28.5% 53.8%
2011 30.1% 22.7% 27.1% 51.9%
2010 25.2% 25.6% 26.6% 51.2%
2009 23.7% 130.9% 30.9% 50.4%
2008 21.6% 233.1% 26.9% 39.4%
2007 17.2% 394% 25.9% 39.3%
2006 11.1% 472% 25.6% 39.7%
2005 12.8% 535% 24.5% 40.8%
2004 12.1% 543% 25.9% 42%
2003 9.85% 658% 28.1% 41.4%
2002 13.2% 481% 27.1% 39.5%
2001 12.6% 484% 28.2% 38.1%
2000 15.2% 489% 25.6% 32.5%
1999 - - 24.6% 34.4%
1998 - - 23.1% 33.6%
1997 - - 21.2% 29.6%
1996 - - 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).

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

In 2024, Liberia's government spending was $1.16B, accounting for 24.3% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 57.2% in Liberia and 70.1% in Malaysia, ranking 91/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Liberia

Malaysia
1x
Year Deficit/surplus, % of GDP
Liberia Malaysia
2024 -1.98% -3.95%
2023 -7.03% -3.97%
2022 -5.33% -4.56%
2021 -2.5% -6.03%
2020 -4.02% -4.9%
2019 -4.92% -2.01%
2018 -4.7% -2.64%
2017 -7.14% -2.41%
2016 -3.83% -2.6%
2015 -3.74% -2.55%
2014 -4.92% -2.63%
2013 1.29% -3.48%
2012 -2.86% -3.1%
2011 -4.43% -3.57%
2010 1.17% -4.32%
2009 -1.39% -5.88%
2008 -2.68% -3.4%
2007 2.44% -2.57%
2006 4.42% -2.6%
2005 -0.55% -2.83%
2004 -0.56% -3.35%
2003 0.39% -4.6%
2002 -1.63% -3.96%
2001 -0.98% -4.36%
2000 -0.08% -6.05%
1999 - -3%
1998 - -0.63%
1997 - 4.84%
1996 - 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/liberia/malaysia | CC BY

In 2024, Liberia's government deficit, the difference between spending and revenue, was $94.6M, equivalent to 1.98% of GDP. This compares to Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 25 years, Liberia recorded a fiscal deficit in 20 of those years, while Malaysia ran a deficit in 25 years. On average, Liberia posted an annual deficit equal to 2.22% of GDP, compared to deficit of 3.69% of GDP for Malaysia.

Inflation comparison by year

Inflation
Liberia

Malaysia
1x
Year Consumer prices inflation
Liberia Malaysia
2024 8.2% 1.83%
2023 10.1% 2.49%
2022 7.6% 3.38%
2021 7.8% 2.48%
2020 17% -1.14%
2019 27% 0.66%
2018 23.5% 0.88%
2017 12.4% 3.87%
2016 8.8% 2.09%
2015 7.7% 2.1%
2014 9.9% 3.14%
2013 7.6% 2.11%
2012 6.8% 1.66%
2011 8.5% 3.17%
2010 7.3% 1.62%
2009 7.4% 0.58%
2008 17.5% 5.44%
2007 11.4% 2.03%
2006 9.5% 3.61%
2005 6.9% 2.98%
2004 3.6% 1.42%
2003 10.3% 1.09%
2002 14.2% 1.81%
2001 12.1% 1.42%
2000 5.3% 1.53%
1999 2% 2.74%
1998 - 5.27%
1997 - 2.66%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (1999–2024, retrieved 2026-02-20).

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

Over the past 26 years, Liberia has recorded an average annual inflation rate of 10.4%, compared with 2.12% in Malaysia. In 2024, inflation was 8.2% in Liberia and 1.83% in Malaysia.

Top exports between countries

Liberia
Export category Export value
Processed food, beverages & tobacco $3.89M
Raw materials & minerals $660K
Chemicals & pharma $353K
Malaysia
Export category Export value
Processed food, beverages & tobacco $17M
Machinery & equipment $4.94M
Raw materials & minerals $4.73M
Miscellaneous $1.79M
Chemicals & pharma $1.31M
Animal & marine products $1.07M
Textiles & consumer goods $414K
Metals $91K
Raw agricultural goods $7K
Wood & paper products $5K

Balance of trade

Liberia Malaysia
Current account balance
$64.8M
2022
$7.15B
2024
Current account balance ranking
73/190
2022
26/190
2024
Current account balance, % of GDP
+1.62%
2022
+1.69%
2024
Goods imports
$1.53B
2022
$223B
2024
Goods exports
$1.03B
2022
$248B
2024
Service imports
$434M
2022
$56.4B
2024
Service exports
$192M
2022
$53.4B
2024
Imports of goods and services, % of GDP n/a
66%
2024
Exports of goods and services, % of GDP
28.5%
2025
71.3%
2024

Economic freedom indices

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

Liberia Malaysia
Economic freedom 49.8 68
Economic freedom ranking 163/197 51/197
Property rights 40.4 62.7
Government integrity 25.8 52.9
Judicial effectiveness 23.4 63.4
Tax burden 86.1 83.5
Government spending 79.5 82
Fiscal health 56.9 62.5
Business freedom 38 79.6
Labor freedom 43.4 55.4
Monetary freedom 71.4 80.8
Trade freedom 57.4 83
Investment freedom 55 60
Financial freedom 20 50

Economic freedom comparison by year

Liberia
Malaysia
1x
Year Economic freedom index
Liberia Malaysia
2026 49.8 68
2025 48.5 67.1
2024 49.9 65.7
2023 49.6 67.3
2022 47.9 68.1
2021 49.2 74.4
2020 49 74.7
2019 49.7 74
2018 50.9 74.5
2017 49.1 73.8
2016 52.2 71.5
2015 52.7 70.8
2014 52.4 69.6
2013 49.3 66.1
2012 48.6 66.4
2011 46.5 66.3
2010 46.2 64.8
2009 48.1 64.6
2008 - 63.9
2007 - 63.8
2006 - 61.6
2005 - 61.9
2004 - 59.9
2003 - 61.1
2002 - 60.1
2001 - 60.2
2000 - 66
1999 - 68.9
1998 - 68.2
1997 - 66.8
1996 - 69.9
1995 - 71.9

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

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

The Economic Freedom Index for Liberia is 49.8, ranking 163/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Liberia Malaysia
Services, % of GDP
41.9%
2024
53.7%
2024
Industry, % of GDP
22.7%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
33.8%
2024
8.13%
2024
GNI, Atlas method
$4.28B
2024
$414B
2024
GNI per capita, PPP
$1,750
2024
$37,450
2024
Total reserves including gold
$600M
2022
$116B
2024
Total reserves ranking
153/177
2022
24/177
2024
Net foreign direct investment
-$960M
2022
-$2.55B
2024
Net inflows of foreign direct investment
$472M
2024
$15.6B
2024
Net outflows of foreign direct investment
$74.9M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
3.09%
2024
n/a
Poverty at national poverty lines
50.9%
2016
5.8%
2023
Gross capital formation, % of GDP n/a
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/liberia/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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.