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Economy of Liberia vs Singapore compared: GDP & Debt

Updated on by Georank team

Liberia has a GDP of $4.78B compared to $547B for Singapore, ranking 163/197 and 28/197 by economy size, respectively.

Liberia has $2.73B in government debt (57.2% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Liberia vs Singapore GDP by year

Liberia
Singapore
1x
Year GDP, current $
Liberia Singapore
2024 $4,779,300,900 $547,386,645,892
2023 $4,390,000,000 $505,439,514,078
2022 $4,001,047,000 $509,017,841,147
2021 $3,513,049,500 $436,591,382,250
2020 $3,176,126,300 $349,165,858,545
2019 $3,319,596,500 $376,161,998,830
2018 $3,422,754,800 $377,123,710,561
2017 $3,390,703,400 $343,673,334,902
2016 $3,398,419,600 $319,646,468,521
2015 $3,227,075,700 $307,998,545,269
2014 $3,225,652,000 $314,863,580,758
2013 $3,177,198,100 $307,576,360,585
2012 $2,791,614,000 $295,092,888,077
2011 $2,398,000,000 $279,356,499,090
2010 $1,998,000,000 $239,807,980,591
2009 $1,768,000,000 $194,150,283,772
2008 $1,726,000,000 $193,617,323,539
2007 $1,373,000,000 $180,941,701,358
2006 $1,119,000,000 $148,627,286,361
2005 $949,000,000 $127,807,848,728
2004 $897,000,000 $115,033,593,101
2003 $748,000,000 $97,646,401,096
2002 $927,000,000 $92,538,372,870
2001 $906,000,000 $89,793,790,670
2000 $874,000,000 $96,076,539,926
1999 $441,800,000 $86,286,849,755
1998 $359,600,000 $85,728,207,782
1997 $295,900,000 $100,123,787,215
1996 $159,400,000 $96,293,086,513
1995 $134,800,000 $87,812,540,788
1994 $132,200,000 $73,688,724,431
1993 $160,400,000 $60,603,815,716
1992 $223,500,000 $52,131,320,033
1991 $348,000,000 $45,466,164,978
1990 $384,400,000 $36,144,336,769
1989 $786,300,000 $30,465,364,739
1988 $1,038,300,000 $25,371,462,488
1987 $972,800,000 $20,919,215,578
1986 $840,964,400 $18,586,746,057
1985 $851,296,100 $19,156,532,746
1984 $848,478,300 $19,749,361,098
1983 $823,374,900 $17,784,112,150
1982 $863,933,200 $16,084,252,378
1981 $846,514,500 $14,175,228,844
1980 $854,711,500 $11,896,256,783
1979 $814,067,900 $9,296,921,724
1978 $717,240,400 $7,517,176,355
1977 $673,010,600 $6,618,585,074
1976 $596,675,700 $6,327,077,974
1975 $577,549,300 $5,633,673,930
1974 $486,955,000 $5,221,534,956
1973 $386,968,300 $3,696,213,333
1972 $368,098,000 $2,721,440,981
1971 $341,543,100 $2,263,785,444
1970 $323,099,700 $1,920,574,150
1969 $306,961,800 $1,659,893,768
1968 $276,820,700 $1,425,706,091
1967 $261,024,300 $1,238,035,816
1966 $244,459,500 $1,096,425,608
1965 $229,260,800 $974,644,096
1964 $218,929,100 $894,153,311
1963 $200,229,600 $917,608,012
1962 $191,861,800 $826,239,212
1961 $183,920,900 $764,629,788
1960 $190,495,600 $704,751,700

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

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

GDP per capita in Liberia vs Singapore by year

Liberia
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Liberia Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $851 $1,871 $90,674 $150,689
2023 $799 $1,795 $85,412 $143,786
2022 $745 $1,692 $90,299 $143,095
2021 $668 $1,539 $80,056 $132,617
2020 $617 $1,660 $61,410 $101,518
2019 $658 $1,900 $65,952 $105,335
2018 $692 $1,800 $66,882 $103,963
2017 $699 $1,665 $61,236 $95,744
2016 $715 $1,490 $57,006 $89,902
2015 $693 $1,340 $55,646 $87,156
2014 $707 $1,419 $57,565 $84,555
2013 $711 $1,360 $56,967 $83,088
2012 $638 $1,157 $55,548 $82,108
2011 $568 $1,041 $53,891 $80,052
2010 $492 $980 $47,237 $75,401
2009 $448 $939 $38,927 $66,213
2008 $452 $915 $40,009 $67,735
2007 $374 $873 $39,433 $68,805
2006 $321 $815 $33,768 $64,061
2005 $287.5 $774 $29,961 $58,822
2004 $284.1 $745 $27,608 $54,384
2003 $239.8 $716 $23,730 $48,778
2002 $299.5 $1,013 $22,160 $45,083
2001 $300 $987 $21,700 $43,109
2000 $298.5 $965 $23,853 $43,781
1999 $156.6 $762 $21,797 $39,949
1998 $134.7 $652 $21,829 $37,560
1997 $122.6 $548 $26,376 $39,286
1996 $71.4 $282.2 $26,233 $36,873
1995 $62.1 $254.4 $24,915 $35,090
1994 $61.5 $262.6 $21,552 $33,058
1993 $74.4 $328 $18,290 $30,062
1992 $107.8 $497 $16,136 $27,022
1991 $177.9 $793 $14,502 $25,530
1990 $172.9 $787 $11,862 $23,815
1989 $312 - $10,395 -
1988 $424 - $8,914 -
1987 $409 - $7,539 -
1986 $364 - $6,800 -
1985 $380 - $7,002 -
1984 $390 - $7,228 -
1983 $391 - $6,633 -
1982 $422 - $6,078 -
1981 $426 - $5,597 -
1980 $443 - $4,928 -
1979 $435 - $3,901 -
1978 $394 - $3,194 -
1977 $381 - $2,846 -
1976 $347 - $2,759 -
1975 $346 - $2,490 -
1974 $299.4 - $2,342 -
1973 $244.4 - $1,685 -
1972 $238.6 - $1,264 -
1971 $227.1 - $1,071 -
1970 $220.3 - $926 -
1969 $214.7 - $813 -
1968 $198.6 - $709 -
1967 $192.2 - $626 -
1966 $184.6 - $567 -
1965 $177.6 - $517 -
1964 $173.9 - $486 -
1963 $163.1 - $511 -
1962 $160.3 - $472 -
1961 $157.5 - $449 -
1960 $167.2 - $428 -

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

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

Liberia's GDP per capita is $851, ranking 184/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Liberia ranks 188th at $1,871, while Singapore ranks 2nd at $150,689.

Economic indicators

Liberia Singapore
Gross domestic product
$4.78B
2024
$547B
2024
GDP rank
163/197
2024
28/197
2024
GDP growth
4.02%
2023-2024
4.39%
2023-2024
GDP per capita
$851
2024
$90,674
2024
GDP per capita rank
184/197
2024
7/197
2024
GDP per capita, PPP
$1,871
2024
$150,689
2024
GDP per capita PPP rank
188/197
2024
2/197
2024
Government debt
$2.73B
2024
$950B
2024
Debt-to-GDP ratio
57.2%
2024
173.5%
2024
Government debt per person
$487
2024
$157,326
2024
Government debt per person rank
167/185
2024
1/185
2024
Average annual personal income after taxes
$1,191
2026
$52,793
2026
Market capitalization of domestic companies n/a
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires n/a
49
2025
Income share by richest 10%
27.1%
2016
n/a
Income share by poorest 10%
2.9%
2016
n/a
Government expenditure, % of GDP
24.3%
2024
14.6%
2024
Consumer prices inflation
8.2%
2023-2024
2.39%
2023-2024
Unemployment rate
5.93%
2017
2.74%
2024
Population
5887000
6125852

Spending and national debt comparison by year

Liberia
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Liberia Singapore
Government spending Government debt Government spending Government debt
2024 24.3% 57.2% 14.6% 173.5%
2023 27.1% 57.8% 14.8% 172.8%
2022 26.9% 54.3% 15% 154.3%
2021 29.8% 53.3% 15.6% 141.7%
2020 35.3% 58.7% 24.1% 148.2%
2019 32.3% 48.6% 14% 127.9%
2018 32.7% 37.1% 13.9% 109.4%
2017 35.1% 31.8% 13.6% 107.6%
2016 35.8% 28.6% 15.3% 106.3%
2015 37.1% 24.8% 14.4% 102.2%
2014 33.4% 24.3% 12.6% 97.7%
2013 27.4% 20.6% 10.9% 98.2%
2012 30.8% 20.5% 9.83% 106.7%
2011 30.1% 22.7% 9.66% 103.1%
2010 25.2% 25.6% 10.2% 98.7%
2009 23.7% 130.9% 15.9% 101.7%
2008 21.6% 233.1% 14% 97.9%
2007 17.2% 394% 9.01% 87.8%
2006 11.1% 472% 12.3% 86.5%
2005 12.8% 535% 12.4% 92.7%
2004 12.1% 543% 14.1% 95.7%
2003 9.85% 658% 15.6% 99.1%
2002 13.2% 481% 15.9% 96.3%
2001 12.6% 484% 18.2% 94.5%
2000 15.2% 489% 16.1% 82.3%
1999 - - 15.9% 85.3%
1998 - - 18.1% 84.6%
1997 - - 14.5% 70.8%
1996 - - 18.1% 71.3%
1995 - - 13.8% 69.8%
1994 - - 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

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

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

In 2024, Liberia's government spending was $1.16B, accounting for 24.3% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 57.2% in Liberia and 173.5% in Singapore, ranking 91/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Liberia

Singapore
1x
Year Deficit/surplus, % of GDP
Liberia Singapore
2024 -1.98% 4.44%
2023 -7.03% 3.47%
2022 -5.33% 1.21%
2021 -2.5% 1.13%
2020 -4.02% -6.73%
2019 -4.92% 3.77%
2018 -4.7% 3.68%
2017 -7.14% 5.24%
2016 -3.83% 3.25%
2015 -3.74% 2.86%
2014 -4.92% 4.6%
2013 1.29% 5.96%
2012 -2.86% 7.34%
2011 -4.43% 7.96%
2010 1.17% 5.68%
2009 -1.39% -0.09%
2008 -2.68% 3.59%
2007 2.44% 7.12%
2006 4.42% 2.16%
2005 -0.55% 2.56%
2004 -0.56% 2.06%
2003 0.39% 0.68%
2002 -1.63% 2.23%
2001 -0.98% 1.2%
2000 -0.08% 4.59%
1999 - 5.2%
1998 - 2.41%
1997 - 5.66%
1996 - 1.98%
1995 - 4.8%
1994 - 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

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

GeoRank.org/economy/liberia/singapore | 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 Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 25 years, Liberia recorded a fiscal deficit in 20 of those years, while Singapore ran a deficit in 2 years. On average, Liberia posted an annual deficit equal to 2.22% of GDP, compared to surplus of 3.2% of GDP for Singapore.

Inflation comparison by year

Inflation
Liberia

Singapore
1x
Year Consumer prices inflation
Liberia Singapore
2024 8.2% 2.39%
2023 10.1% 4.83%
2022 7.6% 6.13%
2021 7.8% 2.32%
2020 17% -0.17%
2019 27% 0.57%
2018 23.5% 0.44%
2017 12.4% 0.58%
2016 8.8% -0.53%
2015 7.7% -0.52%
2014 9.9% 1.03%
2013 7.6% 2.36%
2012 6.8% 4.58%
2011 8.5% 5.25%
2010 7.3% 2.83%
2009 7.4% 0.59%
2008 17.5% 6.64%
2007 11.4% 2.11%
2006 9.5% 0.97%
2005 6.9% 0.43%
2004 3.6% 1.66%
2003 10.3% 0.51%
2002 14.2% -0.39%
2001 12.1% 1%
2000 5.3% 1.36%
1999 2% 0.02%
1998 - -0.27%
1997 - 2%

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/singapore | CC BY

Over the past 26 years, Liberia has recorded an average annual inflation rate of 10.4%, compared with 1.81% in Singapore. In 2024, inflation was 8.2% in Liberia and 2.39% in Singapore.

Top exports between countries

Liberia
Export category Export value
Raw materials & minerals $2.7M
Chemicals & pharma $2.12M
Metals $1M
Wood & paper products $975K
Processed food, beverages & tobacco $897K
Singapore
Export category Export value
Miscellaneous $6.25B
Processed food, beverages & tobacco $631K
Raw materials & minerals $471K
Machinery & equipment $210K
Chemicals & pharma $43K
Textiles & consumer goods $37K
Metals $11K

Balance of trade

Liberia Singapore
Current account balance
$64.8M
2022
$96B
2024
Current account balance ranking
73/190
2022
8/190
2024
Current account balance, % of GDP
+1.62%
2022
+17.5%
2024
Goods imports
$1.53B
2022
$435B
2024
Goods exports
$1.03B
2022
$583B
2024
Service imports
$434M
2022
$351B
2024
Service exports
$192M
2022
$396B
2024
Imports of goods and services, % of GDP n/a
143.6%
2024
Exports of goods and services, % of GDP
28.5%
2025
178.8%
2024

Economic freedom indices

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

Liberia Singapore
Economic freedom 49.8 84.4
Economic freedom ranking 163/197 1/197
Property rights 40.4 89.2
Government integrity 25.8 86.1
Judicial effectiveness 23.4 58.3
Tax burden 86.1 89.5
Government spending 79.5 93.4
Fiscal health 56.9 80
Business freedom 38 90.6
Labor freedom 43.4 77
Monetary freedom 71.4 83.5
Trade freedom 57.4 95
Investment freedom 55 90
Financial freedom 20 80

Economic freedom comparison by year

Liberia
Singapore
1x
Year Economic freedom index
Liberia Singapore
2026 49.8 84.4
2025 48.5 84.1
2024 49.9 83.5
2023 49.6 83.9
2022 47.9 84.4
2021 49.2 89.7
2020 49 89.4
2019 49.7 89.4
2018 50.9 88.8
2017 49.1 88.6
2016 52.2 87.8
2015 52.7 89.4
2014 52.4 89.4
2013 49.3 88
2012 48.6 87.5
2011 46.5 87.2
2010 46.2 86.1
2009 48.1 87.1
2008 - 87.3
2007 - 87.1
2006 - 88
2005 - 88.6
2004 - 88.9
2003 - 88.2
2002 - 87.4
2001 - 87.8
2000 - 87.7
1999 - 86.9
1998 - 87
1997 - 87.3
1996 - 86.5
1995 - 86.3

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

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

The Economic Freedom Index for Liberia is 49.8, ranking 163/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Liberia Singapore
Services, % of GDP
41.9%
2024
73%
2024
Industry, % of GDP
22.7%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
33.8%
2024
0.03%
2024
GNI, Atlas method
$4.28B
2024
$451B
2024
GNI per capita, PPP
$1,750
2024
$126,190
2024
Total reserves including gold
$600M
2022
$384B
2024
Total reserves ranking
153/177
2022
9/177
2024
Net foreign direct investment
-$960M
2022
-$96.7B
2024
Net inflows of foreign direct investment
$472M
2024
$152B
2024
Net outflows of foreign direct investment
$74.9M
2024
$55.3B
2024
Servicing debt to the IMF, % of GNI
3.09%
2024
n/a
Poverty at national poverty lines
50.9%
2016
n/a
Gross capital formation, % of GDP n/a
22.2%
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/singapore | 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.