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Economy of Liberia vs Singapore compared: GDP & Debt

Updated on by Georank

Liberia has a GDP of $5.25B compared to $604B for Singapore, ranking 162/197 and 28/197 by economy size, respectively.

Liberia has $2.88B in government debt (54.9% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Liberia vs Singapore GDP by year

Liberia
Singapore
1x
Year GDP, current $
Liberia Singapore
2025 $5,245,938,900 $603,869,516,999
2024 $4,779,300,900 $572,877,260,178
2023 $4,390,000,000 $511,181,761,244
2022 $4,001,047,000 $514,252,535,239
2021 $3,513,049,500 $441,110,903,525
2020 $3,176,126,300 $351,226,533,656
2019 $3,319,596,500 $376,827,390,962
2018 $3,422,754,800 $377,976,367,877
2017 $3,390,703,400 $344,795,119,214
2016 $3,398,419,600 $320,759,207,439
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 (1960–2025, retrieved 2026-07-08).

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
2025 $915 - $98,814 -
2024 $851 $1,871 $94,897 $150,689
2023 $799 $1,795 $86,383 $143,786
2022 $745 $1,692 $91,228 $143,095
2021 $668 $1,539 $80,885 $132,617
2020 $617 $1,660 $61,773 $101,518
2019 $658 $1,900 $66,069 $105,335
2018 $692 $1,800 $67,033 $103,963
2017 $699 $1,665 $61,436 $95,744
2016 $715 $1,490 $57,204 $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 (1960–2025, retrieved 2026-07-08).

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

Liberia's GDP per capita is $915, ranking 184/197, compared to $98,814 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
$5.25B
2025
$604B
2025
GDP rank
162/197
2025
28/197
2025
GDP growth
5.02%
2024-2025
5.03%
2024-2025
GDP per capita
$915
2025
$98,814
2025
GDP per capita rank
184/197
2025
7/197
2025
GDP per capita, PPP
$1,871
2024
$150,689
2024
GDP per capita PPP rank
188/197
2024
2/197
2024
Government debt
$2.88B
2025
$1.03T
2025
Debt-to-GDP ratio
54.9%
2025
171.3%
2025
Government debt per person
$502
2025
$169,228
2025
Government debt per person rank
167/185
2025
1/185
2025
Average annual personal income after taxes
$1,467
2026
$51,296
2026
Market capitalization of domestic companies n/a
$824B
2025
Number of millionaires n/a
244,000
2026
Number of billionaires n/a
55
2026
Income share by richest 10%
27.1%
2016
n/a
Income share by poorest 10%
2.9%
2016
n/a
Government expenditure, % of GDP
22.4%
2025
15.5%
2025
Consumer prices inflation
8.3%
2024-2025
0.9%
2024-2025
Unemployment rate
5.93%
2017
3.26%
2025
Population
5916561
6167445

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
2025 22.4% 54.9% 15.5% 171.3%
2024 24.1% 56.4% 14.3% 166%
2023 28.6% 57.2% 14.6% 170.4%
2022 27.4% 54.4% 14.9% 153.3%
2021 29.8% 53.5% 15.4% 139.9%
2020 35.3% 58.5% 24% 147.1%
2019 32.3% 48.1% 14% 127.7%
2018 32.7% 36.2% 13.9% 109.2%
2017 35.1% 31.8% 13.6% 107.3%
2016 35.8% 28% 15.2% 105.9%
2015 37.1% 24.4% 14.4% 102.1%
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 29.8% 22.5% 9.66% 103.1%
2010 25.1% 25.4% 10.2% 98.7%
2009 24% 132.2% 15.9% 101.7%
2008 21.8% 235.3% 14% 97.9%
2007 16.1% 367% 9.01% 87.8%
2006 10.6% 451% 12.3% 86.5%
2005 11.7% 488% 12.4% 92.7%
2004 12.1% 543% 14.1% 95.7%
2003 8.98% 600% 15.6% 99.1%
2002 12.7% 464% 15.9% 96.3%
2001 12.1% 465% 18.2% 94.5%
2000 14.5% 468% 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 (1990–2025, retrieved 2026-07-08).

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

In 2025, Liberia's government spending was $1.18B, accounting for 22.4% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 54.9% in Liberia and 171.3% in Singapore, ranking 90/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Liberia

Singapore
1x
Year Deficit/surplus, % of GDP
Liberia Singapore
2025 -1.41% 4.16%
2024 -1.8% 3.79%
2023 -8.55% 3.42%
2022 -5.82% 1.2%
2021 -2.5% 1.11%
2020 -4.02% -6.68%
2019 -4.92% 3.76%
2018 -4.7% 3.67%
2017 -7.14% 5.23%
2016 -3.83% 3.24%
2015 -3.74% 2.86%
2014 -4.92% 4.6%
2013 1.29% 5.96%
2012 -2.86% 7.34%
2011 -4.39% 7.96%
2010 1.16% 5.68%
2009 -1.4% -0.09%
2008 -2.7% 3.59%
2007 2.28% 7.12%
2006 4.23% 2.16%
2005 -0.51% 2.56%
2004 -0.56% 2.06%
2003 0.36% 0.68%
2002 -1.57% 2.23%
2001 -0.94% 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 (1990–2025, retrieved 2026-07-08).

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

In 2025, Liberia's government deficit, the difference between spending and revenue, was $74.2M, equivalent to 1.41% of GDP. This compares to Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 26 years, Liberia recorded a fiscal deficit in 21 of those years, while Singapore ran a deficit in 2 years. On average, Liberia posted an annual deficit equal to 2.27% of GDP, compared to surplus of 3.21% of GDP for Singapore.

Inflation comparison by year

Inflation
Liberia

Singapore
1x
Year Consumer prices inflation
Liberia Singapore
2025 8.3% 0.9%
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 (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (1999–2025, retrieved 2026-07-08).

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

Over the past 27 years, Liberia has recorded an average annual inflation rate of 10.3%, compared with 1.77% in Singapore. In 2025, inflation was 8.3% in Liberia and 0.9% in Singapore.

Top exports between countries

Liberia
Export category Export value
Raw materials & minerals $5.01M
Processed food, beverages & tobacco $1.38M
Metals $756K
Wood & paper products $741K
Chemicals & pharma $176K
Machinery & equipment $11K
Singapore
Export category Export value
Miscellaneous $5.87B
Processed food, beverages & tobacco $1.66M
Raw materials & minerals $403K
Machinery & equipment $371K
Chemicals & pharma $113K
Animal & marine products $62K
Textiles & consumer goods $33K
Metals $11K

Balance of trade

Liberia Singapore
Current account balance
$120M
2024
$101B
2025
Current account balance ranking
62/190
2024
8/190
2025
Current account balance, % of GDP
+2.51%
2024
+16.7%
2025
Goods imports
$1.51B
2024
$475B
2025
Goods exports
$1.31B
2024
$652B
2025
Service imports
$253M
2024
$385B
2025
Service exports
$42.6M
2024
$422B
2025
Imports of goods and services, % of GDP n/a
142.5%
2025
Exports of goods and services, % of GDP
28.5%
2026
177.9%
2025

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 2026-07-08).

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
40%
2025
71.6%
2025
Industry, % of GDP
24.5%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
32.7%
2025
0.02%
2025
GNI, Atlas method
$4.76B
2025
$500B
2025
GNI per capita, PPP
$1,840
2025
$135,750
2025
Total reserves including gold
$339M
2025
$432B
2025
Total reserves ranking
166/177
2025
11/177
2025
Net foreign direct investment
-$397M
2024
-$64.9B
2025
Net inflows of foreign direct investment
$472M
2024
$135B
2024
Net outflows of foreign direct investment
$74.9M
2024
$63.6B
2024
Servicing debt to the IMF, % of GNI
3.12%
2024
n/a
Poverty at national poverty lines
50.9%
2016
n/a
Gross capital formation, % of GDP n/a
22.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2024–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

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.