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Economy of Malawi vs Papua New Guinea compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $31.8B for Papua New Guinea, ranking 151/197 and 110/197 by economy size, respectively.

Malawi has $9.91B in government debt (87.6% of GDP), compared to $16.6B (52.1% of GDP) in Papua New Guinea.

Malawi vs Papua New Guinea GDP by year

Malawi
Papua New Guinea
1x
Year GDP, current $
Malawi Papua New Guinea
2024 $11,316,411,329 $31,800,428,266
2023 $13,363,669,673 $30,816,367,067
2022 $12,429,059,928 $31,653,185,953
2021 $12,378,119,199 $26,109,413,521
2020 $11,769,313,598 $23,848,447,850
2019 $11,051,852,713 $24,750,626,030
2018 $9,879,220,354 $24,109,780,708
2017 $8,943,543,794 $22,742,699,138
2016 $7,909,868,618 $20,758,876,953
2015 $9,219,474,379 $21,723,437,010
2014 $8,801,326,169 $23,210,823,987
2013 $8,031,571,928 $21,261,338,065
2012 $8,773,203,178 $21,295,168,666
2011 $11,648,142,958 $17,985,138,066
2010 $10,128,323,011 $14,250,786,675
2009 $9,009,887,947 $11,619,456,449
2008 $7,743,617,352 $11,670,892,801
2007 $6,451,210,219 $9,545,028,944
2006 $5,818,279,739 $8,354,911,041
2005 $5,320,409,651 $4,865,892,972
2004 $5,058,726,350 $3,927,157,867
2003 $4,669,789,300 $3,536,411,824
2002 $5,087,328,438 $2,999,511,040
2001 $2,498,008,665 $3,081,024,212
2000 $2,537,307,580 $3,521,339,699
1999 $2,584,478,924 $3,477,038,204
1998 $2,547,609,590 $3,789,443,015
1997 $3,875,785,863 $4,936,615,299
1996 $3,319,573,750 $5,155,311,077
1995 $2,033,701,498 $4,636,057,476
1994 $1,719,864,761 $5,502,786,070
1993 $3,013,392,658 $4,974,550,286
1992 $2,618,837,835 $4,377,980,510
1991 $3,206,783,830 $3,787,394,958
1990 $2,737,087,862 $3,219,729,083
1989 $2,314,205,130 $3,546,472,566
1988 $2,008,189,508 $3,656,177,881
1987 $1,721,711,808 $3,143,851,794
1986 $1,722,586,299 $2,647,995,602
1985 $1,646,442,273 $2,423,339,172
1984 $1,758,028,656 $2,552,662,617
1983 $1,780,148,049 $2,562,351,551
1982 $1,717,379,495 $2,368,719,683
1981 $1,801,193,910 $2,498,190,847
1980 $1,801,156,775 $2,545,808,456
1979 - $2,293,760,511
1978 - $1,947,878,831
1977 - $1,640,746,619
1976 - $1,511,843,235
1975 - $1,356,603,608
1974 - $1,467,417,672
1973 - $1,299,079,410
1972 - $858,761,926
1971 - $717,750,278
1970 - $645,568,215
1969 - $551,263,864
1968 - $485,184,190
1967 - $441,728,183
1966 - $390,992,063
1965 - $344,176,055
1964 - $305,312,049
1963 - $275,968,044
1962 - $261,184,042
1961 - $244,832,039
1960 - $230,496,037

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

GeoRank.org/economy/malawi/papua-new-guinea | CC BY

GDP per capita in Malawi vs Papua New Guinea by year

Malawi
GDP per capita

GDP per capita, PPP
Papua New Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Papua New Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $3,007 $4,875
2023 $633 $1,830 $2,966 $4,668
2022 $604 $1,778 $3,102 $4,420
2021 $617 $1,688 $2,608 $3,977
2020 $603 $1,513 $2,430 $3,900
2019 $581 $1,450 $2,576 $4,060
2018 $533 $1,364 $2,566 $3,910
2017 $496 $1,380 $2,478 $3,923
2016 $451 $1,410 $2,316 $3,813
2015 $540 $1,403 $2,485 $3,670
2014 $530 $1,506 $2,723 $3,500
2013 $497 $1,558 $2,561 $3,110
2012 $558 $1,464 $2,635 $3,026
2011 $763 $1,516 $2,288 $2,919
2010 $683 $1,458 $1,867 $2,912
2009 $626 $1,388 $1,569 $2,692
2008 $554 $1,311 $1,625 $2,583
2007 $475 $1,231 $1,371 $2,622
2006 $441 $1,124 $1,238 $2,444
2005 $414 $1,071 $744 $2,322
2004 $405 $1,033 $621 $2,187
2003 $383 $979 $577 $2,142
2002 $428 $931 $506 $2,125
2001 $215.5 $924 $538 $2,168
2000 $224.2 $974 $636 $2,196
1999 $233.9 $961 $650 $2,280
1998 $236 $941 $733 $2,285
1997 $367 $915 $990 $2,432
1996 $321 $884 $1,071 $2,578
1995 $200.4 $825 $998 $2,436
1994 $169.2 $692 $1,228 $2,558
1993 $293 $746 $1,151 $2,451
1992 $258.4 $674 $1,051 $2,100
1991 $326 $732 $942 $1,869
1990 $286.7 $672 $826 $1,703
1989 $252.2 - $934 -
1988 $229.4 - $985 -
1987 $207.6 - $865 -
1986 $217.9 - $745 -
1985 $216.1 - $697 -
1984 $239.7 - $750 -
1983 $252.4 - $769 -
1982 $253.3 - $726 -
1981 $276.4 - $781 -
1980 $287.5 - $813 -
1979 - - $748 -
1978 - - $648 -
1977 - - $558 -
1976 - - $525 -
1975 - - $482 -
1974 - - $533 -
1973 - - $483 -
1972 - - $327 -
1971 - - $279.7 -
1970 - - $257.6 -
1969 - - $225.3 -
1968 - - $202.9 -
1967 - - $189 -
1966 - - $171.1 -
1965 - - $153.9 -
1964 - - $139.5 -
1963 - - $128.9 -
1962 - - $124.7 -
1961 - - $119.7 -
1960 - - $115.5 -

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

GeoRank.org/economy/malawi/papua-new-guinea | CC BY

Malawi's GDP per capita is $523, ranking 194/197, compared to $3,007 in Papua New Guinea, ranking 140/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Papua New Guinea ranks 159th at $4,875.

Economic indicators

Malawi Papua New Guinea
Gross domestic product
$11.3B
2024
$31.8B
2024
GDP rank
151/197
2024
110/197
2024
GDP growth
1.67%
2023-2024
3.8%
2023-2024
GDP per capita
$523
2024
$3,007
2024
GDP per capita rank
194/197
2024
140/197
2024
GDP per capita, PPP
$1,858
2024
$4,875
2024
GDP per capita PPP rank
189/197
2024
159/197
2024
Government debt
$9.91B
2024
$16.6B
2024
Debt-to-GDP ratio
87.6%
2024
52.1%
2024
Government debt per person
$458
2024
$1,566
2024
Government debt per person rank
168/185
2024
129/185
2024
Average annual personal income after taxes
$3,031
2026
$2,362
2026
Market capitalization of domestic companies n/a
$1.68B
2017
Income share by richest 10%
31%
2019
31%
2009
Income share by poorest 10%
2.9%
2019
1.9%
2009
Government expenditure, % of GDP
29.5%
2024
20.4%
2024
Consumer prices inflation
32.2%
2023-2024
0.6%
2023-2024
Central bank interest rate
26%
2024
5%
2025
Unemployment rate
15.4%
2024
2.69%
2022
Population
22949294
11002753

Spending and national debt comparison by year

Malawi
Spending

Debt
Papua New Guinea
Spending

Debt
1x
Year % of GDP
Malawi Papua New Guinea
Government spending Government debt Government spending Government debt
2024 29.5% 87.6% 20.4% 52.1%
2023 25.5% 86.7% 22.3% 53.9%
2022 26.7% 75.7% 21.9% 48.2%
2021 23.7% 66.5% 22% 52.6%
2020 22.7% 53.9% 23.5% 48.7%
2019 19.3% 41.2% 21.3% 38.2%
2018 19.4% 40.8% 20.3% 36.7%
2017 21% 40% 18.4% 32.5%
2016 19.7% 37.1% 20.9% 33.7%
2015 19.5% 35.5% 22.8% 29.9%
2014 18.3% 33.5% 27.1% 26.9%
2013 20.7% 35.3% 27.6% 24.9%
2012 18.8% 28.6% 22.4% 19.1%
2011 17% 20% 19.7% 16.3%
2010 19.6% 19.3% 18.4% 17.3%
2009 20.2% 23.5% 24.7% 21.7%
2008 20.6% 23.5% 19.8% 21.6%
2007 20.7% 18.9% 18% 22.2%
2006 17.8% 17.9% 19.4% 26%
2005 17.4% 70.9% 20.6% 31.6%
2004 17.2% 74.7% 19.4% 37.2%
2003 15.4% 84.7% 18.7% 40.4%
2002 13.8% 101.5% 20.8% 48.4%
2001 - - 21.6% 47.7%
2000 - - 20.5% 42.3%
1999 - - 21.4% 41.8%
1998 - - 20% 45.7%
1997 - - 20.6% 43.9%
1996 - - 17.6% 37.8%
1995 - - 17.1% 36.6%
1994 - - 19.3% 40.1%
1993 - - 23.5% 30%
1992 - - 22.8% 30.4%
1991 - - 22.4% -
1990 - - 24.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20).

GeoRank.org/economy/malawi/papua-new-guinea | CC BY

In 2024, Malawi's government spending was $3.34B, accounting for 29.5% of its GDP, while Papua New Guinea spent $6.48B, or 20.4% of GDP.

Debt-to-GDP ratio is 87.6% in Malawi and 52.1% in Papua New Guinea, ranking 35/185 and 100/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Papua New Guinea
1x
Year Deficit/surplus, % of GDP
Malawi Papua New Guinea
2024 -11% -3.23%
2023 -7.84% -4.34%
2022 -9.32% -5.25%
2021 -8.34% -6.84%
2020 -8.03% -8.85%
2019 -4.55% -4.98%
2018 -4.35% -2.58%
2017 -5.15% -2.47%
2016 -4.9% -4.75%
2015 -4.17% -4.55%
2014 -3.08% -6.27%
2013 -3.73% -6.87%
2012 -1.45% -1.19%
2011 -2.85% 2.22%
2010 0.63% 3.06%
2009 -2.97% -5.48%
2008 -2.92% 2.73%
2007 -2.56% 6.9%
2006 -0.05% 5.34%
2005 -1.63% 2.85%
2004 -2.61% 2.03%
2003 -2.6% 0.19%
2002 -4.47% -1.75%
2001 - -1.33%
2000 - 0.3%
1999 - -1.94%
1998 - -0.16%
1997 - 0.67%
1996 - 2.05%
1995 - 1.08%
1994 - -1.01%
1993 - -4.9%
1992 - -4.33%
1991 - -0.62%
1990 - -2.04%

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

GeoRank.org/economy/malawi/papua-new-guinea | CC BY

In 2024, Malawi's government deficit, the difference between spending and revenue, was $1.24B, equivalent to 11% of GDP. This compares to Papua New Guinea's deficit of $1.03B, or 3.23% of GDP.

Over the past 23 years, Malawi recorded a fiscal deficit in 22 of those years, while Papua New Guinea ran a deficit in 15 years. On average, Malawi posted an annual deficit equal to 4.26% of GDP, compared to deficit of 1.92% of GDP for Papua New Guinea.

Inflation comparison by year

Inflation
Malawi

Papua New Guinea
1x
Year Consumer prices inflation
Malawi Papua New Guinea
2024 32.2% 0.6%
2023 28.8% 2.3%
2022 20.8% 5.25%
2021 9.3% 4.48%
2020 8.6% 4.87%
2019 9.4% 3.93%
2018 9.2% 4.37%
2017 11.5% 5.42%
2016 21.7% 6.67%
2015 21.9% 6%
2014 23.8% 5.22%
2013 28.3% 4.96%
2012 21.3% 4.54%
2011 7.6% 4.44%
2010 7.4% 6.01%
2009 8.4% 6.92%
2008 8.7% 10.8%
2007 7.9% 0.91%
2006 13.9% 2.37%
2005 15.5% 1.78%
2004 11.4% 2.16%
2003 9.6% 14.7%
2002 14.7% 11.8%
2001 22.7% 9.3%
2000 29.6% 15.6%
1999 44.8% 14.9%
1998 29.8% 13.6%
1997 9.1% 3.96%

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

GeoRank.org/economy/malawi/papua-new-guinea | CC BY

Over the past 28 years, Malawi has recorded an average annual inflation rate of 17.4%, compared with 6.35% in Papua New Guinea. In 2024, inflation was 32.2% in Malawi and 0.6% in Papua New Guinea.

Top exports between countries

Malawi
Export category Export value
Papua New Guinea
Export category Export value
Miscellaneous $1K

Balance of trade

Malawi Papua New Guinea
Current account balance
-$2.13B
2024
$4.77B
2024
Current account balance ranking
145/190
2024
33/190
2024
Current account balance, % of GDP
-18.8%
2024
+15%
2024
Goods imports
$3.02B
2024
$4.69B
2024
Goods exports
$1.02B
2024
$13.4B
2024
Service imports
$895M
2024
$2.4B
2024
Service exports
$508M
2024
$75.2M
2024
Imports of goods and services, % of GDP
31.2%
2023
58.9%
2004
Exports of goods and services, % of GDP
11.2%
2023
72.2%
2004

Economic freedom indices

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

Malawi Papua New Guinea
Economic freedom 50.7 54.3
Economic freedom ranking 159/197 134/197
Property rights 49.5 45
Government integrity 35 30.8
Judicial effectiveness 51.8 41.1
Tax burden 77 70.9
Government spending 77.8 86.1
Fiscal health 4.7 65.3
Business freedom 34.1 34.2
Labor freedom 55.2 65.1
Monetary freedom 55.1 77.4
Trade freedom 68.6 80.2
Investment freedom 50 25
Financial freedom 50 30

Economic freedom comparison by year

Malawi
Papua New Guinea
1x
Year Economic freedom index
Malawi Papua New Guinea
2026 50.7 54.3
2025 50.9 52.5
2024 52.1 49.4
2023 52.8 51.7
2022 53 54.6
2021 53 58.9
2020 52.8 58.4
2019 51.4 58.4
2018 52 55.7
2017 52.2 50.9
2016 51.8 53.2
2015 54.8 53.1
2014 55.4 53.9
2013 55.3 53.6
2012 56.4 53.8
2011 55.8 52.6
2010 54.1 53.5
2009 53.7 54.8
2008 52.7 -
2007 52.9 -
2006 55.4 -
2005 53.6 -
2004 53.6 -
2003 53.2 -
2002 56.9 -
2001 56.2 57.2
2000 57.4 55.8
1999 54 56.3
1998 54.1 55.2
1997 53.4 56.7
1996 56.2 58.6
1995 54.7 -

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

GeoRank.org/economy/malawi/papua-new-guinea | CC BY

The Economic Freedom Index for Malawi is 50.7, ranking 159/197, compared to 54.3 for Papua New Guinea, ranking 134/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malawi Papua New Guinea
Services, % of GDP
44.2%
2024
41.5%
2024
Industry, % of GDP
17.1%
2024
37.2%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
17.2%
2024
GNI, Atlas method
$12.3B
2024
$30.7B
2024
GNI per capita, PPP
$1,830
2024
$4,580
2024
Total reserves including gold
$594M
2020
$3.9B
2023
Total reserves ranking
154/177
2020
107/177
2023
Net foreign direct investment
-$202M
2024
$968M
2024
Net inflows of foreign direct investment
$681M
2024
-$198M
2024
Net outflows of foreign direct investment
$56.4M
2024
$770M
2024
Servicing debt to the IMF, % of GNI
1.47%
2024
19.7%
2024
Poverty at national poverty lines
50.7%
2019
39.9%
2009
Gross capital formation, % of GDP
14.5%
2023
20%
2004

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/malawi/papua-new-guinea | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2021, retrieved 2026-02-08)

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.