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Economy of Malawi vs Russia compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $2.17T for Russia, ranking 151/197 and 11/197 by economy size, respectively.

Malawi has $9.91B in government debt (87.6% of GDP), compared to $440B (20.3% of GDP) in Russia.

Malawi vs Russia GDP by year

Malawi
Russia
1x
Year GDP, current $
Malawi Russia
2024 $11,316,411,329 $2,173,835,806,672
2023 $13,363,669,673 $2,071,505,725,031
2022 $12,429,059,928 $2,291,612,121,335
2021 $12,378,119,199 $1,829,186,719,575
2020 $11,769,313,598 $1,493,075,894,362
2019 $11,051,852,713 $1,693,115,002,708
2018 $9,879,220,354 $1,657,328,773,461
2017 $8,943,543,794 $1,574,199,360,089
2016 $7,909,868,618 $1,276,786,350,881
2015 $9,219,474,379 $1,363,482,182,198
2014 $8,801,326,169 $2,059,241,589,895
2013 $8,031,571,928 $2,292,470,078,346
2012 $8,773,203,178 $2,208,293,553,878
2011 $11,648,142,958 $2,045,922,753,398
2010 $10,128,323,011 $1,524,916,715,224
2009 $9,009,887,947 $1,222,645,900,056
2008 $7,743,617,352 $1,660,848,058,303
2007 $6,451,210,219 $1,299,703,478,482
2006 $5,818,279,739 $989,932,071,353
2005 $5,320,409,651 $764,015,973,481
2004 $5,058,726,350 $591,016,690,732
2003 $4,669,789,300 $430,347,420,185
2002 $5,087,328,438 $345,470,494,418
2001 $2,498,008,665 $306,602,070,621
2000 $2,537,307,580 $259,710,142,197
1999 $2,584,478,924 $195,907,128,351
1998 $2,547,609,590 $270,955,486,862
1997 $3,875,785,863 $404,928,954,192
1996 $3,319,573,750 $391,724,890,744
1995 $2,033,701,498 $395,537,185,735
1994 $1,719,864,761 $395,077,301,248
1993 $3,013,392,658 $435,083,713,851
1992 $2,618,837,835 $460,290,556,901
1991 $3,206,783,830 $517,962,962,963
1990 $2,737,087,862 $517,014,446,228
1989 $2,314,205,130 $506,631,299,735
1988 $2,008,189,508 $554,828,660,436
1987 $1,721,711,808 -
1986 $1,722,586,299 -
1985 $1,646,442,273 -
1984 $1,758,028,656 -
1983 $1,780,148,049 -
1982 $1,717,379,495 -
1981 $1,801,193,910 -
1980 $1,801,156,775 -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/malawi/russia | CC BY

GDP per capita in Malawi vs Russia by year

Malawi
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $15,145 $47,405
2023 $633 $1,830 $14,403 $44,269
2022 $604 $1,778 $15,888 $40,939
2021 $617 $1,688 $12,637 $38,638
2020 $603 $1,513 $10,280 $31,491
2019 $581 $1,450 $11,640 $30,964
2018 $533 $1,364 $11,399 $28,629
2017 $496 $1,380 $10,835 $25,778
2016 $451 $1,410 $8,804 $24,012
2015 $540 $1,403 $9,427 $23,994
2014 $530 $1,506 $14,277 $25,688
2013 $497 $1,558 $15,941 $26,020
2012 $558 $1,464 $15,402 $24,274
2011 $763 $1,516 $14,305 $22,790
2010 $683 $1,458 $10,675 $20,490
2009 $626 $1,388 $8,563 $19,390
2008 $554 $1,311 $11,635 $20,164
2007 $475 $1,231 $9,101 $16,648
2006 $441 $1,124 $6,920 $14,912
2005 $414 $1,071 $5,323 $11,822
2004 $405 $1,033 $4,102 $10,227
2003 $383 $979 $2,975 $9,255
2002 $428 $931 $2,378 $8,037
2001 $215.5 $924 $2,100 $7,361
2000 $224.2 $974 $1,772 $6,825
1999 $233.9 $961 $1,331 $5,914
1998 $236 $941 $1,835 $5,465
1997 $367 $915 $2,738 $5,700
1996 $321 $884 $2,644 $5,518
1995 $200.4 $825 $2,666 $5,613
1994 $169.2 $692 $2,662 $5,734
1993 $293 $746 $2,931 $6,420
1992 $258.4 $674 $3,099 $6,862
1991 $326 $732 $3,490 $7,858
1990 $286.7 $672 $3,494 $8,028
1989 $252.2 - $3,430 -
1988 $229.4 - $3,778 -
1987 $207.6 - - -
1986 $217.9 - - -
1985 $216.1 - - -
1984 $239.7 - - -
1983 $252.4 - - -
1982 $253.3 - - -
1981 $276.4 - - -
1980 $287.5 - - -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/malawi/russia | CC BY

Malawi's GDP per capita is $523, ranking 194/197, compared to $15,145 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Russia ranks 50th at $47,405.

Economic indicators

Malawi Russia
Gross domestic product
$11.3B
2024
$2.17T
2024
GDP rank
151/197
2024
11/197
2024
GDP growth
1.67%
2023-2024
4.34%
2023-2024
GDP per capita
$523
2024
$15,145
2024
GDP per capita rank
194/197
2024
68/197
2024
GDP per capita, PPP
$1,858
2024
$47,405
2024
GDP per capita PPP rank
189/197
2024
50/197
2024
Government debt
$9.91B
2024
$440B
2024
Debt-to-GDP ratio
87.6%
2024
20.3%
2024
Government debt per person
$458
2024
$3,067
2024
Government debt per person rank
168/185
2024
98/185
2024
Average annual personal income after taxes
$3,031
2026
$10,464
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
426,000
2025
Number of billionaires n/a
140
2025
Income share by richest 10%
31%
2019
25.1%
2023
Income share by poorest 10%
2.9%
2019
3.1%
2023
Government expenditure, % of GDP
29.5%
2024
36.9%
2024
Consumer prices inflation
32.2%
2023-2024
8.4%
2023-2024
Central bank interest rate
26%
2024
16%
2025
Unemployment rate
15.4%
2024
2.43%
2024
Population
22949294
141906741

Spending and national debt comparison by year

Malawi
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Malawi Russia
Government spending Government debt Government spending Government debt
2024 29.5% 87.6% 36.9% 20.3%
2023 25.5% 86.7% 35.7% 19.5%
2022 26.7% 75.7% 35.2% 18.5%
2021 23.7% 66.5% 34.9% 16.5%
2020 22.7% 53.9% 39.2% 19.2%
2019 19.3% 41.2% 33.8% 13.7%
2018 19.4% 40.8% 32.6% 13.6%
2017 21% 40% 34.8% 14.3%
2016 19.7% 37.1% 36.6% 14.8%
2015 19.5% 35.5% 35.3% 15.3%
2014 18.3% 33.5% 34.9% 15.1%
2013 20.7% 35.3% 34.7% 12.3%
2012 18.8% 28.6% 34% 11.2%
2011 17% 20% 33.3% 10.3%
2010 19.6% 19.3% 35.5% 10.1%
2009 20.2% 23.5% 38.6% 9.92%
2008 20.6% 23.5% 32% 7.45%
2007 20.7% 18.9% 31.9% 8.03%
2006 17.8% 17.9% 29% 9.8%
2005 17.4% 70.9% 29.5% 14.9%
2004 17.2% 74.7% 29.6% 20.8%
2003 15.4% 84.7% 32.6% 28.3%
2002 13.8% 101.5% 33.8% 37.6%
2001 - - 31.5% 44.4%
2000 - - 30.7% 55.9%
1999 - - 34.3% 92.4%
1998 - - 39.7% 135.2%
1997 - - - 51.5%
1996 - - - 51.9%
1995 - - - 53.7%
1994 - - - 63.5%
1993 - - - 92.4%
1992 - - - 116%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1996, retrieved 2026-02-20).

GeoRank.org/economy/malawi/russia | CC BY

In 2024, Malawi's government spending was $3.34B, accounting for 29.5% of its GDP, while Russia spent $802B, or 36.9% of GDP.

Debt-to-GDP ratio is 87.6% in Malawi and 20.3% in Russia, ranking 35/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Russia
1x
Year Deficit/surplus, % of GDP
Malawi Russia
2024 -11% -1.6%
2023 -7.84% -2.22%
2022 -9.32% -1.34%
2021 -8.34% 0.78%
2020 -8.03% -3.99%
2019 -4.55% 1.93%
2018 -4.35% 2.92%
2017 -5.15% -1.47%
2016 -4.9% -3.67%
2015 -4.17% -3.39%
2014 -3.08% -1.07%
2013 -3.73% -1.16%
2012 -1.45% 0.38%
2011 -2.85% 1.43%
2010 0.63% -3.19%
2009 -2.97% -5.89%
2008 -2.92% 4.55%
2007 -2.56% 5.59%
2006 -0.05% 7.8%
2005 -1.63% 7.6%
2004 -2.61% 4.57%
2003 -2.6% 1.35%
2002 -4.47% 0.67%
2001 - 2.99%
2000 - 3.11%
1999 - -3.59%
1998 - -7.42%
1997 - -
1996 - -
1995 - -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1940, retrieved 2026-02-20).

GeoRank.org/economy/malawi/russia | 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 Russia's deficit of $34.9B, or 1.6% of GDP.

Over the past 23 years, Malawi recorded a fiscal deficit in 22 of those years, while Russia ran a deficit in 11 years. On average, Malawi posted an annual deficit equal to 4.26% of GDP, compared to surplus of 0.46% of GDP for Russia.

Inflation comparison by year

Inflation
Malawi

Russia
1x
Year Consumer prices inflation
Malawi Russia
2024 32.2% 8.4%
2023 28.8% 5.9%
2022 20.8% 13.7%
2021 9.3% 6.7%
2020 8.6% 3.4%
2019 9.4% 4.5%
2018 9.2% 2.9%
2017 11.5% 3.7%
2016 21.7% 7%
2015 21.9% 15.5%
2014 23.8% 7.8%
2013 28.3% 6.8%
2012 21.3% 5.1%
2011 7.6% 8.4%
2010 7.4% 6.8%
2009 8.4% 11.6%
2008 8.7% 14.1%
2007 7.9% 9%
2006 13.9% 9.7%
2005 15.5% 12.7%
2004 11.4% 10.9%
2003 9.6% 13.7%
2002 14.7% 15.8%
2001 22.7% 21.5%
2000 29.6% 20.8%
1999 44.8% 85.7%
1998 29.8% 27.7%
1997 9.1% 14.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/malawi/russia | CC BY

Over the past 28 years, Malawi has recorded an average annual inflation rate of 17.4%, compared with 13.4% in Russia. In 2024, inflation was 32.2% in Malawi and 8.4% in Russia.

Top exports between countries

Malawi
Export category Export value
Processed food, beverages & tobacco $4.93M
Raw agricultural goods $697K
Metals $1K
Russia
Export category Export value
Raw agricultural goods $9.53M
Wood & paper products $145K
Business & finance services $25K
Transport & tourism services $17K
Machinery & equipment $11K
IT & IP services $7K
Chemicals & pharma $5K
Metals $2K

Balance of trade

Malawi Russia
Current account balance
-$2.13B
2024
$63.4B
2024
Current account balance ranking
145/190
2024
12/190
2024
Current account balance, % of GDP
-18.8%
2024
+2.91%
2024
Goods imports
$3.02B
2024
$302B
2024
Goods exports
$1.02B
2024
$434B
2024
Service imports
$895M
2024
$81.5B
2024
Service exports
$508M
2024
$43.1B
2024
Imports of goods and services, % of GDP
31.2%
2023
17.6%
2024
Exports of goods and services, % of GDP
11.2%
2023
21.9%
2024

Economic freedom indices

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

Malawi Russia
Economic freedom 50.7 50.3
Economic freedom ranking 159/197 161/197
Property rights 49.5 18.6
Government integrity 35 22.8
Judicial effectiveness 51.8 22.8
Tax burden 77 81.9
Government spending 77.8 61.3
Fiscal health 4.7 94.4
Business freedom 34.1 51.4
Labor freedom 55.2 59.1
Monetary freedom 55.1 61.8
Trade freedom 68.6 69.4
Investment freedom 50 30
Financial freedom 50 30

Economic freedom comparison by year

Malawi
Russia
1x
Year Economic freedom index
Malawi Russia
2026 50.7 50.3
2025 50.9 51.6
2024 52.1 52
2023 52.8 53.8
2022 53 56.1
2021 53 61.5
2020 52.8 61
2019 51.4 58.9
2018 52 58.2
2017 52.2 57.1
2016 51.8 50.6
2015 54.8 52.1
2014 55.4 51.9
2013 55.3 51.1
2012 56.4 50.5
2011 55.8 50.5
2010 54.1 50.3
2009 53.7 50.8
2008 52.7 49.8
2007 52.9 52.2
2006 55.4 52.4
2005 53.6 51.3
2004 53.6 52.8
2003 53.2 50.8
2002 56.9 48.7
2001 56.2 49.8
2000 57.4 51.8
1999 54 54.5
1998 54.1 52.8
1997 53.4 48.6
1996 56.2 51.6
1995 54.7 51.1

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

GeoRank.org/economy/malawi/russia | CC BY

The Economic Freedom Index for Malawi is 50.7, ranking 159/197, compared to 50.3 for Russia, ranking 161/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malawi Russia
Services, % of GDP
44.2%
2024
57.5%
2024
Industry, % of GDP
17.1%
2024
30.7%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
2.74%
2024
GNI, Atlas method
$12.3B
2024
$2.24T
2024
GNI per capita, PPP
$1,830
2024
$46,780
2024
Total reserves including gold
$594M
2020
$597B
2023
Total reserves ranking
154/177
2020
6/177
2023
Net foreign direct investment
-$202M
2024
$9.37B
2024
Net inflows of foreign direct investment
$681M
2024
-$9.35B
2024
Net outflows of foreign direct investment
$56.4M
2024
-$170M
2024
Servicing debt to the IMF, % of GNI
1.47%
2024
2.65%
2024
Poverty at national poverty lines
50.7%
2019
12.1%
2020
Gross capital formation, % of GDP
14.5%
2023
26.3%
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/malawi/russia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  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.