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Economy of Malawi vs Russia compared: GDP & Debt

Updated on by Georank

Malawi has a GDP of $14.9B compared to $2.56T for Russia, ranking 148/197 and 8/197 by economy size, respectively.

Malawi has $11.7B in government debt (78.4% of GDP), compared to $440B (17.2% of GDP) in Russia.

Malawi vs Russia GDP by year

Malawi
Russia
1x
Year GDP, current $
Malawi Russia
2025 $14,918,276,698 $2,561,310,169,359
2024 $11,311,971,400 $2,186,462,268,813
2023 $13,363,669,673 $2,046,284,838,151
2022 $12,429,059,928 $2,292,495,097,681
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 (1980–2025, retrieved 2026-07-08).

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
2025 $672 - $17,847 -
2024 $522 $1,858 $15,219 $47,362
2023 $633 $1,830 $14,227 $44,269
2022 $604 $1,778 $15,894 $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 (1980–2025, retrieved 2026-07-08).

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

Malawi's GDP per capita is $672, ranking 190/197, compared to $17,847 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Russia ranks 50th at $47,362.

Economic indicators

Malawi Russia
Gross domestic product
$14.9B
2025
$2.56T
2025
GDP rank
148/197
2025
8/197
2025
GDP growth
1.89%
2024-2025
1%
2024-2025
GDP per capita
$672
2025
$17,847
2025
GDP per capita rank
190/197
2025
68/197
2025
GDP per capita, PPP
$1,858
2024
$47,362
2024
GDP per capita PPP rank
189/197
2024
50/197
2024
Government debt
$11.7B
2025
$440B
2025
Debt-to-GDP ratio
78.4%
2025
17.2%
2025
Government debt per person
$526
2025
$3,068
2025
Government debt per person rank
166/185
2025
105/185
2025
Average annual personal income after taxes
$1,255
2026
$11,183
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
447,000
2026
Number of billionaires n/a
147
2026
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
30.6%
2025
39.1%
2025
Consumer prices inflation
28.4%
2024-2025
8.7%
2024-2025
Central bank interest rate
24%
2026
14.5%
2026
Unemployment rate
15.4%
2024
2.13%
2025
Population
23086106
142643173

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
2025 30.6% 78.4% 39.1% 17.2%
2024 29.5% 87.6% 36.7% 14.8%
2023 25.5% 86.7% 36.1% 15.2%
2022 26.7% 75.7% 35.1% 15.1%
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 (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1996, retrieved 2026-07-08).

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

In 2025, Malawi's government spending was $4.56B, accounting for 30.6% of its GDP, while Russia spent $1T, or 39.1% of GDP.

Debt-to-GDP ratio is 78.4% in Malawi and 17.2% in Russia, ranking 47/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Russia
1x
Year Deficit/surplus, % of GDP
Malawi Russia
2025 -11.5% -3.9%
2024 -11% -1.59%
2023 -7.84% -2.24%
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 (1998–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1940, retrieved 2026-07-08).

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

In 2025, Malawi's government deficit, the difference between spending and revenue, was $1.71B, equivalent to 11.5% of GDP. This compares to Russia's deficit of $100B, or 3.9% of GDP.

Over the past 24 years, Malawi recorded a fiscal deficit in 23 of those years, while Russia ran a deficit in 12 years. On average, Malawi posted an annual deficit equal to 4.56% of GDP, compared to surplus of 0.28% of GDP for Russia.

Inflation comparison by year

Inflation
Malawi

Russia
1x
Year Consumer prices inflation
Malawi Russia
2025 28.4% 8.7%
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 (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Malawi has recorded an average annual inflation rate of 17.8%, compared with 13.2% in Russia. In 2025, inflation was 28.4% in Malawi and 8.7% in Russia.

Top exports between countries

Malawi
Export category Export value
Processed food, beverages & tobacco $22.8M
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
$43.1B
2025
Current account balance ranking
143/190
2024
14/190
2025
Current account balance, % of GDP
-18.8%
2024
+1.68%
2025
Goods imports
$3.02B
2024
$305B
2025
Goods exports
$1.02B
2024
$422B
2025
Service imports
$895M
2024
$94.8B
2025
Service exports
$508M
2024
$46.3B
2025
Imports of goods and services, % of GDP
28.8%
2025
15.5%
2025
Exports of goods and services, % of GDP
10.6%
2025
18.2%
2025

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 2026-07-08).

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
48.7%
2025
58.9%
2025
Industry, % of GDP
14.3%
2025
29.7%
2025
Agriculture, forestry, and fishing, % of GDP
30%
2025
3.06%
2025
GNI, Atlas method
$13.4B
2025
$2.33T
2025
GNI per capita, PPP
$1,880
2025
$49,220
2025
Total reserves including gold
$594M
2020
$608B
2024
Total reserves ranking
154/177
2020
6/177
2024
Net foreign direct investment
-$202M
2024
-$12.4B
2025
Net inflows of foreign direct investment
$258M
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
2.63%
2024
Poverty at national poverty lines
50.7%
2019
7.2%
2024
Gross capital formation, % of GDP
15.7%
2025
25.9%
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/malawi/russia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1997–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2020–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. 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.