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Economy of Malawi vs Taiwan compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $802B for Taiwan, ranking 151/197 and 22/197 by economy size, respectively.

Malawi has $9.91B in government debt (87.6% of GDP), compared to $211B (26.3% of GDP) in Taiwan.

Malawi vs Taiwan GDP by year

Malawi
Taiwan
1x
Year GDP, current $
Malawi Taiwan
2024 $11,316,411,329 $801,529,000,000
2023 $13,363,669,673 $757,328,000,000
2022 $12,429,059,928 $765,529,000,000
2021 $12,378,119,199 $777,062,000,000
2020 $11,769,313,598 $676,935,000,000
2019 $11,051,852,713 $613,453,000,000
2018 $9,879,220,354 $610,744,000,000
2017 $8,943,543,794 $591,734,000,000
2016 $7,909,868,618 $543,002,000,000
2015 $9,219,474,379 $534,474,000,000
2014 $8,801,326,169 $535,332,000,000
2013 $8,031,571,928 $512,957,000,000
2012 $8,773,203,178 $495,536,000,000
2011 $11,648,142,958 $483,957,000,000
2010 $10,128,323,011 $444,245,000,000
2009 $9,009,887,947 $390,788,000,000
2008 $7,743,617,352 $415,824,000,000
2007 $6,451,210,219 $406,940,000,000
2006 $5,818,279,739 $386,492,000,000
2005 $5,320,409,651 $374,042,000,000
2004 $5,058,726,350 $346,881,000,000
2003 $4,669,789,300 $317,374,000,000
2002 $5,087,328,438 $307,429,000,000
2001 $2,498,008,665 $299,303,000,000
2000 $2,537,307,580 $330,725,000,000
1999 $2,584,478,924 $303,827,000,000
1998 $2,547,609,590 $279,926,000,000
1997 $3,875,785,863 $303,315,000,000
1996 $3,319,573,750 $292,473,000,000
1995 $2,033,701,498 $279,013,000,000
1994 $1,719,864,761 $256,213,000,000
1993 $3,013,392,658 $234,943,000,000
1992 $2,618,837,835 $222,947,000,000
1991 $3,206,783,830 $187,100,000,000
1990 $2,737,087,862 $166,392,000,000
1989 $2,314,205,130 $152,687,000,000
1988 $2,008,189,508 $126,378,000,000
1987 $1,721,711,808 $104,956,000,000
1986 $1,722,586,299 $78,347,000,000
1985 $1,646,442,273 $63,599,000,000
1984 $1,758,028,656 $61,036,000,000
1983 $1,780,148,049 $54,155,000,000
1982 $1,717,379,495 $49,540,000,000
1981 $1,801,193,910 $49,047,000,000
1980 $1,801,156,775 $42,292,000,000
1979 - $33,875,000,000
1978 - $27,373,000,000
1977 - $22,252,000,000
1976 - $18,988,000,000
1975 - $15,836,000,000
1974 - $14,739,000,000
1973 - $10,940,000,000
1972 - $8,063,000,000
1971 - $6,727,000,000
1970 - $5,785,000,000
1969 - $5,017,000,000
1968 - $4,325,000,000
1967 - $3,709,000,000
1966 - $3,207,000,000
1965 - $2,869,000,000
1964 - $2,592,000,000
1963 - $2,218,000,000
1962 - $1,960,000,000
1961 - $1,778,000,000
1960 - $1,743,000,000
1959 - $1,444,000,000
1958 - $1,836,000,000
1957 - $1,636,000,000
1956 - $1,399,000,000
1955 - $1,940,000,000
1954 - $1,628,000,000
1953 - $1,481,000,000
1952 - $1,677,000,000
1951 - $1,197,000,000

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

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

GDP per capita in Malawi vs Taiwan by year

Malawi
GDP per capita

GDP per capita, PPP
Taiwan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Taiwan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $34,238 -
2023 $633 $1,830 $32,444 -
2022 $604 $1,778 $32,827 -
2021 $617 $1,688 $33,111 -
2020 $603 $1,513 $28,705 -
2019 $581 $1,450 $25,998 -
2018 $533 $1,364 $25,901 -
2017 $496 $1,380 $25,121 $50,500
2016 $451 $1,410 $23,091 -
2015 $540 $1,403 $22,780 $46,800
2014 $530 $1,506 $22,874 -
2013 $497 $1,558 $21,973 $39,600
2012 $558 $1,464 $21,295 $39,400
2011 $763 $1,516 $20,866 $38,200
2010 $683 $1,458 $19,197 $35,700
2009 $626 $1,388 $16,933 $32,000
2008 $554 $1,311 $18,081 $31,100
2007 $475 $1,231 $17,757 $30,100
2006 $441 $1,124 $16,934 $29,500
2005 $414 $1,071 $16,456 $27,500
2004 $405 $1,033 $15,317 $25,300
2003 $383 $979 $14,066 $23,400
2002 $428 $931 $13,686 $18,000
2001 $215.5 $924 $13,397 $17,200
2000 $224.2 $974 $14,908 $17,400
1999 $233.9 $961 $13,804 $16,100
1998 $236 $941 $12,820 -
1997 $367 $915 $14,020 -
1996 $321 $884 $13,641 -
1995 $200.4 $825 $13,119 -
1994 $169.2 $692 $12,150 -
1993 $293 $746 $11,242 -
1992 $258.4 $674 $10,768 -
1991 $326 $732 $9,125 -
1990 $286.7 $672 $8,205 -
1989 $252.2 - $7,613 -
1988 $229.4 - $6,370 -
1987 $207.6 - $5,350 -
1986 $217.9 - $4,036 -
1985 $216.1 - $3,314 -
1984 $239.7 - $3,224 -
1983 $252.4 - $2,903 -
1982 $253.3 - $2,699 -
1981 $276.4 - $2,720 -
1980 $287.5 - $2,389 -
1979 - - $1,950 -
1978 - - $1,606 -
1977 - - $1,330 -
1976 - - $1,158 -
1975 - - $985 -
1974 - - $934 -
1973 - - $706 -
1972 - - $530 -
1971 - - $451 -
1970 - - $397 -
1969 - - $357 -
1968 - - $319 -
1967 - - $280.8 -
1966 - - $249.1 -
1965 - - $229.3 -
1964 - - $213.6 -
1963 - - $188.6 -
1962 - - $172 -
1961 - - $161.2 -
1960 - - $163.4 -
1959 - - $140.4 -
1958 - - $185.1 -
1957 - - $170.5 -
1956 - - $150.6 -
1955 - - $216.3 -
1954 - - $188.3 -
1953 - - $177.7 -
1952 - - $208.4 -
1951 - - $154.3 -

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).

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

Malawi's GDP per capita is $523, ranking 194/197, compared to $34,238 in Taiwan, ranking 35/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Taiwan ranks 44th at $50,500.

Economic indicators

Malawi Taiwan
Gross domestic product
$11.3B
2024
$802B
2024
GDP rank
151/197
2024
22/197
2024
GDP growth
1.67%
2023-2024
2.3%
2023-2024
GDP per capita
$523
2024
$34,238
2024
GDP per capita rank
194/197
2024
35/197
2024
GDP per capita, PPP
$1,858
2024
$50,500
2017
GDP per capita PPP rank
189/197
2024
44/197
2017
Government debt
$9.91B
2024
$211B
2024
Debt-to-GDP ratio
87.6%
2024
26.3%
2024
Government debt per person
$458
2024
$9,020
2024
Government debt per person rank
168/185
2024
59/185
2024
Average annual personal income after taxes
$3,031
2026
$18,163
2026
Number of millionaires n/a
759,000
2025
Number of billionaires n/a
54
2025
Income share by richest 10%
31%
2019
n/a
Income share by poorest 10%
2.9%
2019
n/a
Government expenditure, % of GDP
29.5%
2024
15.8%
2024
Consumer prices inflation
32.2%
2023-2024
2.2%
2023-2024
Central bank interest rate
26%
2024
2%
2024
Unemployment rate
15.4%
2024
3.35%
2025
Population
22949294
23229461

Spending and national debt comparison by year

Malawi
Spending

Debt
Taiwan
Spending

Debt
1x
Year % of GDP
Malawi Taiwan
Government spending Government debt Government spending Government debt
2024 29.5% 87.6% 15.8% 26.3%
2023 25.5% 86.7% 17.1% 29%
2022 26.7% 75.7% 16% 29.5%
2021 23.7% 66.5% 15.4% 30.1%
2020 22.7% 53.9% 16.2% 32%
2019 19.3% 41.2% 15.3% 32.6%
2018 19.4% 40.8% 15.4% 33.8%
2017 21% 40% 15.4% 34.5%
2016 19.7% 37.1% 15.6% 35.4%
2015 19.5% 35.5% 15.5% 35.9%
2014 18.3% 33.5% - 37.5%
2013 20.7% 35.3% - 38.9%
2012 18.8% 28.6% - 39.2%
2011 17% 20% 18.3% 38.3%
2010 19.6% 19.3% - 36.9%
2009 20.2% 23.5% - 36.7%
2008 20.6% 23.5% - 33.4%
2007 20.7% 18.9% - 32.2%
2006 17.8% 17.9% - 33.3%
2005 17.4% 70.9% - 34.1%
2004 17.2% 74.7% - 33.4%
2003 15.4% 84.7% - 32.1%
2002 13.8% 101.5% - 29.8%
2001 - - 22.5% 30.1%
2000 - - - 26.2%
1999 - - - 23.7%
1998 - - - 23.7%
1997 - - - 25%
1996 - - - -
1995 - - - -
1994 - - - -
1993 - - - -
1992 - - - -
1991 - - 25.4% -
1990 - - - -
1989 - - - -
1988 - - - -
1987 - - - -
1986 - - - -
1985 - - - -
1984 - - - -
1983 - - - -
1982 - - - -
1981 - - 23.6% -
1980 - - - -
1979 - - - -
1978 - - - -
1977 - - - -
1976 - - 21.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

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

In 2024, Malawi's government spending was $3.34B, accounting for 29.5% of its GDP, while Taiwan spent $127B, or 15.8% of GDP.

Debt-to-GDP ratio is 87.6% in Malawi and 26.3% in Taiwan, ranking 35/185 and 160/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Taiwan
1x
Year Deficit/surplus, % of GDP
Malawi Taiwan
2024 -11% 0.43%
2023 -7.84% -0.61%
2022 -9.32% 0.17%
2021 -8.34% -0.18%
2020 -8.03% -1.03%
2019 -4.55% 0.11%
2018 -4.35% 0.02%
2017 -5.15% -0.14%
2016 -4.9% -0.31%
2015 -4.17% 0.1%
2014 -3.08% -
2013 -3.73% -
2012 -1.45% -
2011 -2.85% -2.15%
2010 0.63% -
2009 -2.97% -
2008 -2.92% -
2007 -2.56% -
2006 -0.05% -
2005 -1.63% -
2004 -2.61% -
2003 -2.6% -
2002 -4.47% -
2001 - -3.71%
2000 - -
1999 - -
1998 - -
1997 - -
1996 - -
1995 - -
1994 - -
1993 - -
1992 - -
1991 - -4.5%
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -0.78%
1980 - -
1979 - -
1978 - -
1977 - -
1976 - 1.39%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2002–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

GeoRank.org/economy/malawi/taiwan | 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 Taiwan's surplus of $3.45B, or 0.43% of GDP.

Over the past 23 years, Malawi recorded a fiscal deficit in 22 of those years, while Taiwan ran a deficit in 6 years. On average, Malawi posted an annual deficit equal to 4.26% of GDP, compared to deficit of 0.33% of GDP for Taiwan.

Inflation comparison by year

Inflation
Malawi

Taiwan
1x
Year Consumer prices inflation
Malawi Taiwan
2024 32.2% 2.2%
2023 28.8% 2.5%
2022 20.8% 2.9%
2021 9.3% 2%
2020 8.6% -0.2%
2019 9.4% 0.6%
2018 9.2% 1.4%
2017 11.5% 0.6%
2016 21.7% 1.4%
2015 21.9% -0.3%
2014 23.8% 1.2%
2013 28.3% 0.8%
2012 21.3% 1.9%
2011 7.6% 1.4%
2010 7.4% 1%
2009 8.4% -0.9%
2008 8.7% 3.5%
2007 7.9% 1.8%
2006 13.9% 0.6%
2005 15.5% 2.3%
2004 11.4% 1.6%
2003 9.6% -0.3%
2002 14.7% -0.2%
2001 22.7% 0%
2000 29.6% 1.2%
1999 44.8% 0.2%
1998 29.8% 1.7%
1997 9.1% 0.9%

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

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

Over the past 28 years, Malawi has recorded an average annual inflation rate of 17.4%, compared with 1.14% in Taiwan. In 2024, inflation was 32.2% in Malawi and 2.2% in Taiwan.

Balance of trade

Malawi Taiwan
Current account balance
-$2.13B
2024
$113B
2024
Current account balance ranking
145/190
2024
4/190
2024
Current account balance, % of GDP
-18.8%
2024
+14.1%
2024
Goods imports
$3.02B
2024
n/a
Goods exports
$1.02B
2024
n/a
Service imports
$895M
2024
n/a
Service exports
$508M
2024
n/a
Imports of goods and services, % of GDP
31.2%
2023
50.2%
2024
Exports of goods and services, % of GDP
11.2%
2023
63.3%
2024

Economic freedom indices

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

Malawi Taiwan
Economic freedom 50.7 79.8
Economic freedom ranking 159/197 6/197
Property rights 49.5 83.4
Government integrity 35 74.3
Judicial effectiveness 51.8 94.3
Tax burden 77 78.9
Government spending 77.8 90
Fiscal health 4.7 92.9
Business freedom 34.1 78.6
Labor freedom 55.2 69
Monetary freedom 55.1 80.3
Trade freedom 68.6 86
Investment freedom 50 70
Financial freedom 50 60

Economic freedom comparison by year

Malawi
Taiwan
1x
Year Economic freedom index
Malawi Taiwan
2026 50.7 79.8
2025 50.9 79.7
2024 52.1 80
2023 52.8 80.7
2022 53 80.1
2021 53 78.6
2020 52.8 77.1
2019 51.4 77.3
2018 52 76.6
2017 52.2 76.5
2016 51.8 74.7
2015 54.8 75.1
2014 55.4 73.9
2013 55.3 72.7
2012 56.4 71.9
2011 55.8 70.8
2010 54.1 70.4
2009 53.7 69.5
2008 52.7 70.3
2007 52.9 69.4
2006 55.4 69.7
2005 53.6 71.3
2004 53.6 69.6
2003 53.2 71.7
2002 56.9 71.3
2001 56.2 72.8
2000 57.4 72.5
1999 54 71.5
1998 54.1 70.4
1997 53.4 70
1996 56.2 74.1
1995 54.7 74.2

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

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

The Economic Freedom Index for Malawi is 50.7, ranking 159/197, compared to 79.8 for Taiwan, ranking 6/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malawi Taiwan
Services, % of GDP
44.2%
2024
58.8%
2024
Industry, % of GDP
17.1%
2024
39.8%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
1.47%
2024
GNI, Atlas method
$12.3B
2024
$832B
2024
GNI per capita, PPP
$1,830
2024
n/a
Total reserves including gold
$594M
2020
n/a
Total reserves ranking
154/177
2020
n/a
Net foreign direct investment
-$202M
2024
n/a
Net inflows of foreign direct investment
$681M
2024
n/a
Net outflows of foreign direct investment
$56.4M
2024
n/a
Servicing debt to the IMF, % of GNI
1.47%
2024
n/a
Poverty at national poverty lines
50.7%
2019
1.5%
2020
Gross capital formation, % of GDP
14.5%
2023
26.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); National Statistics, Taiwan (1985–2024, retrieved 2026-02-09); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
  2. National Statistics, Taiwan (1951–2025, retrieved 2026-02-09)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  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.