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Economy of Malaysia vs Mongolia compared: GDP & Debt

Updated on by Georank team

Malaysia has a GDP of $422B compared to $23.8B for Mongolia, ranking 38/197 and 121/197 by economy size, respectively.

Malaysia has $296B in government debt (70.1% of GDP), compared to $10.5B (44.1% of GDP) in Mongolia.

Malaysia vs Mongolia GDP by year

Malaysia
Mongolia
1x
Year GDP, current $
Malaysia Mongolia
2024 $422,227,005,429 $23,794,540,025
2023 $399,949,418,753 $20,325,121,394
2022 $407,830,525,990 $17,146,471,714
2021 $373,784,553,030 $15,286,441,738
2020 $337,456,163,961 $13,312,981,429
2019 $365,177,721,022 $14,206,359,018
2018 $358,788,845,713 $13,178,094,720
2017 $319,109,094,160 $11,480,847,741
2016 $301,256,033,870 $11,181,350,649
2015 $301,355,266,965 $11,619,892,591
2014 $338,066,095,097 $12,226,514,668
2013 $323,276,235,524 $12,582,122,604
2012 $314,443,047,642 $12,292,770,632
2011 $297,951,668,675 $10,409,797,378
2010 $255,017,638,456 $7,189,481,999
2009 $202,257,453,037 $4,583,850,368
2008 $230,811,614,370 $5,623,216,608
2007 $193,549,569,478 $4,234,999,704
2006 $162,692,258,307 $3,414,055,662
2005 $143,534,405,819 $2,523,471,601
2004 $124,749,473,684 $1,992,066,808
2003 $110,202,368,421 $1,595,297,356
2002 $100,845,526,316 $1,396,555,720
2001 $92,783,947,368 $1,267,997,934
2000 $93,789,736,842 $1,136,896,124
1999 $79,148,421,053 $1,057,408,589
1998 $72,167,498,981 $1,124,440,205
1997 $100,005,323,302 $1,180,934,203
1996 $100,855,393,910 $1,345,719,472
1995 $88,705,342,903 $1,452,165,005
1994 $74,478,356,958 $925,817,092
1993 $66,894,966,969 $768,401,634
1992 $59,167,550,163 $1,317,611,864
1991 $49,143,148,094 $2,379,018,326
1990 $44,024,585,240 $2,560,785,660
1989 $38,847,965,293 $3,576,966,800
1988 $35,272,109,220 $3,204,461,567
1987 $32,181,210,158 $3,020,611,600
1986 $27,734,111,400 $2,896,178,867
1985 $31,199,633,353 $2,186,505,475
1984 $33,942,897,422 $2,098,734,600
1983 $30,347,442,111 $2,725,736,633
1982 $26,804,493,635 $2,552,401,933
1981 $25,004,285,792 $2,310,099,100
1980 $24,488,224,677 $2,101,394,100
1979 $21,213,264,962 -
1978 $16,358,079,862 -
1977 $13,139,488,633 -
1976 $11,050,234,599 -
1975 $9,298,800,799 -
1974 $9,496,204,302 -
1973 $7,662,902,678 -
1972 $5,043,347,250 -
1971 $4,244,395,956 -
1970 $3,864,145,667 -
1969 $3,664,552,041 -
1968 $3,330,371,551 -
1967 $3,188,924,677 -
1966 $3,143,517,944 -
1965 $2,956,337,669 -
1964 $2,674,423,922 -
1963 $2,510,110,348 -
1962 $2,001,489,602 -
1961 $1,901,856,123 -
1960 $1,916,229,477 -

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

GeoRank.org/economy/malaysia/mongolia | CC BY

GDP per capita in Malaysia vs Mongolia by year

Malaysia
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,874 $38,779 $6,751 $19,145
2023 $11,386 $36,467 $5,839 $18,005
2022 $11,755 $34,420 $4,994 $16,402
2021 $10,903 $29,823 $4,518 $14,792
2020 $9,958 $27,475 $4,001 $13,693
2019 $10,920 $28,934 $4,348 $13,605
2018 $10,902 $27,794 $4,108 $12,317
2017 $9,863 $26,416 $3,646 $11,096
2016 $9,477 $25,286 $3,620 $10,511
2015 $9,649 $24,526 $3,839 $10,458
2014 $11,013 $24,307 $4,126 $10,900
2013 $10,714 $23,161 $4,340 $10,442
2012 $10,601 $22,639 $4,329 $10,152
2011 $10,217 $21,324 $3,736 $8,862
2010 $8,899 $20,193 $2,625 $7,532
2009 $7,191 $18,923 $1,703 $7,119
2008 $8,372 $19,480 $2,127 $7,297
2007 $7,169 $18,617 $1,628 $6,678
2006 $6,158 $17,426 $1,330 $5,977
2005 $5,556 $16,371 $995 $5,406
2004 $4,939 $15,416 $794 $4,942
2003 $4,465 $14,387 $643 $4,399
2002 $4,184 $13,656 $570 $4,083
2001 $3,944 $13,072 $524 $3,889
2000 $4,084 $13,027 $476 $3,740
1999 $3,528 $11,980 $449 $3,664
1998 $3,294 $11,398 $484 $3,555
1997 $4,679 $12,469 $515 $3,449
1996 $4,837 $11,709 $596 $3,310
1995 $4,363 $10,720 $653 $3,229
1994 $3,758 $9,806 $423 $3,021
1993 $3,462 $9,018 $355 $2,929
1992 $3,141 $8,224 $608 $2,951
1991 $2,679 $7,583 $1,099 $3,183
1990 $2,469 $6,887 $1,220 $3,479
1989 $2,244 - $1,684 -
1988 $2,100 - $1,543 -
1987 $1,977 - $1,493 -
1986 $1,760 - $1,469 -
1985 $2,046 - $1,138 -
1984 $2,300 - $1,120 -
1983 $2,124 - $1,490 -
1982 $1,938 - $1,430 -
1981 $1,866 - $1,325 -
1980 $1,886 - $1,235 -
1979 $1,680 - - -
1978 $1,327 - - -
1977 $1,092 - - -
1976 $940 - - -
1975 $811 - - -
1974 $848 - - -
1973 $701 - - -
1972 $472 - - -
1971 $407 - - -
1970 $380 - - -
1969 $368 - - -
1968 $342 - - -
1967 $335 - - -
1966 $339 - - -
1965 $326 - - -
1964 $303 - - -
1963 $291.8 - - -
1962 $238.8 - - -
1961 $232.9 - - -
1960 $240.8 - - -

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

GeoRank.org/economy/malaysia/mongolia | CC BY

Malaysia's GDP per capita is $11,874, ranking 79/197, compared to $6,751 in Mongolia, ranking 105/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while Mongolia ranks 98th at $19,145.

Economic indicators

Malaysia Mongolia
Gross domestic product
$422B
2024
$23.8B
2024
GDP rank
38/197
2024
121/197
2024
GDP growth
5.11%
2023-2024
5.12%
2023-2024
GDP per capita
$11,874
2024
$6,751
2024
GDP per capita rank
79/197
2024
105/197
2024
GDP per capita, PPP
$38,779
2024
$19,145
2024
GDP per capita PPP rank
60/197
2024
98/197
2024
Government debt
$296B
2024
$10.5B
2024
Debt-to-GDP ratio
70.1%
2024
44.1%
2024
Government debt per person
$8,322
2024
$2,974
2024
Government debt per person rank
62/185
2024
101/185
2024
Average annual personal income after taxes
$11,005
2026
$5,311
2026
Market capitalization of domestic companies
$449B
2024
n/a
Number of billionaires
19
2025
n/a
Income share by richest 10%
30.9%
2021
24.6%
2022
Income share by poorest 10%
2.3%
2021
3.4%
2022
Government expenditure, % of GDP
23.9%
2024
37.5%
2024
Consumer prices inflation
1.83%
2023-2024
6.2%
2023-2024
Central bank interest rate
2.75%
2025
12%
2025
Unemployment rate
3.93%
2022
5.81%
2024
Population
36512221
3620317

Spending and national debt comparison by year

Malaysia
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Malaysia Mongolia
Government spending Government debt Government spending Government debt
2024 23.9% 70.1% 37.5% 44.1%
2023 24.9% 69.7% 31.9% 46.7%
2022 24.6% 65.5% 33.7% 64.6%
2021 24.5% 69.2% 35.9% 67.4%
2020 25% 67.7% 37.1% 83.4%
2019 23.6% 57.1% 30.8% 66.8%
2018 22.8% 55.6% 28.4% 76.5%
2017 22% 54.4% 32.2% 86.9%
2016 22.9% 55.8% 39.7% 78.7%
2015 24.7% 57% 31.2% 50.5%
2014 26% 55.4% 32.1% 44%
2013 27.8% 55.7% 32.2% 49.4%
2012 28.5% 53.8% 36.1% 43.7%
2011 27.1% 51.9% 37.9% 32.7%
2010 26.6% 51.2% 31.6% 31%
2009 30.9% 50.4% 35.5% 48.5%
2008 26.9% 39.4% 37.6% 31%
2007 25.9% 39.3% 35.3% 36.1%
2006 25.6% 39.7% 26.2% 40.9%
2005 24.5% 40.8% 25.1% 55.9%
2004 25.9% 42% 31.8% 75%
2003 28.1% 41.4% 33.7% 90%
2002 27.1% 39.5% 35.5% 72%
2001 28.2% 38.1% 35.2% 69.2%
2000 25.6% 32.5% 34.5% 79.3%
1999 24.6% 34.4% 33.2% 103.7%
1998 23.1% 33.6% 36.2% 77.5%
1997 21.2% 29.6% 30.8% 61%
1996 22.4% 32.8% 28.6% 49.7%
1995 22.6% 38.2% 26.6% 40.2%
1994 23.3% 43.7% 32.2% 57.6%
1993 24.6% 51.1% 38.3% 57.8%
1992 28.2% 59.1% 29.1% 29.3%
1991 27.4% 67.3% 46% -
1990 30.5% 74.1% 51.7% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-02-20).

GeoRank.org/economy/malaysia/mongolia | CC BY

In 2024, Malaysia's government spending was $101B, accounting for 23.9% of its GDP, while Mongolia spent $8.92B, or 37.5% of GDP.

Debt-to-GDP ratio is 70.1% in Malaysia and 44.1% in Mongolia, ranking 58/185 and 122/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Mongolia
1x
Year Deficit/surplus, % of GDP
Malaysia Mongolia
2024 -3.95% 1.39%
2023 -3.97% 2.73%
2022 -4.56% 0.67%
2021 -6.03% -3.05%
2020 -4.9% -9.24%
2019 -2.01% 1%
2018 -2.64% 2.85%
2017 -2.41% -3.72%
2016 -2.6% -15.3%
2015 -2.55% -5.04%
2014 -2.63% -3.73%
2013 -3.48% -0.93%
2012 -3.1% -6.24%
2011 -3.57% -4.01%
2010 -4.32% 0.43%
2009 -5.88% -5.2%
2008 -3.4% -4.52%
2007 -2.57% 2.64%
2006 -2.6% 7.58%
2005 -2.83% 2.43%
2004 -3.35% -1.62%
2003 -4.6% -3.38%
2002 -3.96% -4.74%
2001 -4.36% -4.33%
2000 -6.05% -5.82%
1999 -3% -9.91%
1998 -0.63% -12.3%
1997 4.84% -8.09%
1996 3.27% -6.88%
1995 3.1% -4.97%
1994 5.45% -9.74%
1993 3.44% -13.3%
1992 1.81% -8.1%
1991 1.6% -6.37%
1990 0.15% -9.37%

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

GeoRank.org/economy/malaysia/mongolia | CC BY

In 2024, Malaysia's government deficit, the difference between spending and revenue, was $16.7B, equivalent to 3.95% of GDP. This compares to Mongolia's surplus of $332M, or 1.39% of GDP.

Over the past 35 years, Malaysia recorded a fiscal deficit in 27 of those years, while Mongolia ran a deficit in 26 years. On average, Malaysia posted an annual deficit equal to 2.07% of GDP, compared to deficit of 4.23% of GDP for Mongolia.

Inflation comparison by year

Inflation
Malaysia

Mongolia
1x
Year Consumer prices inflation
Malaysia Mongolia
2024 1.83% 6.2%
2023 2.49% 10.4%
2022 3.38% 15.1%
2021 2.48% 7.4%
2020 -1.14% 3.7%
2019 0.66% 7.3%
2018 0.88% 6.8%
2017 3.87% 4.3%
2016 2.09% 0.8%
2015 2.1% 6.8%
2014 3.14% 12.9%
2013 2.11% 10.6%
2012 1.66% 13.8%
2011 3.17% 8.8%
2010 1.62% 8.3%
2009 0.58% 7.6%
2008 5.44% 28%
2007 2.03% 9.6%
2006 3.61% 4.4%
2005 2.98% 12.6%
2004 1.42% 8.3%
2003 1.09% 5.2%
2002 1.81% 0.9%
2001 1.42% 6.4%
2000 1.53% 11.3%
1999 2.74% 7.6%
1998 5.27% 9.5%
1997 2.66% 30%

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/malaysia/mongolia | CC BY

Over the past 28 years, Malaysia has recorded an average annual inflation rate of 2.25%, compared with 9.45% in Mongolia. In 2024, inflation was 1.83% in Malaysia and 6.2% in Mongolia.

Top exports between countries

Malaysia
Export category Export value
Processed food, beverages & tobacco $12.3M
Machinery & equipment $9.26M
Textiles & consumer goods $3.13M
Raw materials & minerals $1.24M
Chemicals & pharma $755K
Wood & paper products $572K
Precious metals & jewellery $124K
Animal & marine products $115K
Raw agricultural goods $15K
Miscellaneous $14K
Mongolia
Export category Export value
Raw materials & minerals $702K
Precious metals & jewellery $260K
Machinery & equipment $107K
Textiles & consumer goods $61K
Processed food, beverages & tobacco $55K
Chemicals & pharma $3K
Metals $3K

Balance of trade

Malaysia Mongolia
Current account balance
$7.15B
2024
-$2.49B
2024
Current account balance ranking
26/190
2024
149/190
2024
Current account balance, % of GDP
+1.69%
2024
-10.4%
2024
Goods imports
$223B
2024
$11.7B
2024
Goods exports
$248B
2024
$14.7B
2024
Service imports
$56.4B
2024
$4.92B
2024
Service exports
$53.4B
2024
$1.6B
2024
Imports of goods and services, % of GDP
66%
2024
69.7%
2024
Exports of goods and services, % of GDP
71.3%
2024
68.7%
2024

Economic freedom indices

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

Malaysia Mongolia
Economic freedom 68 63.9
Economic freedom ranking 51/197 76/197
Property rights 62.7 49.2
Government integrity 52.9 35.8
Judicial effectiveness 63.4 54.9
Tax burden 83.5 83.7
Government spending 82 64.6
Fiscal health 62.5 96.1
Business freedom 79.6 68.4
Labor freedom 55.4 68.2
Monetary freedom 80.8 72.1
Trade freedom 83 74.4
Investment freedom 60 50
Financial freedom 50 50

Economic freedom comparison by year

Malaysia
Mongolia
1x
Year Economic freedom index
Malaysia Mongolia
2026 68 63.9
2025 67.1 62.6
2024 65.7 60.6
2023 67.3 61.7
2022 68.1 63.9
2021 74.4 62.4
2020 74.7 55.9
2019 74 55.4
2018 74.5 55.7
2017 73.8 54.8
2016 71.5 59.4
2015 70.8 59.2
2014 69.6 58.9
2013 66.1 61.7
2012 66.4 61.5
2011 66.3 59.5
2010 64.8 60
2009 64.6 62.8
2008 63.9 63.6
2007 63.8 60.3
2006 61.6 62.4
2005 61.9 59.7
2004 59.9 56.5
2003 61.1 57.7
2002 60.1 56.7
2001 60.2 56
2000 66 58.5
1999 68.9 58.6
1998 68.2 57.3
1997 66.8 52.9
1996 69.9 47.4
1995 71.9 47.8

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

GeoRank.org/economy/malaysia/mongolia | CC BY

The Economic Freedom Index for Malaysia is 68, ranking 51/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malaysia Mongolia
Services, % of GDP
53.7%
2024
44.3%
2024
Industry, % of GDP
37%
2024
38.1%
2024
Agriculture, forestry, and fishing, % of GDP
8.13%
2024
7.29%
2024
GNI, Atlas method
$414B
2024
$19B
2024
GNI per capita, PPP
$37,450
2024
$17,000
2024
Total reserves including gold
$116B
2024
$5.51B
2024
Total reserves ranking
24/177
2024
95/177
2024
Net foreign direct investment
-$2.55B
2024
-$2.73B
2024
Net inflows of foreign direct investment
$15.6B
2024
$2.78B
2024
Net outflows of foreign direct investment
$13B
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI n/a
25.7%
2024
Poverty at national poverty lines
5.8%
2023
27.1%
2022
Gross capital formation, % of GDP
22%
2024
35.5%
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/malaysia/mongolia | 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. TradeMap (2021–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, 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.