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

Updated on by Georank team

Malaysia has a GDP of $422B compared to $31.8B for Papua New Guinea, ranking 38/197 and 110/197 by economy size, respectively.

Malaysia has $296B in government debt (70.1% of GDP), compared to $16.6B (52.1% of GDP) in Papua New Guinea.

Malaysia vs Papua New Guinea GDP by year

Malaysia
Papua New Guinea
1x
Year GDP, current $
Malaysia Papua New Guinea
2024 $422,227,005,429 $31,800,428,266
2023 $399,949,418,753 $30,816,367,067
2022 $407,830,525,990 $31,653,185,953
2021 $373,784,553,030 $26,109,413,521
2020 $337,456,163,961 $23,848,447,850
2019 $365,177,721,022 $24,750,626,030
2018 $358,788,845,713 $24,109,780,708
2017 $319,109,094,160 $22,742,699,138
2016 $301,256,033,870 $20,758,876,953
2015 $301,355,266,965 $21,723,437,010
2014 $338,066,095,097 $23,210,823,987
2013 $323,276,235,524 $21,261,338,065
2012 $314,443,047,642 $21,295,168,666
2011 $297,951,668,675 $17,985,138,066
2010 $255,017,638,456 $14,250,786,675
2009 $202,257,453,037 $11,619,456,449
2008 $230,811,614,370 $11,670,892,801
2007 $193,549,569,478 $9,545,028,944
2006 $162,692,258,307 $8,354,911,041
2005 $143,534,405,819 $4,865,892,972
2004 $124,749,473,684 $3,927,157,867
2003 $110,202,368,421 $3,536,411,824
2002 $100,845,526,316 $2,999,511,040
2001 $92,783,947,368 $3,081,024,212
2000 $93,789,736,842 $3,521,339,699
1999 $79,148,421,053 $3,477,038,204
1998 $72,167,498,981 $3,789,443,015
1997 $100,005,323,302 $4,936,615,299
1996 $100,855,393,910 $5,155,311,077
1995 $88,705,342,903 $4,636,057,476
1994 $74,478,356,958 $5,502,786,070
1993 $66,894,966,969 $4,974,550,286
1992 $59,167,550,163 $4,377,980,510
1991 $49,143,148,094 $3,787,394,958
1990 $44,024,585,240 $3,219,729,083
1989 $38,847,965,293 $3,546,472,566
1988 $35,272,109,220 $3,656,177,881
1987 $32,181,210,158 $3,143,851,794
1986 $27,734,111,400 $2,647,995,602
1985 $31,199,633,353 $2,423,339,172
1984 $33,942,897,422 $2,552,662,617
1983 $30,347,442,111 $2,562,351,551
1982 $26,804,493,635 $2,368,719,683
1981 $25,004,285,792 $2,498,190,847
1980 $24,488,224,677 $2,545,808,456
1979 $21,213,264,962 $2,293,760,511
1978 $16,358,079,862 $1,947,878,831
1977 $13,139,488,633 $1,640,746,619
1976 $11,050,234,599 $1,511,843,235
1975 $9,298,800,799 $1,356,603,608
1974 $9,496,204,302 $1,467,417,672
1973 $7,662,902,678 $1,299,079,410
1972 $5,043,347,250 $858,761,926
1971 $4,244,395,956 $717,750,278
1970 $3,864,145,667 $645,568,215
1969 $3,664,552,041 $551,263,864
1968 $3,330,371,551 $485,184,190
1967 $3,188,924,677 $441,728,183
1966 $3,143,517,944 $390,992,063
1965 $2,956,337,669 $344,176,055
1964 $2,674,423,922 $305,312,049
1963 $2,510,110,348 $275,968,044
1962 $2,001,489,602 $261,184,042
1961 $1,901,856,123 $244,832,039
1960 $1,916,229,477 $230,496,037

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

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

GDP per capita in Malaysia vs Papua New Guinea by year

Malaysia
GDP per capita

GDP per capita, PPP
Papua New Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Papua New Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,874 $38,779 $3,007 $4,875
2023 $11,386 $36,467 $2,966 $4,668
2022 $11,755 $34,420 $3,102 $4,420
2021 $10,903 $29,823 $2,608 $3,977
2020 $9,958 $27,475 $2,430 $3,900
2019 $10,920 $28,934 $2,576 $4,060
2018 $10,902 $27,794 $2,566 $3,910
2017 $9,863 $26,416 $2,478 $3,923
2016 $9,477 $25,286 $2,316 $3,813
2015 $9,649 $24,526 $2,485 $3,670
2014 $11,013 $24,307 $2,723 $3,500
2013 $10,714 $23,161 $2,561 $3,110
2012 $10,601 $22,639 $2,635 $3,026
2011 $10,217 $21,324 $2,288 $2,919
2010 $8,899 $20,193 $1,867 $2,912
2009 $7,191 $18,923 $1,569 $2,692
2008 $8,372 $19,480 $1,625 $2,583
2007 $7,169 $18,617 $1,371 $2,622
2006 $6,158 $17,426 $1,238 $2,444
2005 $5,556 $16,371 $744 $2,322
2004 $4,939 $15,416 $621 $2,187
2003 $4,465 $14,387 $577 $2,142
2002 $4,184 $13,656 $506 $2,125
2001 $3,944 $13,072 $538 $2,168
2000 $4,084 $13,027 $636 $2,196
1999 $3,528 $11,980 $650 $2,280
1998 $3,294 $11,398 $733 $2,285
1997 $4,679 $12,469 $990 $2,432
1996 $4,837 $11,709 $1,071 $2,578
1995 $4,363 $10,720 $998 $2,436
1994 $3,758 $9,806 $1,228 $2,558
1993 $3,462 $9,018 $1,151 $2,451
1992 $3,141 $8,224 $1,051 $2,100
1991 $2,679 $7,583 $942 $1,869
1990 $2,469 $6,887 $826 $1,703
1989 $2,244 - $934 -
1988 $2,100 - $985 -
1987 $1,977 - $865 -
1986 $1,760 - $745 -
1985 $2,046 - $697 -
1984 $2,300 - $750 -
1983 $2,124 - $769 -
1982 $1,938 - $726 -
1981 $1,866 - $781 -
1980 $1,886 - $813 -
1979 $1,680 - $748 -
1978 $1,327 - $648 -
1977 $1,092 - $558 -
1976 $940 - $525 -
1975 $811 - $482 -
1974 $848 - $533 -
1973 $701 - $483 -
1972 $472 - $327 -
1971 $407 - $279.7 -
1970 $380 - $257.6 -
1969 $368 - $225.3 -
1968 $342 - $202.9 -
1967 $335 - $189 -
1966 $339 - $171.1 -
1965 $326 - $153.9 -
1964 $303 - $139.5 -
1963 $291.8 - $128.9 -
1962 $238.8 - $124.7 -
1961 $232.9 - $119.7 -
1960 $240.8 - $115.5 -

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

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

Malaysia's GDP per capita is $11,874, ranking 79/197, compared to $3,007 in Papua New Guinea, ranking 140/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while Papua New Guinea ranks 159th at $4,875.

Economic indicators

Malaysia Papua New Guinea
Gross domestic product
$422B
2024
$31.8B
2024
GDP rank
38/197
2024
110/197
2024
GDP growth
5.11%
2023-2024
3.8%
2023-2024
GDP per capita
$11,874
2024
$3,007
2024
GDP per capita rank
79/197
2024
140/197
2024
GDP per capita, PPP
$38,779
2024
$4,875
2024
GDP per capita PPP rank
60/197
2024
159/197
2024
Government debt
$296B
2024
$16.6B
2024
Debt-to-GDP ratio
70.1%
2024
52.1%
2024
Government debt per person
$8,322
2024
$1,566
2024
Government debt per person rank
62/185
2024
129/185
2024
Average annual personal income after taxes
$11,005
2026
$2,362
2026
Market capitalization of domestic companies
$449B
2024
$1.68B
2017
Number of billionaires
19
2025
n/a
Income share by richest 10%
30.9%
2021
31%
2009
Income share by poorest 10%
2.3%
2021
1.9%
2009
Government expenditure, % of GDP
23.9%
2024
20.4%
2024
Consumer prices inflation
1.83%
2023-2024
0.6%
2023-2024
Central bank interest rate
2.75%
2025
5%
2025
Unemployment rate
3.93%
2022
2.69%
2022
Population
36512221
11002753

Spending and national debt comparison by year

Malaysia
Spending

Debt
Papua New Guinea
Spending

Debt
1x
Year % of GDP
Malaysia Papua New Guinea
Government spending Government debt Government spending Government debt
2024 23.9% 70.1% 20.4% 52.1%
2023 24.9% 69.7% 22.3% 53.9%
2022 24.6% 65.5% 21.9% 48.2%
2021 24.5% 69.2% 22% 52.6%
2020 25% 67.7% 23.5% 48.7%
2019 23.6% 57.1% 21.3% 38.2%
2018 22.8% 55.6% 20.3% 36.7%
2017 22% 54.4% 18.4% 32.5%
2016 22.9% 55.8% 20.9% 33.7%
2015 24.7% 57% 22.8% 29.9%
2014 26% 55.4% 27.1% 26.9%
2013 27.8% 55.7% 27.6% 24.9%
2012 28.5% 53.8% 22.4% 19.1%
2011 27.1% 51.9% 19.7% 16.3%
2010 26.6% 51.2% 18.4% 17.3%
2009 30.9% 50.4% 24.7% 21.7%
2008 26.9% 39.4% 19.8% 21.6%
2007 25.9% 39.3% 18% 22.2%
2006 25.6% 39.7% 19.4% 26%
2005 24.5% 40.8% 20.6% 31.6%
2004 25.9% 42% 19.4% 37.2%
2003 28.1% 41.4% 18.7% 40.4%
2002 27.1% 39.5% 20.8% 48.4%
2001 28.2% 38.1% 21.6% 47.7%
2000 25.6% 32.5% 20.5% 42.3%
1999 24.6% 34.4% 21.4% 41.8%
1998 23.1% 33.6% 20% 45.7%
1997 21.2% 29.6% 20.6% 43.9%
1996 22.4% 32.8% 17.6% 37.8%
1995 22.6% 38.2% 17.1% 36.6%
1994 23.3% 43.7% 19.3% 40.1%
1993 24.6% 51.1% 23.5% 30%
1992 28.2% 59.1% 22.8% 30.4%
1991 27.4% 67.3% 22.4% -
1990 30.5% 74.1% 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/malaysia/papua-new-guinea | CC BY

In 2024, Malaysia's government spending was $101B, accounting for 23.9% of its GDP, while Papua New Guinea spent $6.48B, or 20.4% of GDP.

Debt-to-GDP ratio is 70.1% in Malaysia and 52.1% in Papua New Guinea, ranking 58/185 and 100/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Papua New Guinea
1x
Year Deficit/surplus, % of GDP
Malaysia Papua New Guinea
2024 -3.95% -3.23%
2023 -3.97% -4.34%
2022 -4.56% -5.25%
2021 -6.03% -6.84%
2020 -4.9% -8.85%
2019 -2.01% -4.98%
2018 -2.64% -2.58%
2017 -2.41% -2.47%
2016 -2.6% -4.75%
2015 -2.55% -4.55%
2014 -2.63% -6.27%
2013 -3.48% -6.87%
2012 -3.1% -1.19%
2011 -3.57% 2.22%
2010 -4.32% 3.06%
2009 -5.88% -5.48%
2008 -3.4% 2.73%
2007 -2.57% 6.9%
2006 -2.6% 5.34%
2005 -2.83% 2.85%
2004 -3.35% 2.03%
2003 -4.6% 0.19%
2002 -3.96% -1.75%
2001 -4.36% -1.33%
2000 -6.05% 0.3%
1999 -3% -1.94%
1998 -0.63% -0.16%
1997 4.84% 0.67%
1996 3.27% 2.05%
1995 3.1% 1.08%
1994 5.45% -1.01%
1993 3.44% -4.9%
1992 1.81% -4.33%
1991 1.6% -0.62%
1990 0.15% -2.04%

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

GeoRank.org/economy/malaysia/papua-new-guinea | 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 Papua New Guinea's deficit of $1.03B, or 3.23% of GDP.

Over the past 35 years, Malaysia recorded a fiscal deficit in 27 of those years, while Papua New Guinea ran a deficit in 23 years. On average, Malaysia posted an annual deficit equal to 2.07% of GDP, compared to deficit of 1.61% of GDP for Papua New Guinea.

Inflation comparison by year

Inflation
Malaysia

Papua New Guinea
1x
Year Consumer prices inflation
Malaysia Papua New Guinea
2024 1.83% 0.6%
2023 2.49% 2.3%
2022 3.38% 5.25%
2021 2.48% 4.48%
2020 -1.14% 4.87%
2019 0.66% 3.93%
2018 0.88% 4.37%
2017 3.87% 5.42%
2016 2.09% 6.67%
2015 2.1% 6%
2014 3.14% 5.22%
2013 2.11% 4.96%
2012 1.66% 4.54%
2011 3.17% 4.44%
2010 1.62% 6.01%
2009 0.58% 6.92%
2008 5.44% 10.8%
2007 2.03% 0.91%
2006 3.61% 2.37%
2005 2.98% 1.78%
2004 1.42% 2.16%
2003 1.09% 14.7%
2002 1.81% 11.8%
2001 1.42% 9.3%
2000 1.53% 15.6%
1999 2.74% 14.9%
1998 5.27% 13.6%
1997 2.66% 3.96%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Malaysia has recorded an average annual inflation rate of 2.25%, compared with 6.35% in Papua New Guinea. In 2024, inflation was 1.83% in Malaysia and 0.6% in Papua New Guinea.

Top exports between countries

Malaysia
Export category Export value
Raw materials & minerals $148M
Machinery & equipment $85.7M
Processed food, beverages & tobacco $51.4M
Chemicals & pharma $34.1M
Metals $15.6M
Textiles & consumer goods $10.7M
Wood & paper products $3.97M
Miscellaneous $1.97M
Raw agricultural goods $836K
Precious metals & jewellery $220K
Papua New Guinea
Export category Export value
Processed food, beverages & tobacco $170M
Raw materials & minerals $28.6M
Chemicals & pharma $7.68M
Wood & paper products $4.44M
Metals $3.1M
Raw agricultural goods $2.38M
Machinery & equipment $1.82M
Miscellaneous $53K
Animal & marine products $47K
Textiles & consumer goods $18K

Balance of trade

Malaysia Papua New Guinea
Current account balance
$7.15B
2024
$4.77B
2024
Current account balance ranking
26/190
2024
33/190
2024
Current account balance, % of GDP
+1.69%
2024
+15%
2024
Goods imports
$223B
2024
$4.69B
2024
Goods exports
$248B
2024
$13.4B
2024
Service imports
$56.4B
2024
$2.4B
2024
Service exports
$53.4B
2024
$75.2M
2024
Imports of goods and services, % of GDP
66%
2024
58.9%
2004
Exports of goods and services, % of GDP
71.3%
2024
72.2%
2004

Economic freedom indices

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

Malaysia Papua New Guinea
Economic freedom 68 54.3
Economic freedom ranking 51/197 134/197
Property rights 62.7 45
Government integrity 52.9 30.8
Judicial effectiveness 63.4 41.1
Tax burden 83.5 70.9
Government spending 82 86.1
Fiscal health 62.5 65.3
Business freedom 79.6 34.2
Labor freedom 55.4 65.1
Monetary freedom 80.8 77.4
Trade freedom 83 80.2
Investment freedom 60 25
Financial freedom 50 30

Economic freedom comparison by year

Malaysia
Papua New Guinea
1x
Year Economic freedom index
Malaysia Papua New Guinea
2026 68 54.3
2025 67.1 52.5
2024 65.7 49.4
2023 67.3 51.7
2022 68.1 54.6
2021 74.4 58.9
2020 74.7 58.4
2019 74 58.4
2018 74.5 55.7
2017 73.8 50.9
2016 71.5 53.2
2015 70.8 53.1
2014 69.6 53.9
2013 66.1 53.6
2012 66.4 53.8
2011 66.3 52.6
2010 64.8 53.5
2009 64.6 54.8
2008 63.9 -
2007 63.8 -
2006 61.6 -
2005 61.9 -
2004 59.9 -
2003 61.1 -
2002 60.1 -
2001 60.2 57.2
2000 66 55.8
1999 68.9 56.3
1998 68.2 55.2
1997 66.8 56.7
1996 69.9 58.6
1995 71.9 -

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, 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

Malaysia Papua New Guinea
Services, % of GDP
53.7%
2024
41.5%
2024
Industry, % of GDP
37%
2024
37.2%
2024
Agriculture, forestry, and fishing, % of GDP
8.13%
2024
17.2%
2024
GNI, Atlas method
$414B
2024
$30.7B
2024
GNI per capita, PPP
$37,450
2024
$4,580
2024
Total reserves including gold
$116B
2024
$3.9B
2023
Total reserves ranking
24/177
2024
107/177
2023
Net foreign direct investment
-$2.55B
2024
$968M
2024
Net inflows of foreign direct investment
$15.6B
2024
-$198M
2024
Net outflows of foreign direct investment
$13B
2024
$770M
2024
Servicing debt to the IMF, % of GNI n/a
19.7%
2024
Poverty at national poverty lines
5.8%
2023
39.9%
2009
Gross capital formation, % of GDP
22%
2024
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/malaysia/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. TradeMap (2023–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, 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.