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Economy of Malaysia vs Rwanda compared: GDP & Debt

Updated on by Georank team

Malaysia has a GDP of $422B compared to $14.3B for Rwanda, ranking 38/197 and 144/197 by economy size, respectively.

Malaysia has $296B in government debt (70.1% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Malaysia vs Rwanda GDP by year

Malaysia
Rwanda
1x
Year GDP, current $
Malaysia Rwanda
2024 $422,227,005,429 $14,251,642,235
2023 $399,949,418,753 $14,331,722,703
2022 $407,830,525,990 $13,316,161,002
2021 $373,784,553,030 $11,078,787,090
2020 $337,456,163,961 $10,174,386,857
2019 $365,177,721,022 $10,349,300,277
2018 $358,788,845,713 $9,637,904,521
2017 $319,109,094,160 $9,252,833,891
2016 $301,256,033,870 $8,695,272,058
2015 $301,355,266,965 $8,543,760,200
2014 $338,066,095,097 $8,238,966,124
2013 $323,276,235,524 $7,819,964,030
2012 $314,443,047,642 $7,654,761,050
2011 $297,951,668,675 $6,884,913,658
2010 $255,017,638,456 $6,124,756,654
2009 $202,257,453,037 $5,674,476,969
2008 $230,811,614,370 $5,179,854,065
2007 $193,549,569,478 $4,070,507,895
2006 $162,692,258,307 $3,319,784,539
2005 $143,534,405,819 $2,933,819,766
2004 $124,749,473,684 $2,376,496,067
2003 $110,202,368,421 $2,138,237,279
2002 $100,845,526,316 $1,966,003,468
2001 $92,783,947,368 $1,966,600,715
2000 $93,789,736,842 $2,068,836,754
1999 $79,148,421,053 $2,157,108,263
1998 $72,167,498,981 $1,989,343,546
1997 $100,005,323,302 $1,851,558,197
1996 $100,855,393,910 $1,382,334,879
1995 $88,705,342,903 $1,293,535,193
1994 $74,478,356,958 $753,636,370
1993 $66,894,966,969 $1,971,525,712
1992 $59,167,550,163 $2,029,026,962
1991 $49,143,148,094 $1,911,600,237
1990 $44,024,585,240 $2,550,185,679
1989 $38,847,965,293 $2,405,022,593
1988 $35,272,109,220 $2,395,492,687
1987 $32,181,210,158 $2,157,432,668
1986 $27,734,111,400 $1,944,710,684
1985 $31,199,633,353 $1,715,626,331
1984 $33,942,897,422 $1,587,413,084
1983 $30,347,442,111 $1,479,687,587
1982 $26,804,493,635 $1,407,243,139
1981 $25,004,285,792 $1,407,062,527
1980 $24,488,224,677 $1,254,765,642
1979 $21,213,264,962 $1,109,346,131
1978 $16,358,079,862 $905,709,076
1977 $13,139,488,633 $746,650,613
1976 $11,050,234,599 $637,753,853
1975 $9,298,800,799 $571,863,500
1974 $9,496,204,302 $308,458,423
1973 $7,662,902,678 $290,746,157
1972 $5,043,347,250 $246,457,838
1971 $4,244,395,956 $222,952,504
1970 $3,864,145,667 $219,900,006
1969 $3,664,552,041 $188,700,037
1968 $3,330,371,551 $172,200,018
1967 $3,188,924,677 $159,560,018
1966 $3,143,517,944 $124,525,703
1965 $2,956,337,669 $148,799,980
1964 $2,674,423,922 $129,999,994
1963 $2,510,110,348 $128,000,000
1962 $2,001,489,602 $125,000,008
1961 $1,901,856,123 $122,000,016
1960 $1,916,229,477 $119,000,024

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

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

GDP per capita in Malaysia vs Rwanda by year

Malaysia
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,874 $38,779 $1,000 $3,711
2023 $11,386 $36,467 $1,027 $3,399
2022 $11,755 $34,420 $975 $3,099
2021 $10,903 $29,823 $830 $2,733
2020 $9,958 $27,475 $779 $2,285
2019 $10,920 $28,934 $810 $2,336
2018 $10,902 $27,794 $772 $2,125
2017 $9,863 $26,416 $758 $1,968
2016 $9,477 $25,286 $730 $1,866
2015 $9,649 $24,526 $734 $1,781
2014 $11,013 $24,307 $725 $1,678
2013 $10,714 $23,161 $705 $1,512
2012 $10,601 $22,639 $707 $1,455
2011 $10,217 $21,324 $651 $1,413
2010 $8,899 $20,193 $594 $1,314
2009 $7,191 $18,923 $564 $1,241
2008 $8,372 $19,480 $528 $1,191
2007 $7,169 $18,617 $426 $1,079
2006 $6,158 $17,426 $357 $1,002
2005 $5,556 $16,371 $324 $914
2004 $4,939 $15,416 $269.5 $832
2003 $4,465 $14,387 $249 $775
2002 $4,184 $13,656 $234 $760
2001 $3,944 $13,072 $237.3 $670
2000 $4,084 $13,027 $251.9 $609
1999 $3,528 $11,980 $264.7 $554
1998 $3,294 $11,398 $246.2 $528
1997 $4,679 $12,469 $238.7 $500
1996 $4,837 $11,709 $206 $499
1995 $4,363 $10,720 $228 $514
1994 $3,758 $9,806 $111 $311
1993 $3,462 $9,018 $247 $521
1992 $3,141 $8,224 $264.1 $575
1991 $2,679 $7,583 $254 $542
1990 $2,469 $6,887 $346 $549
1989 $2,244 - $335 -
1988 $2,100 - $344 -
1987 $1,977 - $320 -
1986 $1,760 - $297.7 -
1985 $2,046 - $271.6 -
1984 $2,300 - $259.9 -
1983 $2,124 - $250.6 -
1982 $1,938 - $246.4 -
1981 $1,866 - $254.6 -
1980 $1,886 - $234.4 -
1979 $1,680 - $213.8 -
1978 $1,327 - $179.9 -
1977 $1,092 - $152.7 -
1976 $940 - $134.4 -
1975 $811 - $124.1 -
1974 $848 - $68.9 -
1973 $701 - $66.9 -
1972 $472 - $58.4 -
1971 $407 - $54.4 -
1970 $380 - $55.2 -
1969 $368 - $48.9 -
1968 $342 - $46 -
1967 $335 - $44 -
1966 $339 - $35.4 -
1965 $326 - $43.5 -
1964 $303 - $39 -
1963 $291.8 - $39.3 -
1962 $238.8 - $39.2 -
1961 $232.9 - $39.3 -
1960 $240.8 - $39.4 -

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

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

Malaysia's GDP per capita is $11,874, ranking 79/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while Rwanda ranks 168th at $3,711.

Economic indicators

Malaysia Rwanda
Gross domestic product
$422B
2024
$14.3B
2024
GDP rank
38/197
2024
144/197
2024
GDP growth
5.11%
2023-2024
8.89%
2023-2024
GDP per capita
$11,874
2024
$1,000
2024
GDP per capita rank
79/197
2024
178/197
2024
GDP per capita, PPP
$38,779
2024
$3,711
2024
GDP per capita PPP rank
60/197
2024
168/197
2024
Government debt
$296B
2024
$9.58B
2024
Debt-to-GDP ratio
70.1%
2024
67.2%
2024
Government debt per person
$8,322
2024
$672
2024
Government debt per person rank
62/185
2024
157/185
2024
Average annual personal income after taxes
$11,005
2026
$2,194
2026
Market capitalization of domestic companies
$449B
2024
$2.75B
2024
Number of billionaires
19
2025
n/a
Income share by richest 10%
30.9%
2021
33.4%
2023
Income share by poorest 10%
2.3%
2021
3.1%
2023
Government expenditure, % of GDP
23.9%
2024
28.8%
2024
Consumer prices inflation
1.83%
2023-2024
1.77%
2023-2024
Central bank interest rate
2.75%
2025
6.75%
2025
Unemployment rate
3.93%
2022
11.3%
2024
Population
36512221
14975051

Spending and national debt comparison by year

Malaysia
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Malaysia Rwanda
Government spending Government debt Government spending Government debt
2024 23.9% 70.1% 28.8% 67.2%
2023 24.9% 69.7% 27% 63.4%
2022 24.6% 65.5% 29.7% 60.9%
2021 24.5% 69.2% 31.6% 67.3%
2020 25% 67.7% 33.5% 68.7%
2019 23.6% 57.1% 28.2% 53.6%
2018 22.8% 55.6% 26.4% 49.2%
2017 22% 54.4% 25.1% 45.6%
2016 22.9% 55.8% 25.1% 41.1%
2015 24.7% 57% 26.6% 33.1%
2014 26% 55.4% 27.5% 29.1%
2013 27.8% 55.7% 26.2% 26.7%
2012 28.5% 53.8% 24.6% 19.1%
2011 27.1% 51.9% 24.7% 18.7%
2010 26.6% 51.2% 23.8% 18.8%
2009 30.9% 50.4% 22.3% 18.5%
2008 26.9% 39.4% 22.5% 18.3%
2007 25.9% 39.3% 22.4% 22.1%
2006 25.6% 39.7% 20.6% 22.5%
2005 24.5% 40.8% 19.9% 58.9%
2004 25.9% 42% 17.9% 80.9%
2003 28.1% 41.4% 18.5% 79.5%
2002 27.1% 39.5% 20.5% 92%
2001 28.2% 38.1% 19.1% 84%
2000 25.6% 32.5% 18.2% 86%
1999 24.6% 34.4% 22.4% 78.4%
1998 23.1% 33.6% 16.4% 70.1%
1997 21.2% 29.6% 17% 72.2%
1996 22.4% 32.8% 19.5% 83.4%
1995 22.6% 38.2% 18% 100.8%
1994 23.3% 43.7% 13.3% -
1993 24.6% 51.1% 20.3% -
1992 28.2% 59.1% 21.5% -
1991 27.4% 67.3% - -
1990 30.5% 74.1% - -

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

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

In 2024, Malaysia's government spending was $101B, accounting for 23.9% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 70.1% in Malaysia and 67.2% in Rwanda, ranking 58/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Rwanda
1x
Year Deficit/surplus, % of GDP
Malaysia Rwanda
2024 -3.95% -6.57%
2023 -3.97% -5.04%
2022 -4.56% -5.74%
2021 -6.03% -7%
2020 -4.9% -9.54%
2019 -2.01% -5.08%
2018 -2.64% -2.57%
2017 -2.41% -2.52%
2016 -2.6% -2.27%
2015 -2.55% -2.68%
2014 -2.63% -3.92%
2013 -3.48% -1.27%
2012 -3.1% -2.38%
2011 -3.57% -0.86%
2010 -4.32% -0.64%
2009 -5.88% 0.26%
2008 -3.4% 0.83%
2007 -2.57% -1.56%
2006 -2.6% -0.03%
2005 -2.83% 1.12%
2004 -3.35% 2.27%
2003 -4.6% -1.23%
2002 -3.96% -2.03%
2001 -4.36% -1.8%
2000 -6.05% -0.22%
1999 -3% -4.41%
1998 -0.63% -2.59%
1997 4.84% -2.22%
1996 3.27% -5.01%
1995 3.1% -2.04%
1994 5.45% -9.54%
1993 3.44% -6.6%
1992 1.81% -7.21%
1991 1.6% -
1990 0.15% -

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

GeoRank.org/economy/malaysia/rwanda | 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 Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Malaysia recorded a fiscal deficit in 27 of those years, while Rwanda ran a deficit in 29 years. On average, Malaysia posted an annual deficit equal to 2.24% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Malaysia

Rwanda
1x
Year Consumer prices inflation
Malaysia Rwanda
2024 1.83% 1.77%
2023 2.49% 19.8%
2022 3.38% 17.7%
2021 2.48% -0.39%
2020 -1.14% 9.85%
2019 0.66% 3.35%
2018 0.88% -0.31%
2017 3.87% 8.28%
2016 2.09% 7.17%
2015 2.1% 2.53%
2014 3.14% 2.35%
2013 2.11% 5.92%
2012 1.66% 10.3%
2011 3.17% 3.08%
2010 1.62% -0.25%
2009 0.58% 12.9%
2008 5.44% 15.4%
2007 2.03% 9.08%
2006 3.61% 8.88%
2005 2.98% 9.01%
2004 1.42% 12.3%
2003 1.09% 7.45%
2002 1.81% 1.99%
2001 1.42% 3.34%
2000 1.53% 3.9%
1999 2.74% -2.41%
1998 5.27% 6.21%
1997 2.66% 12%

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

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

Over the past 28 years, Malaysia has recorded an average annual inflation rate of 2.25%, compared with 6.83% in Rwanda. In 2024, inflation was 1.83% in Malaysia and 1.77% in Rwanda.

Top exports between countries

Malaysia
Export category Export value
Machinery & equipment $2.35M
Processed food, beverages & tobacco $820K
Wood & paper products $685K
Raw materials & minerals $372K
Chemicals & pharma $243K
Animal & marine products $90K
Textiles & consumer goods $24K
Raw agricultural goods $9K
Metals $8K
Miscellaneous $1K
Rwanda
Export category Export value
Raw materials & minerals $4.84M
Raw agricultural goods $1.17M
Textiles & consumer goods $11K
Miscellaneous $4K
Chemicals & pharma $1K
Wood & paper products $1K

Balance of trade

Malaysia Rwanda
Current account balance
$7.15B
2024
-$1.81B
2024
Current account balance ranking
26/190
2024
140/190
2024
Current account balance, % of GDP
+1.69%
2024
-12.7%
2024
Goods imports
$223B
2024
$5.55B
2024
Goods exports
$248B
2024
$3.2B
2024
Service imports
$56.4B
2024
$991M
2024
Service exports
$53.4B
2024
$1.08B
2024
Imports of goods and services, % of GDP
66%
2024
39.1%
2024
Exports of goods and services, % of GDP
71.3%
2024
30.8%
2024

Economic freedom indices

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

Malaysia Rwanda
Economic freedom 68 56.5
Economic freedom ranking 51/197 121/197
Property rights 62.7 60.3
Government integrity 52.9 53.9
Judicial effectiveness 63.4 27.5
Tax burden 83.5 80.6
Government spending 82 75.7
Fiscal health 62.5 37.5
Business freedom 79.6 60.1
Labor freedom 55.4 49.1
Monetary freedom 80.8 72.3
Trade freedom 83 61.8
Investment freedom 60 60
Financial freedom 50 40

Economic freedom comparison by year

Malaysia
Rwanda
1x
Year Economic freedom index
Malaysia Rwanda
2026 68 56.5
2025 67.1 54.8
2024 65.7 51.6
2023 67.3 52.2
2022 68.1 57.1
2021 74.4 68.3
2020 74.7 70.9
2019 74 71.1
2018 74.5 69.1
2017 73.8 67.6
2016 71.5 63.1
2015 70.8 64.8
2014 69.6 64.7
2013 66.1 64.1
2012 66.4 64.9
2011 66.3 62.7
2010 64.8 59.1
2009 64.6 54.2
2008 63.9 54.2
2007 63.8 52.4
2006 61.6 52.8
2005 61.9 51.7
2004 59.9 53.3
2003 61.1 47.8
2002 60.1 50.4
2001 60.2 45.4
2000 66 42.3
1999 68.9 39.8
1998 68.2 39.1
1997 66.8 38.3
1996 69.9 -
1995 71.9 -

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malaysia Rwanda
Services, % of GDP
53.7%
2024
47.6%
2024
Industry, % of GDP
37%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
8.13%
2024
24.6%
2024
GNI, Atlas method
$414B
2024
$14.8B
2024
GNI per capita, PPP
$37,450
2024
$3,620
2024
Total reserves including gold
$116B
2024
$2.41B
2024
Total reserves ranking
24/177
2024
123/177
2024
Net foreign direct investment
-$2.55B
2024
-$560M
2024
Net inflows of foreign direct investment
$15.6B
2024
$573M
2024
Net outflows of foreign direct investment
$13B
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI n/a
3.09%
2024
Poverty at national poverty lines
5.8%
2023
27.4%
2023
Gross capital formation, % of GDP
22%
2024
25.9%
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/rwanda | 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 (2020–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.