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Economy of Malaysia vs Switzerland compared: GDP & Debt

Updated on by Georank team

Malaysia has a GDP of $422B compared to $937B for Switzerland, ranking 38/197 and 20/197 by economy size, respectively.

Malaysia has $296B in government debt (70.1% of GDP), compared to $351B (37.5% of GDP) in Switzerland.

Malaysia vs Switzerland GDP by year

Malaysia
Switzerland
1x
Year GDP, current $
Malaysia Switzerland
2024 $422,227,005,429 $936,564,198,049
2023 $399,949,418,753 $894,424,821,645
2022 $407,830,525,990 $828,508,926,958
2021 $373,784,553,030 $815,309,330,987
2020 $337,456,163,961 $741,999,406,006
2019 $365,177,721,022 $721,369,112,727
2018 $358,788,845,713 $725,568,717,468
2017 $319,109,094,160 $695,200,833,086
2016 $301,256,033,870 $687,895,460,903
2015 $301,355,266,965 $694,118,186,380
2014 $338,066,095,097 $726,537,808,338
2013 $323,276,235,524 $706,234,937,371
2012 $314,443,047,642 $686,420,221,558
2011 $297,951,668,675 $715,888,126,682
2010 $255,017,638,456 $598,851,028,907
2009 $202,257,453,037 $554,212,916,092
2008 $230,811,614,370 $567,267,767,519
2007 $193,549,569,478 $490,740,715,595
2006 $162,692,258,307 $441,634,672,197
2005 $143,534,405,819 $418,284,865,885
2004 $124,749,473,684 $403,912,891,033
2003 $110,202,368,421 $362,075,086,508
2002 $100,845,526,316 $309,301,422,430
2001 $92,783,947,368 $286,582,672,434
2000 $93,789,736,842 $279,216,033,870
1999 $79,148,421,053 $297,873,643,323
1998 $72,167,498,981 $303,459,014,347
1997 $100,005,323,302 $294,788,198,856
1996 $100,855,393,910 $340,103,959,547
1995 $88,705,342,903 $352,835,806,342
1994 $74,478,356,958 $301,375,055,202
1993 $66,894,966,969 $272,237,527,071
1992 $59,167,550,163 $279,921,425,828
1991 $49,143,148,094 $268,901,693,863
1990 $44,024,585,240 $265,763,573,999
1989 $38,847,965,293 $208,105,846,934
1988 $35,272,109,220 $215,540,625,299
1987 $32,181,210,158 $199,236,370,038
1986 $27,734,111,400 $159,089,921,063
1985 $31,199,633,353 $110,980,314,192
1984 $33,942,897,422 $109,455,312,168
1983 $30,347,442,111 $114,634,358,535
1982 $26,804,493,635 $115,043,365,512
1981 $25,004,285,792 $112,244,805,519
1980 $24,488,224,677 $122,557,843,886
1979 $21,213,264,962 $114,970,094,425
1978 $16,358,079,862 $102,280,472,036
1977 $13,139,488,633 $73,135,771,167
1976 $11,050,234,599 $68,476,524,644
1975 $9,298,800,799 $65,466,081,819
1974 $9,496,204,302 $57,103,011,446
1973 $7,662,902,678 $49,550,006,320
1972 $5,043,347,250 $36,844,318,854
1971 $4,244,395,956 $30,040,171,751
1970 $3,864,145,667 $24,998,066,773
1969 $3,664,552,041 $22,442,043,274
1968 $3,330,371,551 $20,712,102,794
1967 $3,188,924,677 $19,397,044,714
1966 $3,143,517,944 $18,019,402,374
1965 $2,956,337,669 $16,780,226,225
1964 $2,674,423,922 $15,833,133,858
1963 $2,510,110,348 $14,283,872,299
1962 $2,001,489,602 $12,989,649,694
1961 $1,901,856,123 $11,713,348,834
1960 $1,916,229,477 $10,412,232,621

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

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

GDP per capita in Malaysia vs Switzerland by year

Malaysia
GDP per capita

GDP per capita, PPP
Switzerland
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Switzerland
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,874 $38,779 $103,998 $96,498
2023 $11,386 $36,467 $100,624 $95,142
2022 $11,755 $34,420 $94,395 $94,421
2021 $10,903 $29,823 $93,665 $81,001
2020 $9,958 $27,475 $85,898 $72,998
2019 $10,920 $28,934 $84,122 $73,732
2018 $10,902 $27,794 $85,217 $70,689
2017 $9,863 $26,416 $82,254 $68,194
2016 $9,477 $25,286 $82,153 $67,351
2015 $9,649 $24,526 $83,806 $65,265
2014 $11,013 $24,307 $88,725 $63,417
2013 $10,714 $23,161 $87,304 $61,656
2012 $10,601 $22,639 $85,836 $59,441
2011 $10,217 $21,324 $90,477 $57,494
2010 $8,899 $20,193 $76,531 $54,426
2009 $7,191 $18,923 $71,568 $52,999
2008 $8,372 $19,480 $74,175 $53,809
2007 $7,169 $18,617 $64,989 $50,928
2006 $6,158 $17,426 $59,011 $46,266
2005 $5,556 $16,371 $56,243 $41,525
2004 $4,939 $15,416 $54,659 $40,171
2003 $4,465 $14,387 $49,336 $38,732
2002 $4,184 $13,656 $42,459 $38,705
2001 $3,944 $13,072 $39,639 $37,819
2000 $4,084 $13,027 $38,865 $36,703
1999 $3,528 $11,980 $41,696 $34,743
1998 $3,294 $11,398 $42,681 $33,860
1997 $4,679 $12,469 $41,584 $32,736
1996 $4,837 $11,709 $48,093 $31,509
1995 $4,363 $10,720 $50,114 $30,842
1994 $3,758 $9,806 $43,092 $30,265
1993 $3,462 $9,018 $39,237 $29,495
1992 $3,141 $8,224 $40,714 $29,113
1991 $2,679 $7,583 $39,544 $28,792
1990 $2,469 $6,887 $39,575 $28,461
1989 $2,244 - $31,309 -
1988 $2,100 - $32,690 -
1987 $1,977 - $30,441 -
1986 $1,760 - $24,460 -
1985 $2,046 - $17,152 -
1984 $2,300 - $16,991 -
1983 $2,124 - $17,859 -
1982 $1,938 - $18,000 -
1981 $1,866 - $17,665 -
1980 $1,886 - $19,394 -
1979 $1,680 - $18,266 -
1978 $1,327 - $16,282 -
1977 $1,092 - $11,644 -
1976 $940 - $10,865 -
1975 $811 - $10,328 -
1974 $848 - $9,005 -
1973 $701 - $7,856 -
1972 $472 - $5,885 -
1971 $407 - $4,835 -
1970 $380 - $4,044 -
1969 $368 - $3,657 -
1968 $342 - $3,413 -
1967 $335 - $3,237 -
1966 $339 - $3,045 -
1965 $326 - $2,865 -
1964 $303 - $2,735 -
1963 $291.8 - $2,508 -
1962 $238.8 - $2,330 -
1961 $232.9 - $2,155 -
1960 $240.8 - $1,954 -

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

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

Malaysia's GDP per capita is $11,874, ranking 79/197, compared to $103,998 in Switzerland, ranking 5/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while Switzerland ranks 8th at $96,498.

Economic indicators

Malaysia Switzerland
Gross domestic product
$422B
2024
$937B
2024
GDP rank
38/197
2024
20/197
2024
GDP growth
5.11%
2023-2024
1.3%
2023-2024
GDP per capita
$11,874
2024
$103,998
2024
GDP per capita rank
79/197
2024
5/197
2024
GDP per capita, PPP
$38,779
2024
$96,498
2024
GDP per capita PPP rank
60/197
2024
8/197
2024
Government debt
$296B
2024
$351B
2024
Debt-to-GDP ratio
70.1%
2024
37.5%
2024
Government debt per person
$8,322
2024
$39,021
2024
Government debt per person rank
62/185
2024
15/185
2024
Average annual personal income after taxes
$11,005
2026
$85,867
2026
Market capitalization of domestic companies
$449B
2024
$1.97T
2024
Number of millionaires n/a
1,119,000
2025
Number of billionaires
19
2025
42
2025
Income share by richest 10%
30.9%
2021
26.6%
2022
Income share by poorest 10%
2.3%
2021
2.9%
2022
Government expenditure, % of GDP
23.9%
2024
31.9%
2024
Consumer prices inflation
1.83%
2023-2024
1.06%
2023-2024
Central bank interest rate
2.75%
2025
0%
2025
Unemployment rate
3.93%
2022
4.34%
2024
Population
36512221
9107866

Spending and national debt comparison by year

Malaysia
Spending

Debt
Switzerland
Spending

Debt
1x
Year % of GDP
Malaysia Switzerland
Government spending Government debt Government spending Government debt
2024 23.9% 70.1% 31.9% 37.5%
2023 24.9% 69.7% 32.1% 38.7%
2022 24.6% 65.5% 31.6% 37.2%
2021 24.5% 69.2% 34.4% 41%
2020 25% 67.7% 37% 43.2%
2019 23.6% 57.1% 32% 39.6%
2018 22.8% 55.6% 31.7% 39.8%
2017 22% 54.4% 32.4% 41.8%
2016 22.9% 55.8% 32.4% 40.9%
2015 24.7% 57% 32.5% 42.2%
2014 26% 55.4% 32.2% 42.1%
2013 27.8% 55.7% 32.5% 41.9%
2012 28.5% 53.8% 31.7% 42.6%
2011 27.1% 51.9% 31.4% 41.9%
2010 26.6% 51.2% 31.4% 41.5%
2009 30.9% 50.4% 31.8% 43.1%
2008 26.9% 39.4% 30% 44.8%
2007 25.9% 39.3% 29.4% 44.8%
2006 25.6% 39.7% 30.5% 48.5%
2005 24.5% 40.8% 32.4% 54.9%
2004 25.9% 42% 33.1% 57.8%
2003 28.1% 41.4% 33.2% 56.9%
2002 27.1% 39.5% 34.1% 57.7%
2001 28.2% 38.1% 31.6% 51.1%
2000 25.6% 32.5% 32.2% 52.2%
1999 24.6% 34.4% 33.2% 52.7%
1998 23.1% 33.6% 32.7% 55.9%
1997 21.2% 29.6% 32.9% 53.7%
1996 22.4% 32.8% 33% 51.3%
1995 22.6% 38.2% 32.4% 50%
1994 23.3% 43.7% 32.5% 47.1%
1993 24.6% 51.1% 32.5% 44.4%
1992 28.2% 59.1% 31.3% 39.5%
1991 27.4% 67.3% 29.5% 35.1%
1990 30.5% 74.1% 27.6% 33.3%
1989 - - 30% 32.5%
1988 - - 30.3% 35%
1987 - - 29.8% 36.5%
1986 - - 29.8% 37.6%
1985 - - 30.1% 39.1%
1984 - - 30.4% 39.8%
1983 - - 31.2% 40.2%
1982 - - 30.5% 40%
1981 - - 29.4% 40.8%
1980 - - 29.9% 43.9%
1979 - - 30.5% 44.6%
1978 - - 30.4% 46.6%
1977 - - 31% 46.9%
1976 - - 31.6% 46.7%
1975 - - 29.3% 42.3%
1974 - - 27.5% 38.4%
1973 - - 26.5% 37%
1972 - - 25.7% 38%
1971 - - 25.4% 38.7%
1970 - - 25.8% 38.9%
1969 - - 9.45% 7.08%
1968 - - 8.87% 6.99%
1967 - - 8.68% 7.26%
1966 - - 8.95% 7.62%
1965 - - 8.33% 8.28%
1964 - - 8.85% 9.43%
1963 - - 8.2% 10.8%
1962 - - 8.1% 12%
1961 - - 7.97% 14%
1960 - - 7.11% 16.2%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-02-20).

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

In 2024, Malaysia's government spending was $101B, accounting for 23.9% of its GDP, while Switzerland spent $299B, or 31.9% of GDP.

Debt-to-GDP ratio is 70.1% in Malaysia and 37.5% in Switzerland, ranking 58/185 and 141/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Switzerland
1x
Year Deficit/surplus, % of GDP
Malaysia Switzerland
2024 -3.95% 0.58%
2023 -3.97% 0.12%
2022 -4.56% 1.19%
2021 -6.03% -0.29%
2020 -4.9% -3.01%
2019 -2.01% 1.34%
2018 -2.64% 1.29%
2017 -2.41% 1.13%
2016 -2.6% 0.24%
2015 -2.55% 0.55%
2014 -2.63% -0.25%
2013 -3.48% -0.43%
2012 -3.1% 0.24%
2011 -3.57% 0.68%
2010 -4.32% 0.35%
2009 -5.88% 0.5%
2008 -3.4% 1.93%
2007 -2.57% 1.57%
2006 -2.6% 0.85%
2005 -2.83% -0.65%
2004 -3.35% -1.39%
2003 -4.6% -1.36%
2002 -3.96% -1.75%
2001 -4.36% 0.21%
2000 -6.05% 0.28%
1999 -3% -1.57%
1998 -0.63% -1.31%
1997 4.84% -2.33%
1996 3.27% -2.01%
1995 3.1% -1.86%
1994 5.45% -2.59%
1993 3.44% -3.15%
1992 1.81% -2.96%
1991 1.6% -1.85%
1990 0.15% -0.05%
1989 - 0.2%
1988 - 0.42%
1987 - 0.78%
1986 - 0.93%
1985 - -0.25%
1984 - -0.52%
1983 - -1.23%
1982 - -1.21%
1981 - -0.54%
1980 - -1.34%
1979 - -1.79%
1978 - -1.12%
1977 - -1.64%
1976 - -1.89%
1975 - -0.93%
1974 - -1.01%
1973 - -0.93%
1972 - -1.39%
1971 - -1.41%
1970 - -1.44%
1969 - -0.98%
1968 - -0.73%
1967 - -1.07%
1966 - -0.87%
1965 - 0.05%
1964 - 0.77%
1963 - 0.25%
1962 - 0.95%
1961 - 0.34%
1960 - 1.95%
1959 - 0.72%
1958 - 0.59%
1957 - 0.66%
1956 - 2.24%
1955 - 1.1%
1954 - 1.44%
1953 - 0.38%
1952 - -1.17%
1951 - -0.36%
1950 - 1.49%
1949 - 0.04%
1948 - 1.37%
1947 - 1.27%
1946 - 0.52%
1945 - -7.57%
1944 - -9.37%
1943 - -8.55%
1942 - -7.28%
1941 - -8.78%
1940 - -10%
1939 - -5.05%
1938 - -1.53%
1937 - -0.17%
1936 - -0.33%
1935 - -0.23%
1934 - -0.33%
1933 - -0.88%
1932 - -0.3%
1931 - 0.03%
1930 - 0.07%
1929 - 0.22%
1928 - -
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -0.12%
1912 - 0.03%
1911 - -0.006%
1910 - -0.14%
1909 - -0.78%
1908 - -0.1%
1907 - -0.02%
1906 - 0.15%
1905 - 0.41%
1904 - 0.002%
1903 - 0.09%
1902 - 0.02%
1901 - -0.14%
1900 - -0.07%
1899 - 0.1%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1899–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/malaysia/switzerland | 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 Switzerland's surplus of $5.4B, or 0.58% of GDP.

Over the past 35 years, Malaysia recorded a fiscal deficit in 27 of those years, while Switzerland ran a deficit in 18 years. On average, Malaysia posted an annual deficit equal to 2.07% of GDP, compared to deficit of 0.45% of GDP for Switzerland.

Inflation comparison by year

Inflation
Malaysia

Switzerland
1x
Year Consumer prices inflation
Malaysia Switzerland
2024 1.83% 1.06%
2023 2.49% 2.14%
2022 3.38% 2.84%
2021 2.48% 0.58%
2020 -1.14% -0.73%
2019 0.66% 0.36%
2018 0.88% 0.94%
2017 3.87% 0.53%
2016 2.09% -0.43%
2015 2.1% -1.14%
2014 3.14% -0.01%
2013 2.11% -0.22%
2012 1.66% -0.69%
2011 3.17% 0.23%
2010 1.62% 0.69%
2009 0.58% -0.48%
2008 5.44% 2.43%
2007 2.03% 0.73%
2006 3.61% 1.06%
2005 2.98% 1.17%
2004 1.42% 0.8%
2003 1.09% 0.64%
2002 1.81% 0.64%
2001 1.42% 0.99%
2000 1.53% 1.56%
1999 2.74% 0.81%
1998 5.27% 0.02%
1997 2.66% 0.52%

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

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

Over the past 28 years, Malaysia has recorded an average annual inflation rate of 2.25%, compared with 0.61% in Switzerland. In 2024, inflation was 1.83% in Malaysia and 1.06% in Switzerland.

Top exports between countries

Malaysia
Export category Export value
Precious metals & jewellery $284M
Machinery & equipment $259M
Raw materials & minerals $93.7M
Textiles & consumer goods $12.3M
Metals $8.75M
Chemicals & pharma $3.41M
Wood & paper products $2.49M
Processed food, beverages & tobacco $1.22M
Miscellaneous $525K
Animal & marine products $243K
Switzerland
Export category Export value
Precious metals & jewellery $866M
Machinery & equipment $434M
IT & IP services $378M
Chemicals & pharma $283M
Transport & tourism services $51.4M
Business & finance services $39.4M
Textiles & consumer goods $18M
Metals $14.3M
Processed food, beverages & tobacco $14M
Wood & paper products $13.3M

Balance of trade

Malaysia Switzerland
Current account balance
$7.15B
2024
$72B
2024
Current account balance ranking
26/190
2024
10/190
2024
Current account balance, % of GDP
+1.69%
2024
+7.69%
2024
Goods imports
$223B
2024
$371B
2024
Goods exports
$248B
2024
$502B
2024
Service imports
$56.4B
2024
$203B
2024
Service exports
$53.4B
2024
$186B
2024
Imports of goods and services, % of GDP
66%
2024
61.9%
2024
Exports of goods and services, % of GDP
71.3%
2024
72.2%
2024

Economic freedom indices

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

Malaysia Switzerland
Economic freedom 68 83.7
Economic freedom ranking 51/197 2/197
Property rights 62.7 94.4
Government integrity 52.9 93.3
Judicial effectiveness 63.4 98.3
Tax burden 83.5 70.9
Government spending 82 69.5
Fiscal health 62.5 97.2
Business freedom 79.6 86.3
Labor freedom 55.4 60
Monetary freedom 80.8 82.3
Trade freedom 83 87
Investment freedom 60 85
Financial freedom 50 80

Economic freedom comparison by year

Malaysia
Switzerland
1x
Year Economic freedom index
Malaysia Switzerland
2026 68 83.7
2025 67.1 83.7
2024 65.7 83
2023 67.3 83.8
2022 68.1 84.2
2021 74.4 81.9
2020 74.7 82
2019 74 81.9
2018 74.5 81.7
2017 73.8 81.5
2016 71.5 81
2015 70.8 80.5
2014 69.6 81.6
2013 66.1 81
2012 66.4 81.1
2011 66.3 81.9
2010 64.8 81.1
2009 64.6 79.4
2008 63.9 79.5
2007 63.8 78
2006 61.6 78.9
2005 61.9 79.3
2004 59.9 79.5
2003 61.1 79
2002 60.1 79.3
2001 60.2 76
2000 66 76.8
1999 68.9 79.1
1998 68.2 79
1997 66.8 78.6
1996 69.9 76.8
1995 71.9 -

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, compared to 83.7 for Switzerland, ranking 2/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malaysia Switzerland
Services, % of GDP
53.7%
2024
72%
2024
Industry, % of GDP
37%
2024
24.7%
2024
Agriculture, forestry, and fishing, % of GDP
8.13%
2024
0.63%
2024
GNI, Atlas method
$414B
2024
$857B
2024
GNI per capita, PPP
$37,450
2024
$93,420
2024
Total reserves including gold
$116B
2024
$909B
2024
Total reserves ranking
24/177
2024
4/177
2024
Net foreign direct investment
-$2.55B
2024
$59.7B
2024
Net inflows of foreign direct investment
$15.6B
2024
-$108B
2024
Net outflows of foreign direct investment
$13B
2024
-$27.9B
2024
Poverty at national poverty lines
5.8%
2023
15.8%
2021
Gross capital formation, % of GDP
22%
2024
27%
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/switzerland | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1899–1989, 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. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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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.

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.