The Asian economy is one of the fastest-growing and most dynamic in the world. While some countries in Asia, like Japan and South Korea, have been on the map for quite some time now, other countries are just starting to make their mark on the global stage. This article will take a look at some of the largest and/or most dynamic economies in Asia right now so that you can get an idea of where each country stands when it comes to economic success.
China is the world’s second-largest economy by nominal GDP and largest by purchasing power parity. It is also the world’s largest exporter, second-largest importer and second-largest manufacturer. China is the worlds largest trading nation with $3 trillion in exports to other countries in 2013.
China has been among the fastest growing economies since 1978 when it began its economic reforms under Deng Xiaoping’s leadership after decades of central planning left the country with little growth and lots of poverty. Today, China continues its rapid development as it became one of only 3 countries (along with US & Japan) whose real GDP reached over $10 trillion in 2010.
Japan is the world’s third largest economy and second largest importer, so it shouldn’t come as a surprise that it has an impressive GDP per capita of $44,100. Japan also ranks high in terms of life expectancy—the average Japanese can expect to live to 82 years old. The nation is one of the top producers in technology and manufacturing, making it an ideal place for international businesses looking to expand their reach into Asia.
Japan has been named number one on several Forbes lists including best country for business, most innovative economy and most powerful country overall (despite its recent economic woes). It’s no wonder why many economists believe that this island nation will be able to bounce back from its current recession faster than other countries around the world
India is the seventh largest economy in the world and its GDP stands at $2.7 trillion. India’s economic growth rate, however, has been falling for several years now due to factors like declining exports and rising oil prices. In 2018 alone, it was down to 7.2%.
Although India’s economic growth has been slowing down in recent years, it still has plenty of room to grow compared with other Asian countries—and its potential is enormous: according to some estimates, India’s GDP could be as high as $6 trillion by 2025!
South Korea’s economy ranks as the world’s 15th largest and its GDP is $1.4 trillion, making it one of the top 10 economies in Asia. South Korea is also a major exporter, with a trade surplus of over $71 billion in 2018. In fact, South Korea was Asia’s eighth-largest exporter and tenth-largest importer that year.
Singapore is the only Asian country to make the top 10. The city-state has many strengths, including being the world’s second-largest foreign exchange center, second-largest container port and second largest oil refining center. Singapore also has a high per capita income, which means its citizens are better off than people living in many other countries in Asia.
Singapore’s major weaknesses include its lack of natural resources and small size. This means it must import most of its raw materials and food, which can lead to higher prices for consumers as well as increased reliance on other countries for basic necessities like water or electricity production that would normally be available locally if they were self-sufficient (like large countries such as China).
Indonesia is the fourth-largest economy in Asia, with a GDP of $856 billion. It’s also Southeast Asia’s largest economy, with a population exceeding 260 million and an annual GDP growth rate of 5.1 percent (as of 2019). Indonesia has experienced rapid economic expansion since the late 1990s, though its growth rate has slowed in recent years it is expected to rebound.
Take another look at the largest economies in Asia
- China. The world’s second-largest economy, China is home to 1.4 billion people and it is the largest exporter of goods on the planet. It’s been growing at an average rate of 6% per year since 1989, making it a major power player in the international marketplace.
- Japan. With a population of nearly 128 million people, Japan has built its economy around manufacturing, technology and automotive industries. You may also be surprised to learn that it houses one of the most expensive cities in Asia: Tokyo!
- India. With over 1 billion people living there, India has long been considered an emerging market for global investors looking for growth opportunities outside of Europe or North America—and with good reason: The country boasts a vibrant service industry (like IT) as well as strong agricultural exports that require heavy machinery like tractors or combines when harvesting crops during certain times throughout each year (such as harvest season).
- Of course Vietnam, Hong Kong, The Philippines, Taiwan and others could be on this list. All have their strengths and weaknesses.