Top and Bottom Asian Countries: GDP and GDP Per Capita Trends

Before going further, let’s understand what these terms “GDP” and “GDP Per Capita” means. Than we will explore data trends, patterns and statistics related to them for Asian Countries and what they Signifies!

GDP

Gross Domestic Product (GDP) is a monetary measure of the market value of all final goods and services produced and sold by a country or countries during a given period and is used to measure the size and growth rate of an economy.

GDP can be calculated in three ways, using spending, production, or income. GDP can be adjusted for inflation and population to gain deeper insights. GDP itself takes into account the effects of inflation while nominal GDP does not this take into account.

Although it has its limitations, GDP is an important tool for guiding directors, policy makers, investors, and businesses in making policy decisions.

GDP Per Capita

Gross Domestic Product (GDP) Per Capita is an economic metric, that tells the country per person economic condition after comparison with Country’s Economic Growth.

It is calculated by dividing a Country’s GDP by its population. GDP per capita is a crucial and global measure, which is used worldwide in calculating the well-being and prosperity of countries and it’s people. It is used by economists and economy scholars to analyze the well-being of a country based on its economic development. It provides a picture of a country economy and used to measure any country Standard Of Living.

After getting the idea of these two important terms. Now let us move to the picture, data and statistics provides for these Asian countries.

Asian Countries by GDP Per Capita (PPP)

Data Analysis gives vital information about the trends and patterns about these economies. When we study the data, it shows that more than 4.5 billion people, or 60% of the world’s total population, lives in Asia’s 49 separate countries. Asia has the world’s greatest continental economy in terms of both nominal GDP and Purchasing Power Parity (PPP). It also has the quickest economic growth across all the continents. In addition, Asia has seen some of the longest modern economic booms. Which includes the Miracle on the Han River in South Korea (1961–1996), the Chinese economic boom (1978–2013), the Tiger Cub Economies in Indonesia, Malaysia, Thailand, the Philippines, and Vietnam (1990–present), and the economic boom in India (1991–present).

During the early 60s, China was leading in terms of GDP especially during early years of 1960. But later on, it was overtaken by Japan. Asia’s largest economy is China, which is followed by South Korea, Japan, India, and Indonesia. Together, these five control a huge 76.5% of the Asian economy. The smallest economy in Asia is that of Timor-Leste.

Asian wealth varies greatly between countries and states within, as in other parts of the world. This is due to its big size along with a wide range of cultural, environmental, historical connections and government policies. The largest Asian countries in terms of nominal gross domestic product (GDP) are China, Japan, India, South Korea, Indonesia, Saudi Arabia, Turkey, Taiwan, Thailand and Iran. The largest economies in terms of PPP Gross Domestic Product (GDP) are China, India, Japan, Indonesia, Turkey, South Korea , Saudi Arabia, Iran and Thailand.

Asia has six countries with a GDP of more than $1 trillion and 23 countries with a value of more than $100 billion. Saudi Arabia is expected to overtake Turkey by 2021 to become Asia’s seventh largest economy. The Philippines will surpass the United Arab Emirates. Singapore and Malaysia will surpass the Hong Kong SAR. Nineteen of the world’s top 50 countries in terms of GDP are from Asia, with four Asian countries ranked in top ten.

Of the 49 economies, 46 will see nominal GDP gains and three will see a decline in 2020 and 2021. China will contribute the most, adding about $2 billion to Asia’s economy. Other major donors are Iran ($246 bn) and India ($286 bn). Bhutan, Myanmar and Timor-Leste will be the bottom three.

China, India, Japan, Indonesia and Turkey are the top five Asian countries according to PPP data. By 2021, 12 countries will have GDPs of more than $1 trillion, and 30 countries will have economies of more than $100 billion. Myanmar will be surpassed by Uzbekistan and Qatar. Lebanon will drop two places in the rankings. Four Asian countries are in the top 10 largest economies in the world and 21 countries are among top 50 in terms of Gross Domestic Product (PPP).

Out of 49 economies, 46 would see a gain in GDP (PPP) while three would see a fall from 2020 to 2021. The largest gainers would be China ($2880 billion), India ($1206 billion), Turkey ($328 billion), Japan ($321 billion), and Indonesia ($228 billion). Myanmar, Lebanon, and Timor-Leste would be the three countries that declined.

According to Purchasing Power Parity (PPP), the following is a list of Asian nations by GDP per capita. The International Monetary Fund’s most recent estimations are used to calculate all figures, which are presented in foreign currency. Lets check their Data and Statistics below –

What Asian country has the highest GDP Per Capita?

Singapore

Singapore’s per-capita GDP, calculated using PPP in 2021, is listed below.

Based on data from 37 nations, the average for 2021 was 23899.06 US dollars. The largest amount, 106032.23 dollars, was recorded in Singapore, and the lowest amount, 3878.44 dollars, was recorded in Nepal. Available years for the indicator are 1990 through 2021.

As per latest data –

Singapore 2023 estimated GDP Per Capita this year would be – $133,263. Which would be No.1 in Asia and No.3 in World (Rank Wise).

Which countries in Asia has the lowest GDP Per Capita?

Country with lowest GDP Per Capita in Asia is Afganistan. Earlier it was Timor-Leste, but its economy has been continuously evolving from last 20 years or so.

• In 2021, GDP per capita for Timor-Leste was 1,754 US dollars. 
• GDP per capita of Timor-Leste increased from 509 US dollars in 2002 to 1,754 US dollars in 2021, growing at an average annual rate of 7.30%

According to the latest data, Bottom Countries in Asia according to GDP Per Capita are –

1. Afghanistan ($508.80)
2. North Korea ($642.00 [estimated])
3. Yemen ($824.12)
4. Tajikstan ($859.13)
5. Syria ($870.00 [estimated])
6. Nepal ($1155.14)
7. Kyrgyzstan ($1173.61)
8. Pakistan ($1193.73).

Asian Countries by GDP

What was the GDP of Asia in 2021?

With around US$36.8 trillion In both nominal GDP and PPP, Asia has the greatest continental economy in the world. 48 economies make up the Asian economy, which is expected to be worth approximately US$36.8 trillion in nominal terms in 2021 when data from the IMF are used. Asia is responsible for 39% of the global GDP.

What is the GDP of Asia in 2023?

According to the latest available data and reports , the GDP of Asia in 2023 is estimated to be 39,875,966 million USD.

History of GDP of Asia

Ancient and medieval times

From 1 through 1800 AD, China and India alternated as having the largest economy in the world. Many people were drawn to the east by China’s economic might, while many believed that India’s legendary richness and prosperity typified Asia, drawing European trade, exploration, and colonialism. This intense curiosity is illustrated by Columbus’ inadvertent discovery of America while looking for India. While the Straits of Malacca served as a significant sea route, the Silk Road eventually became the primary east-west commerce route in the Asian hinterland.

At that time, most of Asia was governed by colonial powers prior to World War II. Only a small number of states were able to maintain their independence in the face of persistent pressure from a European power. Those nations include China, Siam, and Japan. In the 19th century reformation took place, and because of which Japan in particular was able to flourish and grow its economy. The Meiji Restoration, which was a thorough reformation, is now recognized. Than we entered into the 20th century, and at that time also the Japanese economy was still expanding. It led to a number of shortages of resources needed for further expansion.

As a result, the Japanese began their expansion by annexing a sizable portion of Korea and China, giving them access to critical resources. Southeast Asia was thriving at the same time as a result of trade and the introduction of a number of contemporary new technology. As soon as the Suez Canal was opened in the 1860s, commerce volume grew much more. From 1571 to 1815, Manila had its own Manila galleon, on which goods from China and the Philippine islands were exchanged with Spanish America. From Manila to Acapulco, the Spanish colony of the Philippines was the first Asian nation to engage in commerce with the Americas.

The first transoceanic commerce route stretched overland from – What is now “Mexico to Veracruz on the Atlantic coast, then on to Havana and Seville”. Through the Philippines, Asia sent products such as silk, porcelain, ivory, tobacco, coconuts, and maize to the America and Europe. At that time in 1819, Singapore was established and became well-known as trade between the east and the west. It grew incredibly quickly. The biggest producers of tin and rubber worldwide were in the former British colony of Malaya, which is now a part of Malaysia. On the other hand, the manufacturing of spices was well-known in the Dutch East Indies, or what is now Indonesia. To control their commerce in Asia, the British and the Dutch established their own trading firms.

At the beginning of the 1930s, the world experienced the Great Depression or we can say Global Economic Depression. Asia shared in the anguish of both Europe and the United States and was not spared (except for the Soviet Union). Trade volume fell sharply in Asia and the rest of the world. Prices for many commodities started to drop due to the decline in demand, furthering the poverty of both locals and visitors. Japan invaded Manchuria in 1931, followed by the remainder of China and Southeast Asia, beginning the conflict that would eventually become known as the Asia-Pacific theatre of World War II.

Half of Asia’s population, at that time came under People’s Republic of China and the Republic of India. They both chose socialist policies to advance their domestic economies after World War II. The only successful economies outside of the Western World are Japan’s economy and that of the Four Asian Tigers (South Korea, Taiwan, Singapore, and Hong Kong). Due to the success of these four economies, Indonesia, Malaysia, the Philippines, and Thailand opened up their economies and established manufacturing hubs focused on exports, which accelerated their growth throughout the 1980s and 1990s.

Following World War II, the entire economy was undergoing a tremendous transformation under the central direction of the Japanese government. The Miracle on the Han River, often known as South Korea’s incredible economic success story, is another one. After the Korean War, the nation fell into poverty, and until the early 1970s, it was one of the world’s poorest nations (even poorer than North Korea). During this time, numerous conglomerates, or chaebols, such as Samsung, LG Corp, Hyundai, Kia, SK Group, and others saw rapid growth. The world’s most wired nation is now South Korea.

Up to the 1990s, Taiwan and Hong Kong both saw fast growth. Taiwan developed at brisk pace. It is still one of the primary manufacturing and R&D hubs for consumer electronics. However, Taiwan’s economy is mostly based on small- to medium-sized firms, unlike Japan and South Korea. On the other hand, Hong Kong’s financial sector expanded quickly as a result of its open market regulations, and many financial organizations chose to locate their Asian headquarters there. Hong Kong has consistently been regarded as having the freest economy in the world, and it is still among the top 5 financial centers in the world.

In the meantime, with their GDPs increasing at rates well above 7% annually in the 1980s and 1990s, South Korea, Taiwan, Hong Kong, and Singapore were known as the Four Asian Tigers. Growing exports were the main driver of their economies. In the early 1990s, the Philippines finally started to open up its sluggish economy. [41] In 1995, not long after Vietnam and the United States reestablished diplomatic and commercial ties, the Vietnamese economy started to expand.

2020-present

If you can notice, the large-scale ongoing and prior unrest in Asia is a result of the continent’s wide economic divides. While the world’s four largest economies — China, Japan, India, and South Korea — continue to grow strongly. Indonesia, Malaysia, Philippines, Thailand, Vietnam, Bangladesh, and Sri Lanka have started down the path of sustainable development. But the areas immediately adjacent to these nations urgently require help and aid to sustain and grow.

These regions has an abundance of inexpensive labor, especially in China and India, where having a large workforce gives them an economic advantage over other nations. But the other growing concern is increase in living standards, which will eventually cause a slowdown. Asia is also suffered and plagued by political issues that jeopardize not only the region’s and the world’s economies but also hampers the general and economic stability of both. Two neighboring countries, Pakistan and India who share a nuclear weapons, regularly threaten each another. It prompts the governments of both countries to spend extensively on the military.

Asia’s economy may also be endangering the world with its rising stockpile of foreign exchange reserves. China (Mainland – $2,454 billion and Hong Kong – $245 billion, June 2010), Japan ($1,019 billion, June 2009), Russia ($456 billion, April 2010), India ($516 billion, July 2020), Taiwan ($372 billion, September 2010), South Korea ($286 billion, July 2010), and Singapore ($206 billion), which are mostly in Asia, are the nations/regions with the largest foreign reserves. This implies that Asian central banks have a significant impact on the interchangeability of the Euro, USD, and GBP. Western economists perceive this as having a negative impact, which has prompted governments in those countries to take appropriate measures.

Impact of Covid 19 on Asia’s GDP – Data and Insights

The COVID-19 (Coronavirus) pandemic has affected the region’s growth prospects, but also created opportunities for recovery and resilience.

According to the Asian Development Bank (ADB), developing Asia’s economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. However, the growth outlook is subject to uncertainty and risks, such as new variants of the virus, supply chain disruptions, inflationary pressures, and geopolitical tensions.

The ADB data shows that China is the largest economy in Asia, comprising nearly half of the continent’s GDP. China’s GDP is expected to grow 8.1% in 2021 and 5.5% in 2022, reflecting strong domestic and external demand. India is the second-largest economy in Asia, with a GDP growth of 11% in 2021 and 7% in 2022, supported by a rapid vaccination campaign and policy stimulus. Japan is the third-largest economy in Asia, with a GDP growth of 2.4% in 2021 and 2.1% in 2022, driven by private consumption and public investment.

The table below summarizes the GDP (nominal) of some of the Asian countries from 2018 to 2028 (in billion U.S. dollars) – Actual and Estimated

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