Economy of Asia

Economy of Asia
The Greater Tokyo Area has the largest gross metropolitan product in Asia.
Statistics
Population4.7 billion[1][2] (60% of world)
GDP
GDP rank
GDP growth
4.2% (2023 est.)[5]
GDP per capita
  • $9,390 (nominal; 2023 est)[6]
  • $17,900 (PPP; 2023 est)[7]
GDP per capita rank
5.7% (2023 est.)[8]
10.7 million (2022)[9]
Public finances
93.5% of GDP (2023 est.)[10]
Most numbers are from the International Monetary Fund. IMF Asia Datasets
All values, unless otherwise stated, are in US dollars.
World economy

The economy of Asia comprises about 4.7 billion people (60% of the world population) living in 50 different nations.[1][2] Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world.[11] Moreover, Asia is the site of some of the world's longest modern economic booms.

As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Indonesia, Turkey, South Korea, Saudi Arabia, Iran, Thailand, and Pakistan, Bangladesh and in terms of nominal gross domestic product (GDP) are Japan,Taiwan, South Korea, China, India, Indonesia, Saudi Arabia, Turkey, Bangladesh, Thailand and Iran.

Total wealth (as well as overall GDP) is mainly concentrated in East Asia, South Asia and Southeast Asia.[12][13][14] Israel and Turkey are also two major economies in West Asia. Israel (entrepreneurship on diversified industries) is a developed country, while Turkey (founding member of OECD) is an advanced emerging country. Asia, with the exception of Japan (heavy industry and electrical sophistication), South Korea (heavy industry and information and communication technology), Taiwan (heavy industry and hi-tech parts manufacturing), Hong Kong (financial industry and services) and Singapore (high-tech manufacturing, biotechnology, financial and business services and tourism) in recent years, is currently undergoing rapid growth and industrialization. China (manufacturing and FDI-led growth[15]) and India (commodities, outsourcing destination and computer software) are the two fastest growing major economies in the world.

East Asian and ASEAN countries generally rely on manufacturing and trade (and then gradually upgrade to industry and commerce[16]), and incrementally building on high-tech industry and financial industry[17] for growth, countries in the Middle East depend more on engineering to overcome climate difficulties for economic growth and the production of commodities, principally Sweet crude oil.[18] Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$8.5 trillion of foreign exchange reserves – more than half of the world's total, and adding tertiary and quaternary sectors to expand in the share of Asia's economy.

  1. ^ a b "World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  2. ^ a b "World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  3. ^ "GDP (Nominal), current prices". International Monetary Fund. Retrieved 5 November 2022.
  4. ^ "GDP (PPP), current prices". International Monetary Fund. Retrieved 5 November 2022.
  5. ^ International Monetary Fund (2022). "Real GDP growth". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  6. ^ International Monetary Fund (2022). "Nominal GDP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  7. ^ International Monetary Fund (2022). "GDP PPP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  8. ^ International Monetary Fund (2022). "Inflation rate, average consumer prices". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  9. ^ Shorrocks, Anthony; Davies, James; Lluberas, Rodrigo (2022). Global Wealth Databook 2022 (PDF). Credit Suisse Research Institute.
  10. ^ International Monetary Fund (2022). "General government gross debt". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  11. ^ www.imf.org http://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD. {{cite news}}: Missing or empty |title= (help)
  12. ^ "Global wealth report". www.credit-suisse.com. Credit Suisse. Retrieved 25 October 2019.
  13. ^ "Global wealth report 2019" (PDF). Credit Suisse. Retrieved 25 October 2019.
  14. ^ "Global wealth databook 2019" (PDF). Credit Suisse.
  15. ^ "Asian Economic Integration Reports". 15 October 2014.
  16. ^ "The Asian Tigers from Independence to Industrialisation". 16 October 2014.
  17. ^ "Asian Development Outlook (ADO) Series". 21 November 2017.
  18. ^ "Asia: Resources". 4 January 2012.