Source | International Monetary Fund World Economic Outlook (October-2024) |
Date | 03 Nov 2024 |
China is the largest economy in Asia, followed by Japan and India. These three together hold a huge 65.8% share of the Asian economy. South Korea and Indonesia complete the top five list. The top eight hold a 82% share of the continent's economy. Timor-Leste is the smallest economy in Asia.
Seven economies of Asia would have GDP above $1 trillion, and 25 would have an economy above $100 billion. In 2024, Thailand might be overtaken by the United Arab Emirates and Singapore. Singapore might overtake Israel too. Three Asian economies are in the list of the top ten largest economies in the world, and 20 economies are within the top 50 world GDP rankings.
Out of 49 economies, the nominal GDP of 40 economies would increase, and 9 economies would decrease in 2024 compared to 2023. With $515 bn, China will be the top contributor, followed by India ($322 bn) and Türkiye ($214 bn). Japan would be the top decliner.
In PPP data, the five largest economies of Asia are China, India, Japan, Indonesia, and Türkiye. 15 economies would have GDP above Int. $1 trillion in 2024, and 34 would have an economy above Int. $100 billion. Vietnam will overtake Pakistan. Four Asian economies are in the list of the top ten largest economies globally, and 20 economies are within the top 50 world GDP (PPP) ranking.
Out of 49 economies, GDP (PPP) of 44 economies would increase, and five economies would decrease in 2024 compared to 2023. China (Int. $2531 bn), India (Int. $1400 bn), Indonesia (Int. $324 bn), Türkiye (Int. $179 bn), and Japan (Int. $174 bn) would be the top gainers. The five decliners would be West Bank and Gaza, Afghanistan, Kuwait, Lebanon, and Timor-Leste.
All economies have higher GDP on a PPP basis. Afghanistan has the highest PPP to nominal ratio of 5.455, while Israel has the lowest figure of 1.025.
Code | Country/Economy | GDP (billions of $) | Share (%) | Rank | ||||
---|---|---|---|---|---|---|---|---|
2023 | 2024 | Change | Asia | World | Asia | World | ||
PSE | West Bank and Gaza | 17.421 | 9.000 | -8.421 | 0.0226 | 0.00818 | 46 | 153 |
LBN | Lebanon | 24.023 | 21.000 | -3.023 | 0.0527 | 0.0191 | 39 | 126 |
LKA | Sri Lanka | 84.362 | 89.000 | 4.638 | 0.223 | 0.0809 | 26 | 76 |
AFG | Afghanistan | 17.329 | 16.500 | -0.829 | 0.0414 | 0.0150 | 40 | 135 |
ARM | Armenia | 24.086 | 25.251 | 1.165 | 0.0633 | 0.0229 | 37 | 118 |
AZE | Azerbaijan | 72.356 | 75.649 | 3.293 | 0.190 | 0.0687 | 28 | 84 |
BHR | Bahrain | 46.080 | 47.812 | 1.732 | 0.120 | 0.0434 | 32 | 96 |
BGD | Bangladesh | 451.534 | 451.468 | -0.066 | 1.13 | 0.410 | 15 | 35 |
BTN | Bhutan | 2.908 | 3.151 | 0.243 | 0.00790 | 0.00286 | 48 | 168 |
BRN | Brunei Darussalam | 15.126 | 15.710 | 0.584 | 0.0394 | 0.0143 | 43 | 140 |
KHM | Cambodia | 43.304 | 47.147 | 3.843 | 0.118 | 0.0428 | 33 | 97 |
CHN | China | 17,758.046 | 18,273.357 | 515.311 | 45.8 | 16.6 | 1 | 2 |
CYP | Cyprus | 32.239 | 34.790 | 2.551 | 0.0873 | 0.0316 | 35 | 106 |
GEO | Georgia | 30.536 | 33.191 | 2.655 | 0.0832 | 0.0302 | 36 | 108 |
HKG | Hong Kong SAR | 380.812 | 401.751 | 20.939 | 1.01 | 0.365 | 18 | 41 |
IND | India | 3,567.552 | 3,889.130 | 321.578 | 9.75 | 3.53 | 3 | 5 |
IDN | Indonesia | 1,371.171 | 1,402.590 | 31.419 | 3.52 | 1.27 | 5 | 16 |
IRN | Islamic Republic of Iran | 372.820 | 434.243 | 61.423 | 1.09 | 0.395 | 17 | 37 |
IRQ | Iraq | 252.407 | 264.149 | 11.742 | 0.663 | 0.240 | 21 | 51 |
ISR | Israel | 513.611 | 528.067 | 14.456 | 1.32 | 0.480 | 12 | 31 |
JPN | Japan | 4,219.828 | 4,070.094 | -149.734 | 10.2 | 3.70 | 2 | 4 |
JOR | Jordan | 50.885 | 53.305 | 2.420 | 0.134 | 0.0484 | 31 | 93 |
KAZ | Kazakhstan | 263.372 | 292.553 | 29.181 | 0.734 | 0.266 | 20 | 49 |
KOR | Korea | 1,839.058 | 1,869.916 | 30.858 | 4.69 | 1.70 | 4 | 12 |
KWT | Kuwait | 163.716 | 161.822 | -1.894 | 0.406 | 0.147 | 23 | 59 |
KGZ | Kyrgyz Republic | 13.993 | 15.774 | 1.781 | 0.0396 | 0.0143 | 42 | 139 |
LAO | Lao P.D.R. | 14.943 | 14.949 | 0.006 | 0.0375 | 0.0136 | 44 | 142 |
MAC | Macao SAR | 47.061 | 53.447 | 6.386 | 0.134 | 0.0486 | 30 | 91 |
MYS | Malaysia | 399.705 | 439.748 | 40.043 | 1.10 | 0.400 | 16 | 36 |
MDV | Maldives | 6.573 | 6.984 | 0.411 | 0.0175 | 0.00635 | 47 | 157 |
MNG | Mongolia | 20.315 | 23.669 | 3.354 | 0.0594 | 0.0215 | 38 | 120 |
MMR | Myanmar | 64.505 | 64.284 | -0.221 | 0.161 | 0.0584 | 29 | 89 |
NPL | Nepal | 40.907 | 43.673 | 2.766 | 0.110 | 0.0397 | 34 | 101 |
OMN | Oman | 108.811 | 109.993 | 1.182 | 0.276 | 0.0999 | 25 | 70 |
PAK | Pakistan | 337.457 | 374.595 | 37.138 | 0.940 | 0.340 | 19 | 44 |
PHL | Philippines | 437.146 | 470.062 | 32.916 | 1.18 | 0.427 | 13 | 33 |
QAT | Qatar | 213.003 | 221.406 | 8.403 | 0.555 | 0.201 | 22 | 56 |
SAU | Saudi Arabia | 1,067.583 | 1,100.706 | 33.123 | 2.76 | 1.00 | 7 | 19 |
SGP | Singapore | 501.428 | 530.708 | 29.280 | 1.33 | 0.482 | 10 | 29 |
TWN | Taiwan Province of China | 755.674 | 775.017 | 19.343 | 1.94 | 0.704 | 8 | 22 |
TJK | Tajikistan | 11.855 | 12.995 | 1.140 | 0.0326 | 0.0118 | 45 | 146 |
THA | Thailand | 514.836 | 528.919 | 14.083 | 1.33 | 0.481 | 11 | 30 |
TLS | Timor-Leste | 2.379 | 1.992 | -0.387 | 0.00500 | 0.00181 | 49 | 178 |
TUR | Türkiye | 1,129.974 | 1,344.318 | 214.344 | 3.37 | 1.22 | 6 | 17 |
TKM | Turkmenistan | 77.716 | 83.883 | 6.167 | 0.210 | 0.0762 | 27 | 79 |
ARE | United Arab Emirates | 514.130 | 545.053 | 30.923 | 1.37 | 0.495 | 9 | 27 |
UZB | Uzbekistan | 101.584 | 112.653 | 11.069 | 0.283 | 0.102 | 24 | 68 |
VNM | Vietnam | 433.702 | 468.485 | 34.783 | 1.18 | 0.426 | 14 | 34 |
YEM | Yemen | 18.806 | 16.192 | -2.614 | 0.0406 | 0.0147 | 41 | 136 |
Asia | 38,448.668 | 39,870.151 | 1,421.483 | 36.22 |
Code | Country/Economy | GDP (billions of Int. $) | Share (%) | Rank | PPP/Nom | ||||
---|---|---|---|---|---|---|---|---|---|
2023 | 2024 | Change | Asia | World | Asia | World | |||
PSE | West Bank and Gaza | 30.461 | 15.000 | -15.461 | 0.0159 | 0.00771 | 46 | 156 | 1.667 |
LBN | Lebanon | 66.678 | 60.000 | -6.678 | 0.0637 | 0.0308 | 41 | 124 | 2.857 |
LKA | Sri Lanka | 318.670 | 330.000 | 11.330 | 0.350 | 0.170 | 24 | 63 | 3.708 |
AFG | Afghanistan | 91.668 | 90.000 | -1.668 | 0.0956 | 0.0463 | 36 | 104 | 5.455 |
ARM | Armenia | 63.826 | 69.297 | 5.471 | 0.0736 | 0.0356 | 39 | 113 | 2.744 |
AZE | Azerbaijan | 239.612 | 253.121 | 13.509 | 0.269 | 0.130 | 26 | 72 | 3.346 |
BHR | Bahrain | 100.140 | 105.646 | 5.506 | 0.112 | 0.0543 | 33 | 99 | 2.210 |
BGD | Bangladesh | 1,568.544 | 1,692.743 | 124.199 | 1.80 | 0.870 | 11 | 24 | 3.749 |
BTN | Bhutan | 12.049 | 12.979 | 0.930 | 0.0138 | 0.00667 | 48 | 161 | 4.119 |
BRN | Brunei Darussalam | 39.133 | 41.016 | 1.883 | 0.0436 | 0.0211 | 45 | 138 | 2.611 |
KHM | Cambodia | 129.428 | 139.801 | 10.373 | 0.148 | 0.0719 | 31 | 91 | 2.965 |
CHN | China | 34,540.882 | 37,072.086 | 2,531.204 | 39.4 | 19.1 | 1 | 1 | 2.029 |
CYP | Cyprus | 52.138 | 55.140 | 3.002 | 0.0586 | 0.0283 | 43 | 128 | 1.585 |
GEO | Georgia | 92.846 | 102.245 | 9.399 | 0.109 | 0.0525 | 34 | 100 | 3.081 |
HKG | Hong Kong SAR | 539.201 | 569.828 | 30.627 | 0.605 | 0.293 | 20 | 50 | 1.418 |
IND | India | 14,619.782 | 16,019.970 | 1,400.188 | 17.0 | 8.23 | 2 | 3 | 4.119 |
IDN | Indonesia | 4,334.721 | 4,658.321 | 323.600 | 4.95 | 2.39 | 4 | 8 | 3.321 |
IRN | Islamic Republic of Iran | 1,600.141 | 1,698.463 | 98.322 | 1.80 | 0.873 | 10 | 23 | 3.911 |
IRQ | Iraq | 639.758 | 655.417 | 15.659 | 0.696 | 0.337 | 19 | 46 | 2.481 |
ISR | Israel | 524.996 | 541.343 | 16.347 | 0.575 | 0.278 | 21 | 51 | 1.025 |
JPN | Japan | 6,398.275 | 6,572.198 | 173.923 | 6.98 | 3.38 | 3 | 5 | 1.615 |
JOR | Jordan | 118.539 | 124.284 | 5.745 | 0.132 | 0.0639 | 32 | 94 | 2.332 |
KAZ | Kazakhstan | 783.772 | 830.605 | 46.833 | 0.882 | 0.427 | 18 | 39 | 2.839 |
KOR | Korea | 3,105.151 | 3,258.366 | 153.215 | 3.46 | 1.67 | 6 | 14 | 1.743 |
KWT | Kuwait | 250.249 | 249.255 | -0.994 | 0.265 | 0.128 | 27 | 73 | 1.540 |
KGZ | Kyrgyz Republic | 50.454 | 55.010 | 4.556 | 0.0584 | 0.0283 | 44 | 129 | 3.487 |
LAO | Lao P.D.R. | 70.135 | 74.760 | 4.625 | 0.0794 | 0.0384 | 37 | 110 | 5.001 |
MAC | Macao SAR | 79.729 | 90.306 | 10.577 | 0.0959 | 0.0464 | 35 | 103 | 1.690 |
MYS | Malaysia | 1,279.182 | 1,372.610 | 93.428 | 1.46 | 0.705 | 14 | 29 | 3.121 |
MDV | Maldives | 12.931 | 13.867 | 0.936 | 0.0147 | 0.00713 | 47 | 158 | 1.986 |
MNG | Mongolia | 62.678 | 67.691 | 5.013 | 0.0719 | 0.0348 | 40 | 116 | 2.860 |
MMR | Myanmar | 274.338 | 283.747 | 9.409 | 0.301 | 0.146 | 25 | 68 | 4.414 |
NPL | Nepal | 160.162 | 169.122 | 8.960 | 0.180 | 0.0869 | 30 | 86 | 3.872 |
OMN | Oman | 214.692 | 222.058 | 7.366 | 0.236 | 0.114 | 28 | 78 | 2.019 |
PAK | Pakistan | 1,511.574 | 1,584.474 | 72.900 | 1.68 | 0.814 | 13 | 26 | 4.230 |
PHL | Philippines | 1,262.499 | 1,367.043 | 104.544 | 1.45 | 0.703 | 15 | 30 | 2.908 |
QAT | Qatar | 342.412 | 355.999 | 13.587 | 0.378 | 0.183 | 23 | 62 | 1.608 |
SAU | Saudi Arabia | 2,032.550 | 2,112.880 | 80.330 | 2.24 | 1.09 | 7 | 18 | 1.920 |
SGP | Singapore | 837.665 | 879.978 | 42.313 | 0.935 | 0.452 | 16 | 35 | 1.658 |
TWN | Taiwan Province of China | 1,735.226 | 1,843.016 | 107.790 | 1.96 | 0.947 | 8 | 21 | 2.378 |
TJK | Tajikistan | 51.547 | 56.367 | 4.820 | 0.0599 | 0.0290 | 42 | 126 | 4.338 |
THA | Thailand | 1,683.069 | 1,771.532 | 88.463 | 1.88 | 0.910 | 9 | 22 | 3.349 |
TLS | Timor-Leste | 6.960 | 6.435 | -0.525 | 0.00683 | 0.00331 | 49 | 168 | 3.230 |
TUR | Türkiye | 3,277.512 | 3,456.771 | 179.259 | 3.67 | 1.78 | 5 | 12 | 2.571 |
TKM | Turkmenistan | 169.272 | 177.365 | 8.093 | 0.188 | 0.0912 | 29 | 83 | 2.114 |
ARE | United Arab Emirates | 797.923 | 849.778 | 51.855 | 0.903 | 0.437 | 17 | 38 | 1.559 |
UZB | Uzbekistan | 395.990 | 428.204 | 32.214 | 0.455 | 0.220 | 22 | 57 | 3.801 |
VNM | Vietnam | 1,502.664 | 1,631.796 | 129.132 | 1.73 | 0.839 | 12 | 25 | 3.483 |
YEM | Yemen | 68.583 | 69.519 | 0.936 | 0.0738 | 0.0357 | 38 | 112 | 4.293 |
Asia | 88,140.407 | 94,157.452 | 6,017.045 | 48.39 | 2.362 |