Source | International Monetary Fund World Economic Outlook (October-2023) |
Date | 23 Feb 2023 |
China is the largest economy in Asia, followed by Japan, India, South Korea, and Indonesia. These five together hold a huge 74.8 % share of the Asian economy. Timor-Leste is the smallest economy in Asia.
Seven economies of Asia would have gdp above $1 trillion, and 24 would have an economy of above $100 billion. In 2023, Türkiye might overtake Saudi Arabia to become the 6th largest economy in Asia. Thailand might surpass United Arab Emirates. Philippines might overtake Malaysia and Vietnam. Three Asian economies are in the list of top ten largest economy in the world, and Nineteen economies are within the top 50 world gdp ranking.
Out of 49 economies, gdp (nominal) of 31 economies would increase, and 18 economies would decrease in 2023 compared to 2022. With $343 bn, India will be the top contributor, accounting for more than half of the increase in the Asian economy. Türkiye ($249 bn) and Indonesia ($99 bn) are other top contributors. The three decliners would be China, Saudi Arabia, and Pakistan.
In ppp data, the five largest economies of Asia are China, India, Japan, Indonesia, and Turkey. 15 economies would have gdp above Int. $1 trillion in 2023 and 31 would have an economy of above Int. $100 billion. Thailand will overtake Pakistan. Four Asian economies are in the list of top ten largest economies globally, and 21 economies are within the top 50 world gdp (ppp) ranking.
Out of 49 economies, gdp (ppp) of 46 economies would increase, and three economies would decrease in 2023 compared to 2022. China (Int. $2681 bn), India (Int. $1219 bn), Indonesia (Int. $357 bn), Japan (Int. $351 bn), and Türkiye (Int. 261) would be the top gainers. The three decliners would be Lebanon, Afghanistan and Timor-Leste.
Country/Economy | GDP (billions of $) | Share (%) | Rank | ||||
---|---|---|---|---|---|---|---|
2022 | 2023 | Change | Asia | World | Asia | World | |
West Bank and Gaza | 18.754 | 19.206 | 0.452 | 0.0499 | 0.0184 | 40 | 128 |
Lebanon | 21.780 | 23.130 | 1.350 | 0.0601 | 0.0221 | 38 | 118 |
Sri Lanka | 74.846 | 71.500 | -3.346 | 0.186 | 0.0684 | 29 | 86 |
Afghanistan | 13.301 | 12.384 | -0.917 | 0.0322 | 0.0119 | 45 | 147 |
Armenia | 19.514 | 24.540 | 5.026 | 0.0637 | 0.0235 | 37 | 116 |
Azerbaijan | 78.721 | 77.392 | -1.329 | 0.201 | 0.0741 | 27 | 81 |
Bahrain | 44.383 | 44.994 | 0.611 | 0.117 | 0.0431 | 31 | 96 |
Bangladesh | 460.201 | 446.349 | -13.852 | 1.16 | 0.427 | 13 | 33 |
Bhutan | 2.653 | 2.686 | 0.033 | 0.00697 | 0.00257 | 48 | 169 |
Brunei Darussalam | 16.682 | 15.153 | -1.529 | 0.0393 | 0.0145 | 42 | 137 |
Cambodia | 28.818 | 30.943 | 2.125 | 0.0803 | 0.0296 | 35 | 108 |
China | 17,886.331 | 17,700.899 | -185.432 | 46.0 | 16.9 | 1 | 2 |
Cyprus | 28.461 | 32.032 | 3.571 | 0.0832 | 0.0307 | 34 | 105 |
Georgia | 24.606 | 30.023 | 5.417 | 0.0780 | 0.0287 | 36 | 110 |
Hong Kong SAR | 359.839 | 385.546 | 25.707 | 1.00 | 0.369 | 17 | 40 |
India | 3,389.689 | 3,732.224 | 342.535 | 9.69 | 3.57 | 3 | 5 |
Indonesia | 1,318.806 | 1,417.387 | 98.581 | 3.68 | 1.36 | 5 | 16 |
Islamic Republic of Iran | 346.479 | 366.438 | 19.959 | 0.951 | 0.351 | 18 | 42 |
Iraq | 261.140 | 254.993 | -6.147 | 0.662 | 0.244 | 21 | 52 |
Israel | 525.003 | 521.688 | -3.315 | 1.35 | 0.499 | 9 | 29 |
Japan | 4,237.528 | 4,230.862 | -6.666 | 11.0 | 4.05 | 2 | 4 |
Jordan | 47.519 | 50.022 | 2.503 | 0.130 | 0.0479 | 30 | 92 |
Kazakhstan | 225.529 | 259.292 | 33.763 | 0.673 | 0.248 | 20 | 51 |
Korea | 1,673.917 | 1,709.232 | 35.315 | 4.44 | 1.64 | 4 | 13 |
Kuwait | 175.399 | 159.687 | -15.712 | 0.415 | 0.153 | 23 | 59 |
Kyrgyz Republic | 11.672 | 12.681 | 1.009 | 0.0329 | 0.0121 | 44 | 144 |
Lao P.D.R. | 15.304 | 14.244 | -1.060 | 0.0370 | 0.0136 | 43 | 140 |
Macao SAR | 21.979 | 38.480 | 16.501 | 0.0999 | 0.0368 | 33 | 101 |
Malaysia | 407.027 | 430.895 | 23.868 | 1.12 | 0.412 | 16 | 36 |
Maldives | 6.238 | 6.977 | 0.739 | 0.0181 | 0.00668 | 47 | 155 |
Mongolia | 17.146 | 18.782 | 1.636 | 0.0488 | 0.0180 | 41 | 129 |
Myanmar | 66.156 | 74.861 | 8.705 | 0.194 | 0.0716 | 28 | 85 |
Nepal | 40.828 | 41.339 | 0.511 | 0.107 | 0.0396 | 32 | 99 |
Oman | 114.667 | 108.282 | -6.385 | 0.281 | 0.104 | 24 | 67 |
Pakistan | 374.658 | 340.636 | -34.022 | 0.884 | 0.326 | 19 | 46 |
Philippines | 404.284 | 435.675 | 31.391 | 1.13 | 0.417 | 14 | 34 |
Qatar | 236.415 | 235.500 | -0.915 | 0.611 | 0.225 | 22 | 55 |
Saudi Arabia | 1,108.149 | 1,069.437 | -38.712 | 2.78 | 1.02 | 7 | 19 |
Singapore | 466.789 | 497.347 | 30.558 | 1.29 | 0.476 | 12 | 32 |
Taiwan Province of China | 760.460 | 751.930 | -8.530 | 1.95 | 0.720 | 8 | 22 |
Tajikistan | 10.493 | 11.816 | 1.323 | 0.0307 | 0.0113 | 46 | 148 |
Thailand | 495.424 | 512.193 | 16.769 | 1.33 | 0.490 | 10 | 30 |
Timor-Leste | 4.904 | 2.023 | -2.881 | 0.00525 | 0.00194 | 49 | 176 |
Türkiye | 905.841 | 1,154.600 | 248.759 | 3.00 | 1.11 | 6 | 17 |
Turkmenistan | 77.252 | 81.822 | 4.570 | 0.212 | 0.0783 | 26 | 77 |
United Arab Emirates | 507.064 | 509.179 | 2.115 | 1.32 | 0.487 | 11 | 31 |
Uzbekistan | 80.418 | 90.392 | 9.974 | 0.235 | 0.0865 | 25 | 72 |
Vietnam | 406.452 | 433.356 | 26.904 | 1.13 | 0.415 | 15 | 35 |
Yemen | 23.548 | 21.045 | -2.503 | 0.0546 | 0.0201 | 39 | 122 |
Asia | 37,843.067 | 38,512.094 | 669.027 | 36.86 |
Country/Economy | GDP (billions of Int. $) | Share (%) | Rank | PPP/Nom | ||||
---|---|---|---|---|---|---|---|---|
2022 | 2023 | Change | Asia | World | Asia | World | ||
West Bank and Gaza | 34.078 | 36.391 | 2.313 | 0.0429 | 0.0208 | 45 | 140 | 1.895 |
Lebanon | 78.233 | 68.640 | -9.593 | 0.0809 | 0.0393 | 38 | 110 | 2.968 |
Sri Lanka | 319.523 | 321.979 | 2.456 | 0.379 | 0.184 | 24 | 62 | 4.503 |
Afghanistan | 59.344 | 52.067 | -7.277 | 0.0613 | 0.0298 | 42 | 122 | 4.204 |
Armenia | 52.715 | 58.497 | 5.782 | 0.0689 | 0.0335 | 39 | 116 | 2.384 |
Azerbaijan | 180.785 | 192.146 | 11.361 | 0.226 | 0.110 | 28 | 78 | 2.483 |
Bahrain | 90.096 | 95.973 | 5.877 | 0.113 | 0.0549 | 33 | 99 | 2.133 |
Bangladesh | 1,343.253 | 1,476.870 | 133.617 | 1.74 | 0.845 | 12 | 25 | 3.309 |
Bhutan | 10.044 | 10.969 | 0.925 | 0.0129 | 0.00627 | 48 | 161 | 4.084 |
Brunei Darussalam | 31.104 | 32.000 | 0.896 | 0.0377 | 0.0183 | 46 | 146 | 2.112 |
Cambodia | 89.763 | 98.319 | 8.556 | 0.116 | 0.0562 | 32 | 98 | 3.177 |
China | 30,217.113 | 32,897.929 | 2,680.816 | 38.8 | 18.8 | 1 | 1 | 1.859 |
Cyprus | 46.841 | 49.655 | 2.814 | 0.0585 | 0.0284 | 43 | 125 | 1.550 |
Georgia | 74.670 | 82.210 | 7.540 | 0.0968 | 0.0470 | 34 | 102 | 2.738 |
Hong Kong SAR | 507.238 | 548.999 | 41.761 | 0.647 | 0.314 | 19 | 45 | 1.424 |
India | 11,900.714 | 13,119.622 | 1,218.908 | 15.5 | 7.50 | 2 | 3 | 3.515 |
Indonesia | 4,036.852 | 4,393.370 | 356.518 | 5.18 | 2.51 | 4 | 7 | 3.100 |
Islamic Republic of Iran | 1,616.542 | 1,725.874 | 109.332 | 2.03 | 0.987 | 8 | 19 | 4.710 |
Iraq | 504.746 | 508.973 | 4.227 | 0.600 | 0.291 | 21 | 49 | 1.996 |
Israel | 502.330 | 537.140 | 34.810 | 0.633 | 0.307 | 20 | 48 | 1.030 |
Japan | 6,144.602 | 6,495.214 | 350.612 | 7.65 | 3.72 | 3 | 4 | 1.535 |
Jordan | 124.178 | 132.092 | 7.914 | 0.156 | 0.0756 | 30 | 91 | 2.641 |
Kazakhstan | 603.344 | 654.050 | 50.706 | 0.770 | 0.374 | 18 | 41 | 2.522 |
Korea | 2,780.287 | 2,924.189 | 143.902 | 3.44 | 1.67 | 6 | 14 | 1.711 |
Kuwait | 249.003 | 256.593 | 7.590 | 0.302 | 0.147 | 26 | 67 | 1.607 |
Kyrgyz Republic | 41.635 | 44.623 | 2.988 | 0.0526 | 0.0255 | 44 | 128 | 3.519 |
Lao P.D.R. | 68.842 | 74.205 | 5.363 | 0.0874 | 0.0424 | 35 | 107 | 5.210 |
Macao SAR | 38.473 | 69.565 | 31.092 | 0.0819 | 0.0398 | 37 | 109 | 1.808 |
Malaysia | 1,137.400 | 1,225.927 | 88.527 | 1.44 | 0.701 | 15 | 31 | 2.845 |
Maldives | 13.156 | 14.740 | 1.584 | 0.0174 | 0.00843 | 47 | 157 | 2.113 |
Mongolia | 48.445 | 52.989 | 4.544 | 0.0624 | 0.0303 | 41 | 121 | 2.821 |
Myanmar | 261.169 | 277.767 | 16.598 | 0.327 | 0.159 | 25 | 64 | 3.710 |
Nepal | 144.337 | 150.800 | 6.463 | 0.178 | 0.0863 | 29 | 86 | 3.648 |
Oman | 190.941 | 200.295 | 9.354 | 0.236 | 0.115 | 27 | 77 | 1.850 |
Pakistan | 1,520.020 | 1,568.427 | 48.407 | 1.85 | 0.897 | 11 | 24 | 4.604 |
Philippines | 1,170.968 | 1,278.624 | 107.656 | 1.51 | 0.731 | 14 | 29 | 2.935 |
Qatar | 308.989 | 328.134 | 19.145 | 0.387 | 0.188 | 23 | 61 | 1.393 |
Saudi Arabia | 2,150.460 | 2,246.535 | 96.075 | 2.65 | 1.28 | 7 | 17 | 2.101 |
Singapore | 719.075 | 753.273 | 34.198 | 0.887 | 0.431 | 17 | 38 | 1.515 |
Taiwan Province of China | 1,611.996 | 1,685.358 | 73.362 | 1.99 | 0.964 | 9 | 22 | 2.241 |
Tajikistan | 48.615 | 53.679 | 5.064 | 0.0632 | 0.0307 | 40 | 120 | 4.543 |
Thailand | 1,482.437 | 1,578.452 | 96.015 | 1.86 | 0.903 | 10 | 23 | 3.082 |
Timor-Leste | 9.407 | 5.062 | -4.345 | 0.00596 | 0.00290 | 49 | 174 | 2.502 |
Türkiye | 3,352.697 | 3,613.540 | 260.843 | 4.26 | 2.07 | 5 | 11 | 3.130 |
Turkmenistan | 118.739 | 126.132 | 7.393 | 0.149 | 0.0721 | 31 | 93 | 1.542 |
United Arab Emirates | 835.149 | 895.166 | 60.017 | 1.05 | 0.512 | 16 | 34 | 1.758 |
Uzbekistan | 339.812 | 371.646 | 31.834 | 0.438 | 0.213 | 22 | 58 | 4.111 |
Vietnam | 1,321.240 | 1,434.211 | 112.971 | 1.69 | 0.820 | 13 | 26 | 3.310 |
Yemen | 67.820 | 69.963 | 2.143 | 0.0824 | 0.0400 | 36 | 108 | 3.324 |
Asia | 78,599.220 | 84,888.874 | 6,289.654 | 48.55 | 2.204 |