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In 2020 Asia’s GDP will overtake the GDP of the rest of the world combined. By 2030, the region is expected to contribute roughly 60% of global growth . Asia-Pacific will also be responsible for the overwhelming majority (90%) of the 2.4 billion new members of the middle class entering the global economy.
The global population has doubled and GDP has increased in volume almost fourfold since the 1980s, but where is the strongest economic growth now? South Asia, according to the World Bank, driven by countries such as India, Vietnam, Laos and the Philippines.
Jan 15, 2024 · The country’s growth rate of 7.2% in fiscal 2022-2023 was the second-highest among the G20 countries and almost twice the average for emerging market economies that year. India’s efforts to maintain stability and enact structural reforms have contributed to its economic resilience in the face of global challenges.
According to data from the World Bank and IMF,Asian countries are expected to make up most of the top 5 countries in the world by size of GDP in 2024, relegating European economic powerhouses to lower ranks. China's economic growth has been steep since the 1990s, while India and Indonesia have even more recently entered the top 10 of the ...
The above 15 economies represent a whopping 75% of total global GDP, which added up to $85.8 trillion in 2018 according to the World Bank. Most interestingly, the gap between China and the United States is narrowing — and in nominal terms, China’s economy is now 66.4% the size. A Higher Level Look.
Only 16 economies had a GDP higher than $1 trillion, with the US by far the biggest economy at more than $21 trillion – making up just under a quarter of the global total of almost $88 trillion. China was the second largest at more than $14 trillion and Japan was in third place with just over $5 trillion.
Mar 3, 2023 · Image: Quartz. China posts lowest GDP growth in years. Meanwhile, Asia’s largest economy grew slower than India’s for the first time since 2016. China’s National Bureau of Statistics reported the country’s annual GDP to be ¥121.02 trillion ($17.94 trillion), a 3% increase from the previous year.
