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- During the most recent era, which MGI has dubbed the Era of Markets (1989–2019), the region’s economies collectively emerged as the world’s new majority, accounting for more than half the global total of key metrics we use to measure the world economy.
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The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Taiwan, 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...
- 4.2% (2023 est.)
- 4.7 billion (60% of world)
- $9,390 (nominal; 2023 est), $17,900 (PPP; 2023 est)
Sep 22, 2023 · Asia’s robust economic growth and its position as the world’s manufacturing and trade hub give it a critical global role. Asia accounted for 57 percent of global GDP growth between 2015 and 2021. In 2021, Asia contributed 42 percent of world GDP (at purchasing power parity), more than any other region. 4 GDP data from the World Bank.
Apr 30, 2024 · The outlook for Asia and the Pacific in 2024 has brightened: we now expect that the region’s economy will slow less than we previously projected as inflation pressures continue to dissipate. We have raised our regional growth forecast for this year to 4.5 percent, up 0.3 percentage point from six months earlier, after a 5 percent expansion in ...
Feb 23, 2023 · The economic headwinds that faced Asia and the Pacific last year have started to fade. Global financial conditions have eased, food and oil prices are down, and China’s economy is rebounding. These developments are helping improve prospects across the region, with growth set to accelerate to 4.7 percent this year from 3.8 percent in 2022.
- Be Asia Relevant
- Rethink The Asian Operating Model
- Protect from and Prepare For Risks
- Forge Stronger Intraregional Collaboration
Firms in Asia and around the world need to consider how to make their business relevant to the world’s largest regional economy, but aspirations and strategy need to be nuanced to reflect different Asian flows, some of which are already global in terms of scale and highly intraregional while others remain relatively underdeveloped. Companies that a...
Asia is a diverse region with complementary characteristics. Firms need to understand the nuances of differences within the region—even down to the level of individual cities—when developing their Asian operating models. They could consider how to unlock opportunities arising from the complementary characteristics of the four Asias through new part...
To make the most of Asia’s growing scale and importance in the world economy, there needs to be a collective effort to sustain growth. Decision makers therefore need to respond to a range of risks including environmental pressures for instance, and fill skills gaps. Asian governments also need to enhance their institutional capabilities.
As Asia continues to integrate, the question is how to build collaboration. The region is not without its political and territorial conflicts, and needs to evolve dispute resolution mechanisms to resolve them. Leaders also should consider how to develop stronger relationships beyond trade—in knowledge, data, and people flows, for instance.
Sep 21, 2023 · Millions of Asians escaped poverty by making stuff; many grew prosperous. Now the region’s economic model is shifting again, with consequences for Asia and for the world. Asia’s long ...
Economy of Asia. General considerations. While the economies of most Asian countries can be characterized as developing, there is enormous variation among them. The continent contains one of the world’s most economically developed countries, Japan, and several that are impoverished, such as Afghanistan, Cambodia, and Nepal.
