TOP20 largest economies by Nominal GDP in Asia (1980- 2026) - latest update in 2021 by #TOP10Channel
Data: IMF, 2021
Keywords: #TOP10Channel, #Asia, #NominalGDP
At the end of 2021, the 20 largest economies in Asia by Nominal GDP are as follows:
1. China
2. India
3. Japan
4. South Korea
5. Indonesia
6. Saudi Arabia
7. Turkey
8. Taiwan
9. Iran
10. Thailand
11. Israel
12. Philippines
13. Malaysia
14. United Arab Emirates
15. Singapore
16. Bangladesh
17. Vietnam
18. Hong Kong
19. Iraq
20. Kazakhstan
As the second-largest economy in the world, China has seen an average growth rate of 9.52% between 1989 and 2019. China is the second-largest economy considering nominal GDP, at $14.14 trillion, and the largest using GDP (PPP), which is $27.31 trillion. China has approximately $23 trillion in natural resources, 90% of which are rare earth metals and coal. China’s economic reform program of 1978 was a large success and resulted in a rise in average economic growth from 6% to over 9%. The reform program emphasized the creation of private and rural businesses, easing the state regulations on prices, and investment in workforce education and industrial output. Another driving force behind the growth of China’s economy is worker efficiency.
Japan has the third-largest economy in the world with a GDP of $5.15 trillion. Japan’s GDP (PPP) is $5.75 trillion. Japan’s economy is market-driven so businesses, production, and prices shift according to consumer demand, not governmental action. While the 2008 financial crisis took a hit on the Japanese economy and has stunted its growth since then, it is expected that the 2020 Olympics will give it a boost. The Japanese economy’s strength comes from its electronic goods industry, which is the largest in the world, and its automobile industry, which is the third-largest in the world. Going forward, the Japanese economy faces some large challenges such as a declining population and an ever-increasing debt that, as of 2017, is 236% of its GDP.
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