Asian economies have grown rapidly over the years to become vital players in the global market. The skyrocketing GDP indicates how fast these countries have evolved. Regional cooperation initiatives played a major role in this remarkable growth. But which countries lead the pack? To find out the answer, we have compiled a list of the ten largest economies in Asia in 2024. Let’s scroll down and find out which country boasts the highest GDP in Asia.
Asia’s Economic Powerhouses
As we said above, GDP is the key indicator of a country’s economic health and growth. Below is the list of Asia’s Largest Economies with GDP.
10. Israel
Israel is a West Asian country. The country has a technologically advanced market economy, and its major exports include high-technology equipment, diamonds, and pharmaceuticals. It is the world’s 26th largest economy by GDP, according to the IMF (International Monetary Fund).
GDP: $530.6 Billion
9. Thailand
Thailand is 9th among the largest economies in Asia. Although Thailand industrialised in 1960, making it new compared to other countries in the region, it has shown rapid growth. Renowned for beaches, ancient ruins, and ornate temples, this country makes most of its GDP from tourism and the service sector.
GDP: $548.9 Billion
8. Taiwan
East Asian country Taiwan, officially the Republic of China, is next among the largest economies in Asia and is ranked among the top nations in terms of human development, healthcare, and civil liberties. The service, semiconductor, and electronics industries are the main drivers of Taiwan’s GDP.
GDP: $803 Billion
7. Saudi Arabia
Next, among the largest economies in the region is South Arabia. The Western Asian nation has a population of over 33 million and is a developing country. The oil sector contributes the most to Saudi Arabia’s GDP, accounting for 46%. It’s the world’s 19th and one of Asia’s largest economies.
GDP: $1.11 Trillion
6. Turkey
Turkey, officially known as the Republic of Turkiye, holds the title of the 6th highest GDP in asia. It’s a developing, upper-middle income, mixed economy. Agriculture, industrial, and service sectors are the main driving forces behind Turkey’s economy. Turkey’s biggest exports are vehicles and vehicle parts.
GDP: $1.11 Trillion
5. Indonesia
Indonesia holds the 5th place among the largest economies in Asia. It is a Southeast Asian country with a population of 81 million. Indonesia is a major exporter of crude petroleum and natural gas and a leading supplier of rubber, coffee, cocoa, and palm oil. The manufacturing sector is a major contributor to its GDP.
GDP: $1.47 Trillion
4. South Korea
South Korea is an East Asian country with a population of over 52 million. One of the largest economies in Asia, it is an example of other nations trying to grow their GDP. It has transformed from a low-income to a high-income economy, with services and industrial sectors as the main contributors.
GDP: $1.76 Trillion
3. India
India holds the 3rd highest GDP in asia. It’s the most populated country in the world, with a large number of ambitious young people playing a crucial role in the country’s development. The great demand for goods and services is the main driver of India’s economic growth. The middle class also has played a crucial role in boosting the country’s economy.
GDP: $4.21 Trillion
2. Japan
Japan, an island country in the Pacific Ocean in the East, is second among the largest economies in Asia. However, its economy is currently falling due to demographic factors like the ageing population, China’s geopolitical rise, and other East Asian competitors in the market.
GDP: $18.53 Trillion
1. China
The second most populous country after India, China is the Largest Economy in Asia. It’s also the world’s 2nd largest economy after the U.S. and has a GDP growth rate of 4.6%- 5.0%. Industrial production and manufacturing exports are the main drivers of the country’s economy.
GDP: $42.72 Trillion
Asia’s Largest Economies: Financial Titans
With innovation, technological advancements, and an ambitious population, Asia’s countries are growing daily. Some of them have become the largest economies in Asia, and they are also ranked among the top economies Globally.
Frequently Asked Questions
1. Which is the poorest nation in Asia?
Burdened by conflicts, corruption, and inequality, Afghanistan is the poorest country in Asia.
2. Which Asian country is most developed?
Singapore is considered the most developed Asian country due to its high standard of living, strong economy, and high Human Development Index.
3. What is the most visited country in Asia?
Thailand became Asia’s most visited country in 2023, with 28.15 million international tourists.
4. Which Asian nation has the most crimes?
Afghanistan tops the Crime index by 77.0 points. That means it has the most crimes in the region.
