In this article, we will look at the 20 fastest growing economies in Asia in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Growing Economies in Asia in 2024.
Asian Economy to Deliver Two-thirds to Global Growth in 2024
With global growth proving to be more resilient than expected and inflation rates declining steadily, the IMF expects the global economy to grow at the previous year's rate of 3.1% in 2024 as well. Looking ahead, global growth is anticipated to increase modestly by 0.1% to reach 3.2% in 2025. Similar to the global growth trend of a strong economic recovery, the growth expectations for Asia have been raised. According to the January 30 report by the IMF, the region's economic growth for 2023 was revised upwards to be at 4.7%, as opposed to the October 2023 projections of 4.6%.
The regional growth forecasts for 2024 have also improved, and Asia's economic growth for the year is now projected at 4.5%, against the previous expectation of 4.2%. The emerging economy of India, which is demonstrating a strong domestic demand, and China's higher spending on disaster reconstruction and resilience projects are said to be the main contributing factors behind the upward revisions. Moreover, other notable factors boosting the region's economic growth include positive spillover from 2023, a supportive external environment, economic growth in the United States fostering high demand for technology, and positive policy stimulus from strong economies such as China and Thailand. To read more about the Asian economy, you can look at the 23 Richest Countries in Asia by GDP Per Capita in 2023 and the 25 Poorest Countries in Asia by GDP per Capita.
As a result of the aforementioned factors, the region is on track to lead the global growth in 2024, the same as the previous year, and is expected to contribute two-thirds to the global growth. However, the continued economic resilience of the region is subject to effective risk management. Some potential challenges facing the Asian economy include the deteriorating property sector of China, the financial volatility of some highly indebted economies, a long and inefficient supply chain, and the threat of higher shipping costs. On the bright side, effective monetary and fiscal policies to manage these threats can further boost the economy. On January 30, Reuters reported that the IMF believes that China's economy could recover faster than expected if the government makes additional property and structural reforms to boost consumer confidence.
Key Players Leading the Asian Economy
HDFC Bank Limited (NYSE:HDB), Tencent Holdings Limited (OTC:TCEHY), and Toyota Motor Corporation (NYSE:TM) are some of the players leading the Asian economy. To read more about Asian companies, you can look at 20 Most Valuable Asian Companies Heading into 2024.
HDFC Bank Limited (NYSE:HDB) is one of the largest financial services and banking companies headquartered in Mumbai, India. The bank has a multinational presence and provides financial services to its customers in India, Dubai, Bahrain, and Hong Kong. It operates through three major segments: retail banking, wholesale banking, and treasury services. On March 21, HDFC Bank Limited (NYSE:HDB) announced its partnership with The Toronto-Dominion Bank (TSE:TD) to simplify the banking services for Indian students based in Canada. As a result of this agreement, both banks have announced new referral programs for students planning to study in Canada. Aspiring Indian students will be referred to The Toronto-Dominion Bank's (TSE:TD) international student GIC program that helps students comply with the Canadian government's Student Direct Stream study permit. This agreement builds upon the long-running partnership between both banks since 2015, where The Toronto-Dominion Bank (TSE:TD) has acted as a corresponding banking partner of HDFC Bank Limited (NYSE:HDB).
Tencent Holdings Limited (OTC:TCEHY) is another multinational technology company based in Shenzhen, Guangdong, China. It is one of the world's leading internet and technology conglomerates that provides entertainment, communication, e-commerce, advertising, and online payment services. On March 5, Tencent Holdings Limited (OTC:TCEHY) announced its partnership with the Etihad Etisalat Company (TADAWUL:7020), revolutionizing the digital landscape of Saudi Arabia under the 'Go Saudi' program. Etihad Etisalat Company (TADAWUL:7020), also known as Mobily, is a leading digital technology and media company in Saudi Arabia. The collaboration will allow Mobily to diversify its enterprise business solutions and tap into new technologies using Tencent Holdings Limited (OTC:TCEHY) cloud services.
Toyota Motor Corporation (NYSE:TM) is a leading multinational automobile manufacturing company based in Japan. The company designs, manufactures, assembles, and sells automotive vehicles and has a market presence in North America, Europe, Asia, and the Middle East. On March 5, Toyota Motor Corporation (NYSE:TM) announced that it had agreed to acquire Primearth EV Energy Co., Ltd (PEVE) as a wholly owned subsidiary from Panasonic Holdings Corporation (TYO:6752). After the successful acquisition, Toyota Motor Corporation (NYSE:TM) will continue collaborating with PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions to meet its automotive battery demand.
The Asian economy is set to contribute two-thirds to global growth in 2024, and below, you can find the 20 fastest growing economies in Asia in 2024.
20 Fastest Growing Economies in Asia in 2024
A panoramic view of the Petronas Towers, a symbol of Malaysia's economics and a backdrop for the business combination.
Our Methodology
To identify the 20 fastest growing economies in Asia in 2024, we relied on the Real GDP growth rates and GDP per capita growth rates. Both of these indicators are internationally recognized for measuring the health and progress of an economy. We sourced the real GDP growth rates for 2024 from the IMF database and calculated the annual GDP per capita growth for each country between 2023 and 2024 using GDP per capita at current prices data from the IMF. The list is ranked in ascending order of the real GDP growth rates (2024), our primary metric, and GDP per capita growth rates (2024), our secondary metric. Wherever a tie-break was required, we used the secondary metrics to break the tie.
Please note that we have not included the Middle Eastern countries in our list of 20 fastest growing economies in Asia in 2024.
20 Fastest Growing Economies in Asia in 2024
20. Thailand
Real GDP Growth Rate (2024): 3.2%
GDP Per Capita Growth Rate (2024): 5.94%
Thailand ranks as the 20th fastest growing economy in Asia in 2024. It is a South Asian country with a real GDP growth rate of 3.2% and a GDP per capita growth rate of 5.94%.
19. Brunei Darussalam
Real GDP Growth Rate (2024): 3.5%
GDP Per Capita Growth Rate (2024): 4.16%
Brunei, officially known as Brunei Darussalam, is a Southeast Asian country. Brunei makes its way to our list of 20 fastest growing economies in Asia in 2024. The country's real GDP is growing at 3.5%, whereas it has a GDP per capita growth rate of 4.16%.
18. Lao People's Democratic Republic
Real GDP Growth Rate (2024): 4%
GDP Per Capita Growth Rate (2024): -2.38%
With its real GDP growing at 4%, the Lao People's Democratic Republic is the 18th fastest growing economy in Asia in 2024. It is situated in the Southeastern part of Asia.
17. People's Republic of China
Real GDP Growth Rate (2024): 4.2%
GDP Per Capita Growth Rate (2024): 4.90%
China is one of the largest Asian countries covering the entire East Asian region. It is one of the fastest growing economies in Asia in 2024 and ranks 17th on our list. Moreover, China has a real GDP growth rate of 4.2% and a GDP per capita growth rate of 4.90%.
16. Kazakhstan
Real GDP Growth Rate (2024): 4.2%
GDP Per Capita Growth Rate (2024): 11.01%
Kazakhstan ranks 16th on our list, with its real GDP growing and GDP per capita growing at 4.2% and 11.01%, respectively. It is a landlocked country in Central Asia, bordering China, Russia, Kyrgyzstan, Uzbekistan, and Turkmenistan.
15. Kyrgyzstan
Real GDP Growth Rate (2024): 4.3%
GDP Per Capita Growth Rate (2024): 5.50%
Kyrgyzstan, officially known as the Kyrgyz Republic, is a Central Asian country characterized by mountain ranges. It is Asia's 15th fastest growing economy in 2024, with a real GDP and GDP per capita growth rates of 4.3% and 5.50%, respectively.
14. Malaysia
Real GDP Growth Rate (2024): 4.3%
GDP Per Capita Growth Rate (2024): 6.75%
Malaysia ranks 14th on our list, with its real GDP growing at 4.3% and GDP per capita growing at 6.75%. It is situated in Southeast Asia and occupies parts of the Malay peninsula and the island of Borneo.
13. Mongolia
Real GDP Growth Rate (2024): 4.5%
GDP Per Capita Growth Rate (2024): 2.65%
Mongolia, an East Asian country bordering itself with China and Russia, ranks 13th on our list of 20 fastest growing economies in Asia in 2024. It has a real GDP growth rate of 4.5%, whereas its GDP per capita is growing at 2.65%.
12. Maldives
Real GDP Growth Rate (2024): 5%
GDP Per Capita Growth Rate (2024): 5.75%
Maldives is a South Asian country known for its main island and capital, Male. Its real GDP and GDP per capita are growing by 5% and 5.75%, respectively, making it the 12th fastest growing economy in Asia in 2024.
11. Tajikistan
Real GDP Growth Rate (2024): 5%
GDP Per Capita Growth Rate (2024): 7.48%
Tajikistan is ranked 11th on our list of fastest growing economies in Asia in 2024. It has a real GDP growth rate of 5%, whereas its GDP per capita is growing at 7.48%.
10. Indonesia
Real GDP Growth Rate (2024): 5%
GDP Per Capita Growth Rate (2024): 7.83%
Indonesia makes it to the top 10 fastest growing economies in Asia in 2024. It is a Southeast Asian country with lots of islands. Indonesia has a real GDP growth rate of 5% and a GDP per capita growth rate of 7.83%.
9. Nepal
Real GDP Growth Rate (2024): 5%
GDP Per Capita Growth Rate (2024): 8.50%
Nepal is a South Asian country characterized by its location in the Himalayan mountain range. It is the 9th fastest growing economy in Asia in 2024, with its real GDP and GDP per capita growing at 8.50%.
8. Armenia
Real GDP Growth Rate (2024): 5%
GDP Per Capita Growth Rate (2024): 9.75%
Armenia ranks 8th on our list of fastest growing economies in Asia. It has a real GDP growth rate of 5% and a GDP per capita growth rate of 9.75%.
7. Uzbekistan
Real GDP Growth Rate (2024): 5.5%
GDP Per Capita Growth Rate (2024): 8.01%
Uzbekistan is a Central Asian country and one of the former colonies of the Soviet Union. Its real GDP and GDP per capita are growing at 5.5% and 8.01%, respectively, making it the 7th fastest growing economy in Asia in 2024.
6. Vietnam
Real GDP Growth Rate (2024): 5.8%
GDP Per Capita Growth Rate (2024): 7.41%
Ranking 6th on our list is Vietnam, a Southeast Asian country. The real GDP of Vietnam is growing at 5.8%, whereas it has a GDP per capita growth rate of 7.14%.
