Top 10 Economies Asia

Asia is the largest and most populous continent in the world. It has the second largest nominal GDP of all continents.

Here is a brief overview of the top 10 largest economies in Asia, ranked according to their GDP (nominal).

10) Malaysia – GDP: $367.712 Billion

Malaysia is a newly industrialized market economy. Its GDP has grown at an average of 6.5 percent annually between 1957 and 2005. Since the 1980s the industrial sector has led the nation’s growth.

9) Thailand – GDP: $387.156 Billion

Thailand is an emerging economy. It is a newly industrialized nation. It experienced world’s highest growth rate (averaging 12.4 percent annually) between 1985 and 1996.

8) United Arab Emirates – GDP: $396,235 Billion

UAE is the second largest economy in the Arab world. One-third of the GDP of UAE is from oil revenues. Since independence in 1971, the nation’s economy has grown by nearly 231 times.

7) Iran – GDP: $405.540 Billion

Iran is an upper-middle income economy. Its economy is a mixture of central planning, village agriculture, state ownership of oil and other large enterprises, and small scale private trading and service ventures.

6) Saudi Arabia – GDP: $718.472 Billion

Saudi Arabia is the largest economy in the Arab world. Its command economy is petroleum-based. Approximately 75 percent of budget revenues and around 90 percent of export earnings come from oil industry.

5) Indonesia – GDP: $867.468 Billion

The Indonesian archipelago has been an important trade region since the seventh century. The nation has a mixed economy. Indonesia is the largest economy in Southeast Asia. The industry sector accounts for more than 45 percent of GDP. The nation is blessed with extensive natural resources.

4) South Korea – GDP: $1.308 Trillion

South Korea is one of the G-20 major economies. This developed nation is a high-income economy. It is the most industrialized member of the OECD. It is the only developed nation to have been included in the group of Next Eleven nations. Its economy is heavily dependant on international trade.

3) India – GDP: $2 Trillion

India is one of the world’s fastest growing economies. Indian labor force is the second largest in the world. The service sector makes up 55.6 percent of GDP. Despite impressive economic growth, India faces many socioeconomic challenges. The nation has the largest concentration of people living below the poverty line.

2) Japan – GDP: $4.846 Trillion

This island nation is a developed economy. Tokyo is the capital of Japan. The Tokyo Stock Exchange is the largest stock exchange in Asia. Japan is a member of the Group of Eight. The nation has the largest electronic goods industry. It is one of the most innovative countries in the world.

1) China – $10.028 Trillion

China is the world’s most populous nation and the second largest economy in the world after United States. The nation has a social market economy. It is the world’s fastest growing major economy with average annual growth rates of 10%. China is a global hub for manufacturing. The nation plays a vital role in international trade. It is the largest exporter of goods.