While a stable economy fosters growth and attracts business and investment opportunities, economic decline can have the opposite effect. According to the IMF, the global economic situation is stable and the growth rate in 2024 is expected to remain constant at 3.1%, similar to 2023. Going forward, the growth rate is expected to increase slightly to 3.2% in 2025, leading to an overall positive and smooth business environment.
Asia remains a key driver of global economic growth, accounting for approximately two-thirds of global economic growth in 2023. The IMF has raised growth expectations for the region, mainly due to economic development in India and China. Global economic growth is expected to be 4.7% in 2023, an upward revision from the previous forecast of 4.6%. In addition, the regional economic forecast for 2024 has also been revised to 4.5% from the October 2023 forecast of 4.2%. In the future, economic growth is expected to slow slightly to 4.3% in 2025 due to the expected continued crisis in China’s real estate sector and the resulting rise in inflation.
Look at the 5 top most competitive countries in Asia.
5. Malaysia
- GDP growth rate (2024): 4.3D
- GDP per capita growth rate (2024): 6.75D
- Competitive factors: 75.75
Malaysia ranks among the top 5 most competitive countries in Asia . The country’s GDP is growing at 4.3% and the GDP per capita growth rate is 6.75%. Malaysia also performed well in the global competitiveness rankings, scoring 75.75 points out of 100.
4. Mongolia
- GDP growth rate (2024): 4.5D
- GDP per capita growth rate (2024): 2.65D
- Competitive factors: 35.56
Mongolia is a country in East Asia and has proven to be the most competitive in Asia It ranks 4th on the list of countries. The GDP growth rate is 4.5% and the per capita GDP growth rate is 2.65%.
3. Indonesia
GDP Growth Rate (2024): 5D
GDP Growth Rate per Capita (2024): 7.83D
Competitive Factors: 70.75
Third on the list is Indonesia, a country in Southeast Asia. The country’s GDP growth rate is 5% and GDP per capita growth rate is 7.83%.
2. Philippines
GDP growth rate (2024): 5.9D
GDP growth rate per capita (2024): 8.03D
Competitive factors: 54.14
Philippines is her second most competitive country in Asia . The country’s GDP is growing at 5.9% and the GDP per capita growth rate is 8.03%.
1. India
GDP growth rate (2024): 6.3D
GDP per capita growth rate (2024): 9.00D
Competitive factors: 64.63
India tops the list of 20 most competitive countries in Asia. It is a South Asian country with a GDP growth rate of 6.3% and a per capita GDP growth rate of 9.0%.