Asia GDP Growth: It’s evident that Asia’s economies have experienced diverse growth rates in 2024, highlighting a mix of domestic dynamics and external influences across the region. Here’s a breakdown of GDP growth projections for some of Asia’s key economies this year.
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2024 GDP Growth in Asia: India Leads at 7%, Diverse Economic Outlook Across Region
India
India is projected to grow at 7%, the highest in Asia, in terms of GDP. This expansion is fueled by improving domestic consumption, foreign direct investment inflows, as well as digital and technology developments. With its large demographic dividend, stable macroeconomic environment, and strong government push in areas like infrastructure development and manufacturing, India is shaping up to be a unique standout performer in the region.
Vietnam
Vietnam, one of the few economies able to work its way through COVID is set for 6.1% growth driven by its manufacturing and export prowess. The country attracts investments from companies seeking to diversify supply chains outside China, further boosting its industrial and manufacturing sectors, especially in electronics and textiles.
Bangladesh
Bangladesh will also expand, growing at 5.4% as a booming textile sector and steady remittance flows continue to drive the economy. With inflation and external debt posing challenges to sustained growth, the rise is also sustained by developments in infrastructure and reforms driven by the government.
Indonesia
The 5% growth rate of Indonesia represents cool economic fundamentals, primarily driven by a very large resource sector and a growing middle class. They are seeking foreign investment in renewables and digital industries, which may also spur economic growth.
China
Slowing property markets and regulatory adjustments will push China’s economy to expand by 4.8% Although China’s export-driven sector is the mainstay, the domestic policy forms as well as the slowdown in real estate are creating a more cautious economic outlook.
Malaysia
A 4.8% GDP expansion for Malaysia is expected as well backed by firm demand in the electronics and energy sectors. The government’s push to accelerate economic diversification and digital transformation should underpin stable growth in the medium term.
Laos
Hydroelectric power exports and mining are the main drivers of growth for Laos, which is expected to grow by 4.1% this year. Yet despite massive amounts of debt and dependence on foreign aid which still shapes its economic stability and growth potential.
Russia
Russia is expected to expand by 3.6% following a slow recovery from the impact of global sanctions and geopolitical challenges. Economics is still reeling from a left hook as well, with the energy sector continuing to be a main driver but still hamstrung by external factors and high inflation.
Thailand
Thailand’s economy is anticipated to grow by 2.8%, affected by weakening global demand impacting its tourism and export sectors. The country is focusing on infrastructure projects and digital economy initiatives to stimulate further growth.
Singapore
Singapore’s growth rate of 2.6% reflects the challenges of an export-dependent economy facing a global slowdown. The government’s efforts to enhance digital transformation and sustainability initiatives are steps toward long-term economic resilience.
FAQs
Which country has the highest GDP growth in Asia for 2024?
India leads with a projected growth rate of 7%.
What is Vietnam’s expected GDP growth rate in 2024?
Vietnam’s GDP is expected to grow by 6.1%.
