15 Most Respected Countries in Asia

Published on February 8, 2024 at 5:42 pm by Afifa Mushtaque in Lists, News

In this article, we will look at the 15 most respected countries in Asia. We have also looked at the ongoing and predicted economic growth of the Asian market. If you want to skip our detailed analysis, head straight to the 5 Most Respected Countries in Asia.

Globally, the IMF projects a resilient growth rate of 3.1% for 2024 which is consistent with the previous year, although still below the historical average. Notably, inflation is expected to decline from 6.8% in 2023 to 4.4% in 2025. Turning to Asia, the region is on track to contribute two-thirds to global growth in 2024, with upward revisions in growth estimates for both 2023 (4.7%) and 2024 (4.5%), driven by factors such as policy stimulus and a supportive external environment.

However, regional variations persist, as Japan’s growth is slowing from 2% in 2023 to about 1% in 2024, while India maintains strong growth at 6.5% in both 2024 and 2025. The inflation outlook in Asia is generally positive, with average inflation in the region falling from 3.8% in 2022 to 2.6% in 2023. China is facing concerns about deflation as it recorded inflation of only 0.3% in 2023, while Japan is expected to experience a slowdown but remain above the 2% inflation target until 2025.

South Asia’s economic trajectory, outlined in the World Bank’s latest update, reveals a noteworthy growth rate of just under 6 percent, outpacing other regions. However, despite this positive trend, achieving high-income status within a generation remains a formidable challenge. The region’s average potential growth hovers around 5 percent, falling short of the necessary 8 percent or higher required for rapid convergence with high-income countries by 2050. Private investment, a critical driver for such acceleration, has been uneven across South Asian nations, with some experiencing negative or stagnant growth while others, like India and Bangladesh, have witnessed robust expansion, albeit with potential challenges in sustaining public investment growth.

Furthermore, fiscal vulnerabilities persist, as all South Asian countries grapple with persistently large fiscal deficits, resulting in accelerated government debt burdens since 2010. Additionally, the region stands as the most vulnerable among Emerging Market and Developing Economies (EMDE) to climate risks, with a significant population exposed to natural disasters in the past decade. Addressing these challenges demands a multifaceted approach, including fostering private investment, fortifying fiscal positions, and developing resilience to climate risks for sustained and cleaner growth in South Asia.

Apple Inc (NASDAQ:AAPL) is strategically expanding its presence in emerging markets, with the recent launch of an online store in Vietnam following the opening of physical shops in India. As growth in developed markets, including China, slows down, Apple Inc (NASDAQ:AAPL) aims to tap into the potential of Southeast Asian economies like Vietnam, India, and Indonesia. CEO Tim Cook highlighted the company’s success in these markets, achieving all-time records in countries such as Mexico, Indonesia, and India. Analysts predict that over the coming years, Apple Inc (NASDAQ:AAPL) will increasingly focus on countries like Indonesia, Malaysia, and India, which are poised to become major contributors to Apple Inc (NASDAQ:AAPL)’s global market share.

The move into Southeast Asia is also part of a broader trend among global businesses, as the region’s rising middle class presents a lucrative market opportunity. However, Apple Inc (NASDAQ:AAPL) may face challenges due to the high price points of its products in less developed economies. While the company currently operates its own stores in more developed regional economies like Thailand and Singapore, it has yet to establish a physical presence in countries like Indonesia. Despite potential hurdles, Apple Inc (NASDAQ:AAPL) aims to replicate its success in China by employing different pricing strategies to attract customers and build a loyal user base in Southeast Asia.

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Our Methodology

The Human Development Index (HDI) 2021 measures a country’s well-being through factors like education, life expectancy, and income. On the other hand, respect for human rights, assessed by the Human Rights Index (V-Dem 2023), complements HDI by focusing on civil liberties and political freedoms. A country fostering both indices shows a balanced approach as it ensures citizens lead dignified lives with access to essential resources, education, and health, while also upholding fundamental rights. This synergy reflects a society where individuals thrive not only economically but also within a framework of justice and fairness, earning global respect for valuing both human development and rights.

Hence, to list the most respected countries in Asia, we relied on the Human Development Index as well as the Human Rights Index for Asian countries. We averaged both indices to obtain an average index score. The list is now presented in ascending order.

Here is a list of the most respected countries in Asia

15. United Arab Emirates

Human Development Index: 0.911

Human Rights Index: 0.35

Average Index: 0.631

In 2022, UAE had a GDP per capita of $53,708. As of 2023, the population of the UAE is estimated to be 9.97 million, with Emirati citizens making up approximately 11.6% of the total. The majority of the remaining residents are expatriates, with a major portion hailing from South Asia. It is one of the best countries in Asia to live.

Amazon.com, Inc (NASDAQ:AMZN) is currently offering job opportunities in Dubai with salaries up to 8000 AED. As a global e-commerce giant, Amazon.com, Inc (NASDAQ:AMZN) is expanding its presence in Dubai to meet the growing demand for online shopping.

The UAE is one of the highest paying countries for data scientists.

14. Oman

Human Development Index: 0.816

Human Rights Index: 0.45

Average Index: 0.633

Oman holds the 14th position on our list, with an HDI of 0.816. As of 2023, the country’s GDP per capita is $39,340. Oman saw a modest GDP growth of 1.2% in the same year. It is one of the most respected countries in the Middle East.

13. Kazakhstan

Human Development Index: 0.811

Human Rights Index: 0.520

Average Index: 0.666

Kazakhstan is listed among the top 20 developed countries in Asia. It recorded a Human Development Index of 0.811 in 2021. According to the IMF, Kazakhstan reported a GDP per capita of $32,710 in 2023, with a GDP growth rate of 4.6% during the same year.

12. Kuwait

Human Development Index: 0.831

Human Rights Index: 0.560

Average Index: 0.696

At 12th place in our ranking, Kuwait recorded an HDI of 0.831 in 2021. According to the IMF, Kuwait currently maintains a GDP per capita of $51,760 as of 2023. It is one of the top 10 best countries in Asia.

11. Nepal

Human Development Index: 0.602

Human Rights Index: 0.760

Average Index: 0.681

Nepal earns respect for its rich cultural heritage, with major religious practice of Hinduism and Buddhism along with vibrant festivals, and traditional arts. Its breathtaking natural beauty, including Mount Everest, attracts global admiration.

10. Sri Lanka

Human Development Index: 0.782

Human Rights Index: 0.690

Average Index: 0.736

Sri Lanka’s tourism industry is experiencing a resurgence after facing setbacks from terrorist attacks, the pandemic, and economic turmoil. With a concerted promotional effort and geopolitical advantages, tourist arrivals have surpassed 1 million for the first time in four years. However, there’s a need to attract high-spending visitors to boost revenue. Efforts are underway to develop uninhabited islands for luxury tourism, aiming to offer exclusive experiences. Despite challenges like tax increases and a skilled labor drain, the government remains optimistic, targeting 2.3 million arrivals and $4.6 billion in revenue for the next year, supported by marketing campaigns and visa initiatives.

It is one of the top 10 tourist destinations in Asia and is also one of the most friendlist countries in Asia.

9. Brunei

Human Development Index: 0.829

Human Rights Index: 0.660

Average Index: 0.745

Brunei, the third-largest oil producer in Southeast Asia, extracts approximately 180,000 barrels per day and ranks ninth globally in liquefied natural gas production. Its economy is a blend of foreign and domestic entrepreneurship, government regulations and welfare initiatives. Predominantly reliant on crude oil and natural gas exports, these sectors contribute over half of the GDP.

8. Malaysia

Human Development Index: 0.803

Human Rights Index: 0.730

Average Index: 0.767

Malaysia has the fifth largest economy in Southeast Asia and ranks 36th globally in GDP. With a labor productivity of Int$55,360 per worker in 2018, it holds the third highest in ASEAN. The 2021 Global Competitiveness Report positioned Malaysia as the 25th most competitive economy worldwide. Malaysians enjoy a comparatively affluent lifestyle due to a thriving export-oriented economy, low national income tax, affordable local food and fuel, and a fully subsidized single-payer public healthcare system. It is one of the top 10 most respected countries in Asia.

7. Hong Kong

Human Development Index: 0.952

Human Rights Index: 0.610

Average Index: 0.781

It is one of the top 10 educated countries in Asia.

Hong Kong is largely respected for its highly developed free-market economy characterized by low taxation, free port trade, and a stable international financial market. Its currency, the Hong Kong dollar is pegged to the US dollar which ensures stability. With its strategic focus on international trade and finance, it consistently ranks as one of the most favorable places to start a business.

Amazon.com, Inc (NASDAQ:AMZN)’s highly anticipated series “Expats,” featuring Nicole Kidman and Brian Tee, is conspicuously unavailable for viewers in Hong Kong despite its global release.

6. Singapore

Human Development Index (2021): 0.939

Human Rights Index: 0.70

Average Index: 0.820

With the world’s most open economy and ranking as the 4th-least corrupt, Singapore has low tax rates and one of the highest per-capita GDPs in PPP terms. Its pro-business environment attracts both local and international investors, supported by a stable infrastructure and robust political climate. It is undoubtedly one of the 5 most important countries in Asia. Singapore is also the go-to choice for international corporations for their Asian headquarters.

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