In this article, we will look into the 20 developed countries in Asia. If you want to skip our detailed analysis, you can go directly to the 5 Developed Countries in Asia.
Asia’s Economic Outlook
Asia is a diverse region with some of its countries showing great economic potential. However, Asian countries must invest in efficient allocation of resources, enticing foreign direct investment, and fostering innovation and entrepreneurship in the region. According to the IMF, Asia and Pacific reports a GDP of $37.04 trillion and a GDP per capita of $8,390, as of 2023. Some of the countries in Asia showed high economic growth as compared to others. Singapore, Taiwan and UAE are some of the countries with the best economy right now in the region.
According to the Asian Development Bank, the economies in Asia experienced mixed results in the first half of 2023. China and India experienced substantial growth due to a surge in domestic demand. The overall global demand slowed down, resulting in fewer exports, specifically in the electronics and semiconductor sectors. The tourism sector in the region made a strong recovery after the COVID-19 pandemic, achieving pre-pandemic levels in several countries. Inflation in the region is forecasted to decrease from 4.4% in 2022 to 3.6% in 2023 and 3.5% in 2024. Central banks have started cutting down policy rates, as inflationary pressures have weakened. South Asia remains the fastest-growing sub-region, driven by India’s strong investment and consumption.
Despite the overall declining inflation rates, Asia still faces multiple challenges that are hindering its growth. Many countries in the region are not economically free and lack political stability, financial transparency, comprehensive market, labor reforms, and GDP growth. Countries such as Pakistan, Nepal, and Afghanistan are some of the least developed countries in Asia. Food security is another major challenge faced by some of the Asian countries. These challenges can negatively affect trade, employment, and overall productivity in the region. Despite these lingering challenges, Asian economies are exhibiting remarkable resilience and adaptability, which are enabling them to navigate economic uncertainties and pave the way to economic success. According to the Asian Development Outlook 2023, the growth forecast for the region in 2024 is 4.8%.
Major Players in the Asian Market
Some of the leading Asian economies are home to various internationally recognized companies that are driving growth in the Asian market. Companies including Toyota Motor Corporation (NYSE:TM), Infosys Limited (NYSE:INFY), and Takeda Pharmaceutical Company Limited (NYSE:TAK) are some of the companies leading the market in the region.
Toyota Motor Corporation (NYSE:TM) is a major automobile manufacturer in Japan. On November 27, the company launched a pickup truck, IMV 0, along with its subsidiary in Thailand. The new truck is designed to meet the needs of customers in Thailand. This launch is a result of the IMV series’ success in more than 180 countries. The IMV series has sold over 2.7 million units in Thailand alone. The IMV 0 features a flat deck with bolt holes for a convenient accessory attachment. This will allow customers to customize it as per their needs. Toyota Motor Corporation’s (NYSE:TM) new pickup truck is available in eight grades across short and long-wheelbase versions, three engine options, and an unequipped type, starting at 459,000 baht.
Infosys Limited (NYSE:INFY) is a top information technology company leading the Asian market. On November 30, the company announced that it had joined forces with Shell plc (NYSE:SHEL) to accelerate the adoption of immersion cooling technology in data centers. The collaboration between the two companies seeks to create integrated solutions utilizing Shell plc’s (NYSE:SHEL) Immersion Cooling Fluid and Infosys Limited’s (NYSE:INFY) AI-assisted Topaz platform. With the combined expertise of both companies, the partnership aims to reduce energy consumption and CO2 emissions in data centers.
Takeda Pharmaceutical Company Limited (NYSE:TAK) is a leading pharmaceutical company in Japan. On November 9, the company announced that it had received FDA approval for ADZYNMA. This approval makes ADZYNMA the first-ever FDA-approved treatment for congenital thrombotic thrombocytopenic purpura (cTTP), a rare and life-threatening blood clotting disorder. The clinical trials of the treatment exhibited ADZYNMA’s effectiveness in the prevention of acute TTP events. The Takeda Pharmaceutical Company Limited’s (NYSE:TAK) Recombinant ADAMTS13 Enzyme Replacement Therapy, ADZYNMA, reduces the rate of thrombocytopenia, a key symptom of the disease.
20 Developed Countries in Asia
Methodology
To compile our list of the 20 developed countries in Asia, we utilized the Human Development Index (HDI) and GDP per Capita of each country. We sourced our HDI data from the UNDP and GDP per capita data from the IMF.
Firstly, we sorted countries based on HDI and collated an initial list of 40 countries. Then, we sourced GDP per capita data for these countries. We then calculated our final score by considering both HDI and GDP per capita.
We first ranked the countries based on the HDI and allotted scores to them as follows:
Countries ranked 1-4 based on HDI: 10
Countries ranked 5-8 based on HDI: 9
Countries ranked 9-12 based on HDI: 8
…
Countries ranked 37-40 based on HDI: 1
We repeated the same for GDP per capita.
Finally, we averaged the allotted scores for both our metrics and calculated the Insider Monkey score. The list is in ascending order of the Insider Monkey scores of countries.
Note: We obtained Taiwan’s Human Development Index data from Taiwan’s Statistical Bureau as of 2021.
20 Developed Countries in Asia
20. Armenia
Human Development Index (2021): 0.759
GDP Per Capita (2023): $19,740
Insider Monkey Rating: 5.5 out of 10
Armenia is ranked among the 20 developed countries in Asia. It reported a Human Development Index of 0.759 in 2021. According to the IMF, Armenia reported a GDP per Capita of $19,740 in 2023. The GDP growth rate in the country is 7%, as of 2023.
19. Iran
Human Development Index (2021): 0.774
GDP Per Capita (2023): $19,940
Insider Monkey Rating: 6 out of 10
Iran ranks 19th on our list, reporting an HDI of 0.774 in 2021. The GDP per capita of the country is reported to be $19.940 as of October 2023. Iran reported a GDP growth of 3% in 2023.
18. China
Human Development Index (2021): 0.768
GDP Per Capita (2023): $23,310
Insider Monkey Rating: 6 out of 10
Ranked 18th on our list, China reported an HDI of 0.768 in 2021. According to the IMF, China boasts a GDP per capita of $23,310 as of 2023. The country reported a GDP growth of 5% in 2023.
17. Maldives
Human Development Index (2021): 0.747
GDP Per Capita (2023): $37,090
Insider Monkey Rating: 6 out of 10
Maldives reported an HDI of 0.747. The GDP per capita in the country is reported to be $37,090 in 2023. The country’s economy grew by 8.1% in 2023. It is ranked 15th on our list.
16. Thailand
Human Development Index (2021): 0.800
GDP Per Capita (2023): $22,490
Insider Monkey Rating: 6.5 out of 10
Thailand ranks 16th on our list, reporting an HDI of 0.800. The GDP per capita of the country is reported to be $22,490 as of 2023. Thailand reported a GDP growth of 2.7% in 2023.
15. Kazakhstan
Human Development Index (2021): 0.811
GDP Per Capita (2023): $32,710
Insider Monkey Rating: 7 out of 10
Kazakhstan is ranked among the 20 developed countries in Asia. It reported a Human Development Index of 0.811 in 2021. According to the IMF, Kazakhstan reported a GDP per Capita of $32,710 in 2023. The country registered a GDP growth of 4.6% in 2023.
14. Malaysia
Human Development Index (2021): 0.803
GDP Per Capita (2023): $37,080
Insider Monkey Rating: 7 out of 10
Ranked 14th on our list, Malaysia reported an HDI of 0.803 in 2021. According to the IMF, Malaysia boasts a GDP per capita of $37,080 as of 2023. The country reported a GDP growth of 4% in 2023.
13. Oman
Human Development Index (2021): 0.816
GDP Per Capita (2023): $39,340
Insider Monkey Rating: 7 out of 10
Oman ranks 13th on our list, reporting an HDI of 0.816. The GDP per capita of the country is reported to be $39,340 as of 2023. Oman registered a GDP growth of 1.2% in 2023.
12. Turkey
Human Development Index (2021): 0.838
GDP Per Capita (2023): $41,890
Insider Monkey Rating: 8 out of 10
Turkey reported an HDI of 0.838. The GDP per capita in the country is reported to be $41,890 in 2023. The country’s economy grew by 4% in 2023. It is ranked 12th on our list.
11. Kuwait
Human Development Index (2021): 0.831
GDP Per Capita (2023): $51,760
Insider Monkey Rating: 8 out of 10
Ranked 11th on our list, Kuwait reported an HDI of 0.831 in 2021. According to the IMF, Kuwait boasts a GDP per capita of $51,760 as of 2023.
10. Israel
Human Development Index (2021): 0.919
GDP Per Capita (2023): $54,770
Insider Monkey Rating: 8.5 out of 10
Israel is ranked among the 20 developed countries in Asia. It reported a Human Development Index of 0.919 in 2021. Israel registered a GDP per Capita of $54,770 in 2023 and a GDP growth of 3.1%.
9. Japan
Human Development Index (2021): 0.925
GDP Per Capita (2023): $52,120
Insider Monkey Rating: 9 out of 10
Japan ranks 9th on our list, reporting an HDI of 0.925. The GDP per capita of the country is reported to be $52,120 as of 2023. Japan reported a GDP growth of 2% in 2023.
8. Bahrain
Human Development Index (2021): 0.875
GDP Per Capita (2023): $60,720
Insider Monkey Rating: 9 out of 10
Bahrain reported an HDI of 0.875. The GDP per capita in the country is reported to be $60,720 in 2023. Bahrain’s economy grew by 2.7% in 2023.
7. Saudi Arabia
Human Development Index (2021): 0.875
GDP Per Capita (2023): $68,450
Insider Monkey Rating: 9 out of 10
Ranked 7th on our list, Saudi Arabia reported an HDI of 0.875 in 2021. Saudi Arabia boasts a GDP per capita of $68,450 as of 2023. The country registered a GDP growth of 0.8% in 2023.
6. Brunei
Human Development Index (2021): 0.829
GDP Per Capita (2023): $72,610
Insider Monkey Rating: 9 out of 10
Brunei is ranked among the 20 developed countries in Asia. It reported a Human Development Index of 0.829 in 2021. According to the IMF, Brunei reported a GDP per Capita of $72,610 in 2023.
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Disclosure: None. 20 Developed Countries in Asia is originally published on Insider Monkey.