In this article, we discuss the 5 fastest growing countries in Asia. If you want to see more fastest growing countries in Asia, go directly to 15 Fastest Growing Countries in Asia.
5. Bangladesh
2023 Projected Real GDP Growth Rate According to IMF: 6%
Bangladesh ranks #5 on our list of 15 Fastest Growing Countries in Asia given the IMF expects the country’s economy to expand by 6% this year. In terms of the long term, Bangladesh has substantial economic growth potential given the demographic dividend and Bangladesh’s population of around 170 million people.
4. Maldives
2023 Projected Real GDP Growth Rate According to IMF: 6.1%
Maldives is a country comprised of 1192 islands in South Asia that the IMF expects to grow by 6.1% in 2023. Last year the country was one of the fastest growing countries in the world with the Asian Development Bank estimating the nation’s economy expanding by around 8.2%.
3. India
2023 Projected Real GDP Growth Rate According to IMF: 6.1%
India is expected to continue to be a growth engine for Asia this year as the IMF expects the country’s economy to expand by 6.1% in 2023. India has a young population that could generate a demographic dividend for the next few decades that could help the country’s economic growth rate. Given increasing urbanization, India also has the potential to increase its GDP per capita significantly in the next few decades. Given its growth potential, India’s nominal GDP could expand by an average of 6.3% through 2030 according to the S&P’s estimates, and its economy could potentially double from current levels by 2031 according to Morgan Stanley.
2. Vietnam
2023 Projected Real GDP Growth Rate According to IMF: 6.2%
Vietnam is a country in Southeast Asia that is expected to expand its economy by 6.2% in 2023 according to IMF projections. In recent years, Vietnam’s economy has expanded considerably as the country continues to develop. In 2022, the country’s GDP expanded by 8.02%, the fastest rate since 1997 as domestic retail sales were strong and as exports continued to grow. As more manufacturing moves to the country, Vietnam has the potential to increase its exports even further.
1. Cambodia
2023 Projected Real GDP Growth Rate According to IMF: 6.2%
Cambodia ranks #1 on our list of 15 Fastest Growing Countries in Asia given the IMF expects the country to expand its economy by 6.2% in 2023. According to the Asian Development Bank in September of 2022, the country’s GDP is projected to have grown 5.3% in 2022 and to grow another 6.2% in 2023.
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