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November 7, 2024 | 08:09 pm
TEMPO.CO, Jakarta - Asian countries have shown numerous trends of progress, with robust innovation and sophisticated development in many areas of life, including economic ecosystems. According to the Global Innovation Index 2024, Singapore takes the top spot as one of the most innovative countries.
In addition, Singapore, Qatar, and the UAE claim the spots as Asia's top economies in terms of GDP, according to the data revealed by the World Atlas.
7 Richest Countries in Asia
Gross Domestic Product refers to all the goods and services in a country, measured within a certain period of time, usually a quarter or a year. A higher amount of GDP indicates a better economic environment. Scroll down to see some of the richest Asian countries by GDP, as taken from the World Atlas.
1. Singapore
Singapore takes the lead as the richest country in Asia, generating an estimated GDP of $133,737 in 2024 so far. According to the Ministry of Trade Singapore, the nation continues to see a significant leap in its GDP with an expansion of 4.1 percent on a year-over-year basis in the third quarter of 2024.
2. Qatar
Qatar's massive adoption of long-term economic diversification has been a rapid expansion, primarily in its tourism sector with a stable appearance of annual international visitors. The World Bank forecasts a 5.5 percent jump in GDP later in 2026 due to the increase in gas capacity.
3. United Arab Emirates
Similar to Qatar, the UAE relies heavily on its gas and oil production, which is manifested in the country's GDP, which remains at $96,845 in 2024. The country is set to forge more foreign ties through several key investments, including promising sectors such as artificial intelligence, digital economy, and research and development.
4. Brunei Darussalam
Another oil-producing country, Brunei Darussalam, is witnessing economic growth in 2024 due to several factors including the trade balance surplus in the second quarter of the year. The increase in export demand plays a pivotal role in shaping the country’s GDP, with crude oil, petrochemical products, methanol, and urea fertilizer standing out among other commodities.
5. Saudi Arabia
While many economists predict a fiscal deficit of nearly 3 percent of GDP by the end of 2024, Saudi Arabia remains a strong contender in the list of Asia's richest countries due to its massive oil production.
6. Bahrain
Situated between Qatar and the UAE, Bahrain's economy is projected to grow by 3 percent in terms of real GDP in 2024. Beyond the oil sector, the country's non-oil ecosystem is expected to accelerate even more next year. Today, Bahrain has a GDP of over $62,671 as per the latest updates.
7. South Korea
Known for its entertainment industries, South Korea has made great economic improvements in the past few decades, supporting a GDP of $59,329 USD as of the current moment. According to the OECD, the country's GDP has recently recovered due to its high demand for exports.
These richest countries in Asia continue to expand their international influence on the global economy, primarily driven by diversified industries and strategic investments.
World Atlas | IMF | World Bank | Reuters | OECD
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