Philippines ranked 5th among the fastest growing Asian economies in 2024

20 Fastest Growing Economies in Asia in 2024

Talha Qureshi

Yahoo! Finance
Thu, April 4, 2024

In this article, we will look at the 20 fastest growing economies in Asia in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Growing Economies in Asia in 2024.   

Asian Economy to Deliver Two-thirds to Global Growth in 2024 

With global growth proving to be more resilient than expected and inflation rates declining steadily, the IMF expects the global economy to grow at the previous year's rate of 3.1% in 2024 as well. Looking ahead, global growth is anticipated to increase modestly by 0.1% to reach 3.2% in 2025. Similar to the global growth trend of a strong economic recovery, the growth expectations for Asia have been raised. According to the January 30 report by the IMF, the region's economic growth for 2023 was revised upwards to be at 4.7%, as opposed to the October 2023 projections of 4.6%.

The regional growth forecasts for 2024 have also improved, and Asia's economic growth for the year is now projected at 4.5%, against the previous expectation of 4.2%. The emerging economy of India, which is demonstrating a strong domestic demand, and China's higher spending on disaster reconstruction and resilience projects are said to be the main contributing factors behind the upward revisions. Moreover, other notable factors boosting the region's economic growth include positive spillover from 2023, a supportive external environment, economic growth in the United States fostering high demand for technology, and positive policy stimulus from strong economies such as China and Thailand. To read more about the Asian economy, you can look at the 23 Richest Countries in Asia by GDP Per Capita in 2023 and the 25 Poorest Countries in Asia by GDP per Capita. 

As a result of the aforementioned factors, the region is on track to lead the global growth in 2024, the same as the previous year, and is expected to contribute two-thirds to the global growth. However, the continued economic resilience of the region is subject to effective risk management. Some potential challenges facing the Asian economy include the deteriorating property sector of China, the financial volatility of some highly indebted economies, a long and inefficient supply chain, and the threat of higher shipping costs. On the bright side, effective monetary and fiscal policies to manage these threats can further boost the economy. On January 30, Reuters reported that the IMF believes that China's economy could recover faster than expected if the government makes additional property and structural reforms to boost consumer confidence. 

Key Players Leading the Asian Economy

HDFC Bank Limited (NYSE:HDB), Tencent Holdings Limited (OTC:TCEHY), and Toyota Motor Corporation (NYSE:TM) are some of the players leading the Asian economy. To read more about Asian companies, you can look at 20 Most Valuable Asian Companies Heading into 2024.

HDFC Bank Limited (NYSE:HDB) is one of the largest financial services and banking companies headquartered in Mumbai, India. The bank has a multinational presence and provides financial services to its customers in India, Dubai, Bahrain, and Hong Kong. It operates through three major segments: retail banking, wholesale banking, and treasury services. On March 21, HDFC Bank Limited (NYSE:HDB) announced its partnership with The Toronto-Dominion Bank (TSE:TD) to simplify the banking services for Indian students based in Canada. As a result of this agreement, both banks have announced new referral programs for students planning to study in Canada. Aspiring Indian students will be referred to The Toronto-Dominion Bank's (TSE:TD) international student GIC program that helps students comply with the Canadian government's Student Direct Stream study permit. This agreement builds upon the long-running partnership between both banks since 2015, where The Toronto-Dominion Bank (TSE:TD) has acted as a corresponding banking partner of HDFC Bank Limited (NYSE:HDB).

Tencent Holdings Limited (OTC:TCEHY) is another multinational technology company based in Shenzhen, Guangdong, China. It is one of the world's leading internet and technology conglomerates that provides entertainment, communication, e-commerce, advertising, and online payment services. On March 5, Tencent Holdings Limited (OTC:TCEHY) announced its partnership with the Etihad Etisalat Company (TADAWUL:7020), revolutionizing the digital landscape of Saudi Arabia under the 'Go Saudi' program. Etihad Etisalat Company (TADAWUL:7020), also known as Mobily, is a leading digital technology and media company in Saudi Arabia. The collaboration will allow Mobily to diversify its enterprise business solutions and tap into new technologies using Tencent Holdings Limited (OTC:TCEHY) cloud services.

Toyota Motor Corporation (NYSE:TM) is a leading multinational automobile manufacturing company based in Japan. The company designs, manufactures, assembles, and sells automotive vehicles and has a market presence in North America, Europe, Asia, and the Middle East. On March 5, Toyota Motor Corporation (NYSE:TM) announced that it had agreed to acquire Primearth EV Energy Co., Ltd (PEVE) as a wholly owned subsidiary from Panasonic Holdings Corporation (TYO:6752). After the successful acquisition, Toyota Motor Corporation (NYSE:TM) will continue collaborating with PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions to meet its automotive battery demand.

The Asian economy is set to contribute two-thirds to global growth in 2024, and below, you can find the 20 fastest growing economies in Asia in 2024.

20 Fastest Growing Economies in Asia in 2024

Source: Asia's Top Growing Economies, 2024 - Seasia.co