China dominates Asian economies
From Xi’s China to Duterte’s Philippines, Asian economies have risen as the world’s best countries in terms of GDP.
China, world’s second-largest economy, stands tall with US$ 25.3 trillion and is up by 9% from 2017 followed by India at 10.38 trillion which is up by 9.8% showing growth over the preceding year.
The 2018 World Economic Outlook by International Monetary Fund (IMF) report projects that growth in emerging market and developing economies will raise before leveling off and policymakers should seize this opportunity. IMF has been stressing for long that the good times won’t last long but sound policies can stay.
Philippines with GDP at $955.2 billion has been bypassed by one Asian country after another, yet it has maintained its economic growth over the years and is ranked as top 10 Asian nations.
Economists consider that Malaysia shows flexibility and is performing strongly. On the other hand, Indonesia is one of the emerging market economies of the world and Thailand is a newly industrialised country and shows great development. It shows an increase by 6% from 2017.
This needs to be understood in terms of population size and demographical changes. A young population pushes an economy to create jobs. With majority of young population in India and the Philippines, they need to create jobs and engage its young population for which they need to work hard to be able to stay in Asia 10 whereas ageing economies like Japan and China can use technology to the best of their capability in order to stick to these numbers.