*Update in April, October each year*
Gross domestic product reflects the overall economic size of each country. In 2024, India and the six key ASEAN countries in descending order are (1) India, US$3.94 trillion; (2) Indonesia, US$1.48 trillion; (3) Thailand, US$548.9 billion ; (4) Singapore US$525.2 billion; (5) Philippines US$471.5 billion; (6) Vietnam US$465.8 billion; (7) Malaysia US$445.5 billion.
The IMF pointed out that the global economy will continue to grow at a rate of 3.2% in 2024, the same as in 2023. Growth in advanced economies is expected to accelerate slightly, from 1.6% in 2023 to 1.7% in 2024, but growth in emerging market and developing economies will slow slightly, from 4.3% in 2023 to 2024 4.2% of the year.
India and Southeast Asia are actively investing in digital transformation and innovation, coupled with the growing young labor force and demographic dividend, they will continue to become the driving force for global economic growth in the future. In the long run, countries in the region can continue to promote rapid global economic growth by promoting structural reforms, especially by committing to accelerating green transformation.
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*Update in April, October each year*
The IMF noted that economic activity remained surprisingly resilient during the global downturn in 2022-23. Economic activity has grown steadily as global inflation recedes from its peak in mid-2022. The global economic growth rate in 2024 is 3.2%, the same as in 2023.
In terms of countries, India and Indonesia will decline slightly in 2024, while other countries will increase compared with 2023. India's economic growth rate in 2024 is 6.8%, down from 7.8% in 2023; Indonesia's economic growth rate in 2024 is 5.1%, down from 5.0% in 2023; Malaysia's economic growth rate in 2024 is 4.4%, up from 3.7% in 2023 ; The Philippines' economic growth rate in 2024 is 6.2%, up from 5.7% in 2023; Singapore's economic growth rate in 2024 is 2.1%, up from 1.1% in 2023; Thailand's economic growth rate in 2024 is 2.7%, up from 1.9% in 2023 Rise; Vietnam's economic growth rate in 2024 is 5.8%, an increase from 5.0% in 2023.
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*Update in April, October each year*
Gross domestic product per capita reflects economic output per capita, which is also directly proportional to people's living standards. In 2024, the ranking of India and the six ASEAN key countries from largest to smallest is (1) Singapore US$88,447; (2) Malaysia US$13,315; (3) Thailand US$7,812; (4) Indonesia US$5,271; (5) Vietnam 4,623 US dollars; (6) Philippines US$4,130; (7) India US$2,731.
According to IMF estimates, per capita gross domestic product will increase slightly in 2024 compared with 2023. There are great differences in the industrial structures of various countries. In Singapore and Malaysia, the employment population is mainly concentrated in the service industry, accounting for 80.6% and 60.7% of total employment respectively; in the Philippines and Indonesia, the service industry accounts for nearly half of the total employment, and the rest of the labor force is on average Distributed in the industrial and agricultural sectors; the labor force in India, Thailand and Vietnam is mainly engaged in agricultural activities, accounting for about 30~40% of the total employed population.
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*Update in April, October each year*
In recent years, countries such as Southeast Asia and India have been the main destinations for attracting foreign investment. From 2023 to 2023, except for India, the seven southward countries have shown growth.
In terms of countries, Singapore's FDI in 2023 will be US$158.4 billion, an increase from US$142.6 billion in 2022; Indonesia's FDI in 2023 will be US$50.3 billion, an increase from US$45.6 billion in 2022; India's FDI in 2023 will be US$41.3 billion, an increase from US$45.6 billion in 2022 A decrease of US$52.3 billion; Malaysia's FDI in 2023 will be US$41 billion, an increase from US$35.9 billion in 2022; Vietnam's FDI in 2023 will be US$36.6 billion, an increase from US$27.7 billion in 2022; Thailand's FDI in 2023 will be US$15.9 billion, an increase from US$27.7 billion in 2022 An increase of US$9.1 billion in 2023; Philippines’ FDI in 2023 will be US$15.9 billion, an increase from US$4.3 billion in 2022.
Overall, despite the weakening global economic environment, the seven southbound countries have competitive wage levels, continuously improving investment environments and growing domestic demand, as well as policies that actively follow international trend industries such as electric vehicles and green vehicles. Driven by energy, artificial intelligence, digital transformation, etc., it is estimated that the inflow of funds into the seven southbound countries will continue to increase in 2024.
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*Update in April, October each year*
The total international trade volume between India and the six key ASEAN countries in 2023, in descending order, is (1) India US$1,099.8 billion; (2) Singapore US$896.7 billion; (3) Vietnam US$681 billion; (4) Malaysia US$576.8 billion US dollars; (5) Thailand US$568 billion; (6) Indonesia US$480.3 billion; (7) Philippines US$200.7 billion.
In terms of trade balance, India has the largest trade deficit, amounting to US$241.7 billion, followed by the Philippines and Thailand; the remaining six southbound countries have surpluses. Among them, Singapore ranked first with a surplus of US$52.4 billion, followed by Malaysia with a surplus of US$47 billion.
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