GDP growth APAC 2019-2023, by country

In 2021, Macao had the highest estimated gross domestic product (GDP) growth with 33.5 percent, followed by the Maldives with an estimated GDP growth of 31.6 percent. Many economies were forecasted to have seen a decline in GDP in 2021, possibly due to COVID-19, reaching up to 1.8 percent in Myanmar. Nevertheless, almost economies were forecasted to recover in 2022 and 2023.

The economic state in Asia
In 2020, China led the Asia Pacific region in terms of GDP with approximately 14.7 trillion U.S. dollars, followed by India, South Korea, and Australia. In comparison, the GDP value for emerging and developing Asia was at aproximately 20.8 trillion international dollars in that year. In terms of GDP per capita, Singapore ranked the highest with approximately 59.8 U.S. dollars, followed by Australia with a per capita GDP of around 51.8 U.S. dollars.

Higher GDP growth for developing Asia Pacific countries
For 2022 and 2023, it was forecasted that Macao and the Maldives would have the highest GDP growth. Overall, Afghanistan had the highest predicted rise in GDP growth from 2021 to 2023. South Asia, Southeast Asia, and Southwest Asia were forecasted to be leading the region’s economic growth with comparably higher GDP growth rates. Developed countries including Australia, New Zealand and Japan were projected to have stagnant GDP growth.