East Asia & Pacific GDP 1960-2024 (2024)

FAQs

What is the GDP of East Asia and Pacific? ›

East Asia & Pacific gdp for 2021 was $31,141.27B, a 14.68% increase from 2020. East Asia & Pacific gdp for 2020 was $27,155.25B, a 0.45% increase from 2019. East Asia & Pacific gdp for 2019 was $27,032.67B, a 2.06% increase from 2018.

Japan's recent economic performance contrasts with that achieved in earlier years: in the 1960s the GDP growth rate was around 10 per cent, but it declined to 4 per cent in the 1970s and 1980s, and to 1 per cent in the 1990s. (Figure 2.1).

China is the largest economy in Asia, comprising nearly half of the continent's gross domestic product.

During that tax-cut-fueled economic expansion in the 1960s, real GDP growth averaged 5%, with growth as high as 8.5% in two quarters. US payrolls increased by 32% during the 1960s, the highest growth in jobs by far of any decade during the postwar period. Government tax revenues grew by 65% from 1965 to 1970.

The nation's gross national product rose from about $200 thousand-million in 1940 to $300 thousand-million in 1950 to more than $500 thousand-million in 1960. At the same time, the jump in postwar births, known as the "baby boom," increased the number of consumers. More and more Americans joined the middle class.

What is the richest country in the world? ›

In 2024, Luxembourg is the world's wealthiest nation by GDP per capita. Gross Domestic Product (GDP) is used to evaluate the economic prosperity of nations and their citizens globally.

The Roman Empire is considered to have been the wealthiest empire in ancient times, from around 1 AD to 476 AD. At its peak, the Roman Empire controlled a vast territory that stretched from Britain to Egypt and from Spain to the Near East.

In the 1960s, Japan was the fastest-growing major economy; it also spent a much higher share of its GDP on investment goods than other major economies.

After a brief recession in 1965, the Japanese economy enjoyed a record 57 months of prosperity lasting until the summer of 1970. During these good times, the Japanese economy grew stronger, becoming the second-largest free-market economy in the world in 1968.

Japan has developed a highly diversified manufacturing and service economy and is one of the world's largest producers of motor vehicles, steel, and high-technology manufactured goods (notably consumer electronics).

China is the largest economy in Asia, followed by Japan, India, South Korea, and Indonesia.

The total nominal GDP of the ten ASEAN nations measured in US dollar terms amounted to USD 3.6 trillion in 2022, more than doubling compared with total GDP of USD 1.6 trillion in 2009.

Asia-Pacific countries accounted for over 70% of global GDP growth over the decade to 2023, with China alone accounting for 31%. GDP per Capita is growing much faster in Asia than in other regions.

What is the largest economy in Asia? The largest economy in Asia is China, with a nominal GDP of over $18,566 billion in 2024. Japan and India rank next to China in the GDP rankings in Asia.