Thailand and Singapore Join Other ASEAN Countries with the Fastest Growing Economy in the World

Various factors influence a country’s growth, such as the country’s preparedness to face global economic challenges, gross domestic product (GDP) growth, population, inflation rate, amount of debt, and other factors. To become a superior country, the country must prepare for global economic resilience.

Currently, the United States is the country with the strongest economy in the world. Apart from that, it is also the country with the fastest economic growth in 2023. Amid the slow world economy, several countries were able to maintain their economic standing and others even grew exponentially for the year. Various world organizations such as the International Monetary Fund (IMF), the World Bank, and the United Nations (UN) have published various considerations on which countries grew their economies fast based on GDP, growth rates, and other indicators. Movers is a subsection of the economic growth ranking that prioritizes four indicators, namely 1.) different, 2.) distinctive,3.) dynamic, and 4.) unique. Based on these indicators, Thailand and Singapore are two countries on the list of the top 10 countries with the fastest-growing economy in 2023. 

In this ranking, the referred countries show a bright future in becoming a country with a continuously developing economy. Predictions show that these countries will become the largest contributors to the world economy. The contribution of these countries will continue to increase in the coming years.

Top 10 countries with the fastest growing economy in 2023

1. United Arab Emirates

The United Arab Emirates (UAE) is a federation of seven emirates at the southeastern tip of the Arabian Peninsula. The country is located between Oman and Saudi Arabia and has rocky deserts, wetlands, unique mountains, dry valleys or wadis, and a long coastline along the Gulf of Oman and the Persian Gulf.

The UAE is a known major oil producer in the world. In the mid-20th century, the UAE’s economy was based on fishing and the pearling industry. The UAE’s oil exports began in the 1960s, a time when the country’s economy underwent a rapid transformation. Currently, the UAE’s gross domestic product per capita is on par with the leading countries in Western Europe, according to the CIA’s World Factbook. UAE’s GDP is $87,729 billion.

2. Qatar

Qatar was a patron country in Britain, which tended to be poor until it became an independent country in 1971. Now, Qatar is a country rich in oil and natural gas and is capable of becoming one of the richest countries in the world. With a percentage of more than 50% of the country’s gross domestic product consisting of manufacturing, construction, and financial services, these have contributed to overcoming the decline in global oil prices in recent years. Due to the country’s oil wealth, the people of Qatar enjoy a high standard of living and health, and education services are free of charge. Qatar is also an active country member in world organizations such as the World Trade Organization, the United Nations, and the Organization of the Petroleum Exporting Countries (OPEC), as well as several other international organizations. Qatar’s GDP is $114,648 billion.

3. Egypt

Egypt is the site of one of the world’s earliest and greatest civilizations. Its location in the northeastern corner of Africa, bordering the Mediterranean Sea makes it a center of culture and commerce. Most economic activity in Egypt occurred along the Nile River Valley, which is home to a small amount of fertile land in the country. Tourism, agriculture, and manufacturing are important industries. Egypt’s GDP reached $15,091 billion.

4. Saudi Arabia

The Kingdom of Saudi Arabia is ruled by a king assisted by 12 appointed ministers. The king, who is officially Custodian of the Two Holy Mosques in the Islamic nation, has always been a direct relative of the country’s founder in 1932. Saudi Arabia is estimated to have a quarter of the world’s oil supply. Saudi Arabia’s GDP reached $59,065 billion.

5. India

India is located on the South Asian continent, India is located on a peninsula that stretches between the Bay of Bengal and the Arabian Sea. The country, which is the birthplace of Hinduism and Buddhism, is a country with the second largest population in the world after China.

India has a rapidly growing and diverse economy and a large skilled workforce. However, due to its population, the country is also one of the poorest countries in the world based on income and gross national product per capita. Although agriculture employs the majority of workers, services are also a major source of economic growth. India’s GDP stands at $8,379 billion.

6. China

China is one of the countries with the fastest growing economies in the world since its former leader, Deng Xiaoping, carried out reforms in 1978. As a one-party socialist country, China has changed from a country with a centrally planned economic system to a market-based one. China’s economy is the second largest in the world after the United States.

China’s rapid economic development poses several challenges, including the inequality between population growth with its natural resources, an increase in income inequality, and a significant increase in pollution in China. The World Bank notes that while continued economic growth has lifted hundreds of millions of people out of poverty, China remains a developing country, with many people still living below the country’s official poverty level. China’s GDP per capita is $21,476 billion.

7. Singapore

Singapore gained self-government in 1959, and in 1963, joined the Federation of Malaysia. In 1965, Singapore chose to leave the federation and became truly independent as the Republic of Singapore. Although safety and security are the country’s main priorities, there are several rules that the country strictly enforces such as environmental cleanliness where residents and visitors are subject to severe penalties for chewing gum, littering, and many more.

As one of the four tiger economies in Asia, Singapore has experienced impressive growth in recent years due to efficient manufacturing and production practices that have paved the way for free market innovation in the fast-growing electronics and pharmaceutical industries. A high gross domestic product per capita and a low unemployment rate make Singapore one of the richest countries in the world. Singapore’s GDP per capita reached $127,565 billion.

8. Thailand

Thailand, which translates to “land of the free,” is the only country in Southeast Asia that did not experience European colonization. Situated just above the equator, the country is sandwiched on the Indochina peninsula with neighboring Myanmar, Laos, and Cambodia and has branches that extend as far as Malaysia. A large agricultural sector and a competitive manufacturing industry have made Thailand a strong, growing economy with low levels of poverty and unemployment. The country is the world’s largest rice exporter and a leader in textiles, tin, and electronics. Thailand’s GDP per capita is $20,672 billion.

9. Brazil

Occupying half of the continent of South America, Brazil is a giant on the South American continent both in size and population. Brazil is one of the world’s top tourist destinations. However, the country in the 21st century faces serious concerns about poverty, inequality, governance, and the environment. Nevertheless, Brazil can be said to be a country rich in natural resources. The Brazilian economy is active in the agricultural, manufacturing, mining, and service sectors. Brazil is one of the world’s largest economies in terms of gross domestic product, according to the International Monetary Fund. Brazil’s GDP per capita stands at $17,822 billion.

10. South Korea

South Korea, officially the Republic of Korea, is a country in East Asia that occupies the southern half of the Korean Peninsula and has a long history of conflict with North Korea. Independent from Japan in 1945 at the end of World War II, South Korea is now one of the strongest economies in Asia. Various industries are developing in South Korea such as Samsung, Hyundai, and Kia, which represent two of South Korea’s important exports: technology and automobiles. South Korea’s GDP per capita stands at $50,070 billion.

Various activities and policies aimed at revitalizing and expanding their economies have been carried out by each nation. The ten countries currently experiencing the fastest-growing economy in the world are anticipated to play a pivotal role in shaping the global economy. This ranking serves as a catalyst, encouraging countries to remain steadfast in their commitment to sustained and robust economic development.