Asian Countries to Surpass European Economic Giants by 2024, Suggests Data!

The World Bank and IMF recently came up with new data that predicts Asian countries to have a solid presence in the list of top 5 countries in the world by size of GDP by 2024. This will obviously mean that several European countries that are economically sound currently will be pushed down the said list in the next 4 years.

When it comes to economic growth, China has been on an upward trajectory for more than 20 years now. Moreover, India and Indonesia made the list of the top 10 countries with the biggest economies, not too long ago, and are also expected to enter the top five in the next couple of years. Also, Japan’s economy is growing at a rate that is sufficient to ensure that the Land of the Rising Sun will secure the 4th rank by 2024.

The flourishing middle class of Asia is among the main reasons behind the GDP’s continental shift. It is believed that China will have to deal with an aging population in the years to come, prompting the consumption to be curbed.

Apart from that, Indonesia, Malaysia, and the Philippines are all set to boost their labor forces considerably in the near future, due to which a rise in their average surplus income is highly expected, as noted by the World Economic Forum.

It goes without saying that Tata (India) and Huawei (China) have already established themselves as some of the top multinational companies in the world and more Asian MNCs are on the horizon for a global breakthrough.

FAO states that Asia’s sudden growth also brings forward new problems such as an increasing difference between the urban and rural incomes, damage to the environment, and various other obstacles that governments and institutions would need to resolve.

Chart: Statista.

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