Asia Emerging Market Countries That Lead In Economic Growth In 2024

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Like most of the world economies, Asia’s emerging market countries are recovering from the COVID-19 global pandemic. However, we can witness emerging economic and consumption growth in various Asian countries, including China, India, Malaysia, Thailand, the Philippines, Vietnam, and Indonesia. 

Asia emerging market countries

This article summarizes the top ten (10) emerging markets in Asia based on the GDP growth rate after the COVID-19 pandemic.


Although each country is growing at a different pace, emerging Asia’s countries has consistently performed better than the economies of other regions post the global pandemic.

According to the Business Insights on Emerging Markets in 2021 by the Organization for Economic Co-operation and Development (OECD), from 2000 to 2019, emerging market trade volume increased dramatically, driven in particular by the expansion of the People’s Republic of China.

Below is the table with an overview of major emerging markets in Asia:

Countries GDP Growth (April 2022) Inflation Rate(September 2022) Ease of Doing Business 2020 (World Rank) Resolving Insolvency Rank (2020)
India 7.5% growth  6.7% 63rd place 52nd place
Vietnam 6.5% growth 3.8% 70th place 122nd place
Malaysia 6.0% growth 2.7% 12th place 40th place
Philippines 6.0% growth 5.3% 95th place 65th place
Cambodia 5.3% growth 5.0% 144th place 82nd place
Republic of China 5.0% growth 2.3% 3rd place 51st place
Indonesia 5.0% growth 4.6% 73rd place 38th place
Singapore 4.3% growth 5.5% 2nd place 27th place
Thailand 3.0% growth 6.3% 21st place 24th place
Republic of South Korea 3.0% growth 4.5% 5th place 11th place

Source: Asian Development Outlook (ADO) and The World Bank 

Note: Data in 2022 are updated as of September 2022, and the ranking data from 2020 are benchmarked from 2019

India: High consumerism rate

India is expected to overtake the United States as the third-largest consumer economy by 2025. Its consumption is estimated to quadruple to US$ 4 trillion due to altered consumer behaviour and spending habits. By 2040, it is anticipated to overtake the United States as the second-largest economy in the world in terms of purchasing power parity (PPP).

Vietnam: Excellent manufacturing and export-driven industries

Vietnam is predicted to have long-term economic growth. This is mainly due to its solid economic fundamentals, such as favorable demographics, a robust manufacturing export sector, and its potential to become the next Asian production hub.

Before the COVID-19 outbreak, Vietnam had already established itself as a popular location for offshore manufacturing. 

With a solid chance to draw Foreign Direct Investment and strengthen its industrial capacity, Vietnam stands to gain even more from this trend. For instance, Samsung Electronics is moving more of its manufacturing from China to Vietnam to increase efficiency and reduce geopolitical concerns between China and the US.

Aqua-agriculture, retail, telecommunications, construction, and manufacturing are just a few industries ready for investment in Vietnam.

If you want to start a business in Vietnam, refer to Vietnam Company formation for more information.

Malaysia: Supportive government policies 

Malaysia’s government has pro-investment policies emphasizing liberalization, creating incentives, minimizing taxes, and protecting intellectual property. As one of the world’s most open economies, Malaysia has had a trade-to-GDP ratio of more than 130% since 2010.

The openness to trade and investment in Malaysia results from its business-friendly policies. The World Bank classifies Malaysia as an upper-middle-income nation based on its GDP per capita of USD 12,295. Investment prospects for Malaysia rely upon the service and manufacturing sectors, including, for example, essential metal goods, electrical and electronic equipment, and rubber products.

For more information, refer to Malaysia company registration.

Philippines: High-quality services and labor-market 

The Philippines’ most valuable resource is its more than 90 million population. The reputation and reliability of Filipino workers are well known. The foundation of the nation’s economic stability is strong consumer demand backed by a thriving labor market.

Investors looking to invest in business process outsourcing, electronics, agriculture, renewable energy, infrastructure, and shipbuilding will find plenty of opportunities in the Philippines.

Cambodia: Fastest growing economy for agriculture, tourism, and textile

Agriculture, which makes up 32% of the national economy, thrives in Cambodia. Rice, rubber, maize, and cassava are among the main products. The large fertile terrain, enormous rural population, proximity to several rivers and water bodies, and geographic location of Cambodia all contribute to the country’s agricultural potential.

Access to free commerce and inexpensive production in Cambodia also attracts foreign business investment.

China: World’s most prominent market 

The Chinese economy comprises a sizable private sector, corporations with mixed ownership, and government-owned companies. Foreign enterprises may also do business easily there.

China has grown at an average economic growth pace of nearly 10% during the past 30 years. Among 190 other nations, China is placed 3rd in the Ease of Doing Business Index. By 2028, China is anticipated to surpass the United States as the country with the biggest nominal GDP.

Indonesia: Large population can increase its GDP trajectory

One of the emerging economies to keep an eye on is Indonesia. Indonesia is expected to have the most significant rising economy internationally in the following decades. In PPP terms, Indonesia’s economy is already in the top 10 in the world. The country now has the fourth-largest population in the world, with 238 million people. Since over half of the population lives in cities, more money will likely be spent.

The GDP of Indonesia is USD 1 trillion. Infrastructure, including initiatives in toll roads, maritime transportation, railroads, power, and water supply, as well as food and agriculture, present significant sectoral potential.

Refer to Company Registration Indonesia for more information.

Singapore: Enticing world-class infrastructure and development for business investors

Singapore’s GDP is over US$ 50,000 per capita. According to the World Economic Forum’s Global Competitiveness Report, Singapore’s pro-intellectual property position has given it the distinction of having the most outstanding IP protection in Asia and the second best in the world.

Singapore is determined to become a global knowledge capital and prioritizes having top-notch Research and Development facilities and expertise. Among Singapore’s emerging commercial sectors are automotive, lifestyle, nanotechnology, safety and security, and other technology-driven industries.

If you are interested in knowing more about the company formation process, refer to Singapore business registration.

Thailand: A center gateway for most Asian countries 

Thailand is a gateway for investment in Asia because of its advantageous geographic position. Most ASEAN nations converge on it, including Myanmar to the west, Cambodia to the east, Malaysia, Indonesia, and Singapore to the south.

The country also has a sizable industrial sector that accounts for 40% of its GDP growth. The expanding services industry also accounts for 50% of the nation’s GDP and mainly comprises the travel and finance industries.

Numerous industries, including automotive, automation and robotics, aerospace, machinery, medical, alternative energy, food, etc., offer a wealth of business opportunities in Thailand. 

South Korea: Higher ranking in resolving insolvency

South Korea was upgraded by the UN Conference on Trade and Development in July 2021 from a developing market to an industrialized nation (UNCTAD). Surprisingly, South Korea is the first member to receive this upgrade since it was established in 1964. 

Nevertheless, the financial industry, such as the MSCI All Country World Index (MSCI ACWI) continues to classify South Korea as an emerging economy. The World Bank ranks South Korea as a “high-income OECD” country, heavily supported by its industrial and services sectors. South Korea has advanced quickly with low to moderate inflation and a high recovery rate of 84.3% when it comes to resolving insolvency. 

If you want to start a business in South Korea, refer to South Korea company registration for more information.


Although Emerging Asia has a significant GDP growth and consumption rate, certain factors will challenge economic growth. This is especially true due to the COVID-19 pandemic. 

Various governments have substantially changed monetary and fiscal policy to improve their nation’s financial conditions. However, as stated by the OECD, particular challenges are expected.

  1. Weak labor-market conditions
  2. Uncertain global economic situation
  3. Public and private debt levels are expected to rise
  4. Insufficient assistance for recovery by banking and financial institutions as the quality of assets deteriorates in the banking sector
  5. As the need for digital health and digital education rises, policymakers need to improve the infrastructure, regulations, and human resources to accommodate technological growth
  6. Equal access to dependable, cost-effective, and user-friendly technology in the nation. 


In a nutshell, COVID-19 across the global market has brought unprecedented imbalances, worsening inequities, and socioeconomic difficulties. Over a year after the COVID-19 pandemic began, declining economic development implies that many developing nations may be compelled to face prolonged debt or financial problems as they attempt to combat the ongoing public health disaster.

Slowly but surely, the world economy is recovering. The continuous growth among Emerging Asia markets such as India, Vietnam, Malaysia, Philippines, Cambodia, the Republic of China, Indonesia, Singapore, Thailand, and the Republic of South Korea can expect this.


What are the wealthiest Asian Countries by 2022?

According to the World Population Review, the Top 5 Richest Asian countries in 2022 per their GDP or GNI are worth as below:

  1. China, with 11.22 trillion
  2. Japan, with 4.94 trillion
  3. India, with 2.26 trillion
  4. South Korea, with 1.41 trillion 
  5. Indonesia, with 932.26 billion

What does it mean for a country to be an emerging market?

Emerging markets are countries that are in the process of developing their economy and infrastructure. They are characterized by a lower per capita income, a growing middle class, and an expanding economy. Emerging markets are considered attractive investment opportunities because of their potential for growth.

What are some of the benefits of investing in emerging market countries in Asia?

Investing in emerging market countries in Asia can provide investors with the opportunity to participate in the growth potential of these economies. Emerging markets often have lower valuations than developed markets, which can make them attractive to investors seeking value.

Additionally, investing in emerging markets can provide diversification benefits to a portfolio.

What are some of the risks associated with investing in emerging market countries in Asia?

Investing in emerging market countries in Asia can be risky due to factors such as political instability, currency fluctuations, and lack of transparency in financial reporting. Additionally, emerging markets are often subject to greater volatility and can be more susceptible to economic downturns.

What are some of the key economic indicators that investors should consider when investing in emerging market countries in Asia?

Some key economic indicators that investors should consider when investing in emerging market countries in Asia include GDP growth, inflation, trade balances, foreign exchange reserves, and fiscal and monetary policies.

Additionally, investors should be aware of any regulatory changes or political developments that could impact the country’s economy.