Asian Economy

Asia has the largest nominal GDP when measured in purchasing power parity. As of 2011, the largest economies in Asia are China, Japan, India, South Korea and Indonesia. Based on Global Office Locations 2011, Asia dominated the office locations with 4 of top 5 were in Asia, Hong Kong, Singapore, Tokyo, London and Shanghai. Around 68 percent of international firms have office in Hong Kong. In the late 1990s and early 2000s, the economies of the PRC and India have been growing rapidly, both with an average annual growth rate of more than 8%. Other recent very high growth nations in Asia include Israel, Malaysia, Indonesia, Pakistan, Thailand, Vietnam, Mongolia, Uzbekistan, Cyprus and the Philippines, and mineral-rich nations such as Kazakhstan, Turkmenistan, Iran, Brunei, United Arab Emirates, Qatar, Kuwait, Saudi Arabia, Bahrain and Oman.


According to economic historian Angus Maddison in his book which was published in 2007: The World Economy: Millennial Perspective, India had the world’s largest economy during 0 BCE and 1000 BCE. China was the largest and most advanced economy on earth for much of recorded history, until the British Empire (excluding India) overtook it in the mid-19th century. For several decades in the late twentieth century Japan was the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1986 and Germany in 1968. (NB: A number of supernational economies are larger, such as the European Union (EU), the North American Free Trade Agreement (NAFTA) or APEC). This ended in 2010 when China overtook Japan to become the world’s second largest economy.