In recent weeks we have seen several reports suggesting that the APAC region will be the economic powerhouse of tomorrow. Amid suggestions that the APAC economy could account for 42% of global GDP by 2040, where is the growth coming from? Which economies are destined to shine in 2023 and beyond? 


Top 10 fastest-growing APAC economies in 2023:-




Many will be surprised to learn that Cambodia is top of the list, with the IMF forecasting economic growth of 6.2% in 2023. This compares to the expected growth of around 5.3% for 2022, as we await confirmation of the figures.




Few will be surprised to see that Vietnam is expected to be one of the strongest economies in 2023, considering ongoing action by the government. While this would be a reduction on the 8% growth of 2022, it is essential to put this into perspective against the pandemic.




While we have seen many false dawns regarding India and itseconomic potential, 2023 could be an exciting year. GDP growth is expected to come in at around 6.1% and average 6.3% through to 2030. Could India finally be on the verge of fulfilling its long-term potential?




While not necessarily seen as an economic powerhouse, the Maldives comprises 1192 islands in South Asia. Boasting one of the fastest growing economies in 2022, with GDP growing at around 8.2%, 2023 will register a lower growth rate. However, at 6.1%, it is would still be impressive.




Often discounted on the global stage, Bangladesh has a population of around 170 million people and is currently enjoying a demographic dividend. GDP growth in 2023 is expected to hit about 6%, making it one of the fastest-growing economies in the APAC region.




As we have covered in recent weeks, Indonesia is expected to become one of the strongest economies in the world over the next 20 years or so. However, in the short term, having seen GDP growth of 5.3% in 2022, this is expected to fall slightly to 5%. Nevertheless, still mighty impressive in the current environment!




Situated between Russia and China, Mongolia is experiencing strong growth in exports to China, which has underpinned recent economic strength. As the Chinese economy restarts after the pandemic lockdowns, the Mongolian economy is forecast to grow by 5% in 2023.




As you will see, several countries are often ignored when considering the APAC region and relative economic strength. For example, boasting a population in excess of 30 million people, Nepal's GDP is expected to increase by 5% in 2023.




The Philippines registered GDP growth of 7.6% in 2022, the highest figure since 1976. This forward momentum is expected to continue in the short to medium term, with the IMF forecasting growth of 5% in 2023.




Situated in Central Asia, with a population of around 36 million people, the Uzbekistan economy is catching the attention of investors. While the expected growth for 2023, forecast at approximately 4.7%, is a significant reduction from the 6% expectations for 2022, this needs to be put into context against the cost of living crisis and the pandemic.




When looking at the APAC region, it is very easy to focus on the larger economies, which are the engine room to all intents and purposes, but there is more going on behind the scenes. We hope the above summary gives you an idea of the renewed strength and hope for the APAC region going forward. Perhaps cementing recent forecasts that the region will soon account for 42% of global GDP?

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