Thought for the day

East Asia’s Economic Miracle

A Decade of Unmatched Growth


 
8 May 2024
 
The economic performance of East Asia, led by China, has been remarkable in the past decade. From 2013 to 2023, East Asia contributed 43.2% of all global GDP growth (31% from China alone), more than double the share of any other region. The broader Asia-Pacific region showed impressive dynamism, accounting for 70.1% of the world’s economic expansion.

Compound Annual Growth Rate (CAGR) & Share of Global GDP Growth
GDP, PPP, 2013-2023
East Asia’s Economic Miracle




Note: CAGR is calculated from GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data where applicable.

In contrast, North America and Europe lagged behind in terms of growth. North America achieved a modest 11.6% of global GDP growth, while Europe produced just 8.9%. The weak performance of Central, Eastern and Southern Europe dragged down the overall European growth. See more data...



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