Thought for the day

East Asia’s Economic Miracle

A Decade of Unmatched Growth


 
20 June 2024
 
The economic performance of East Asia, led by China, has been remarkable in the past decade. From 2013 to 2023, East Asia contributed 41.0% of all global GDP growth (30% from China alone), more than double the share of any other region. The broader Asia-Pacific region showed impressive dynamism, accounting for 68.7% 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from GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data where applicable.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 10.6% of global GDP growth, while Europe produced just 9.6%. The weak performance of Central, Eastern and Southern Europe dragged down the overall European growth. See more data...



More perspectives using World Economics data