It appears that the dimensions of a rustic’s economy alone doesn’t say much about its health, as China overtakes the US because the world’s largest economy.
Here’s a fast have a look at data from the International Monetary Fund’s online database, showing how the dimensions of ASEAN member economies and gross domestic product (GDP) per capita – one in every of many measures of a rustic’s wealth – compare across the region.
According to an Edge Malaysia report based on IMF data, Malaysia’s economy was larger than Singapore’s in most years from 1980 to 2017 – with the exceptions of 1998, 1999, 2015, 2016 and 2017.
According to the IMF, Malaysia’s economy or total GDP is forecast to achieve US$364.9 billion in 2018 (US$314.5 billion in 2017), while Singapore’s reached US$349.7 billion (US$323.9 billion in 2017).
From 1980 to 2017, Thailand’s economy was larger than Malaysia’s and is anticipated to stay so until no less than 2023. Indonesia’s economy is significantly larger than Malaysia and Singapore combined.
The data also shows that the dimensions of a rustic’s population also matters. Singapore, with just 5.6 million people, is among the many top 10 countries and city-states on this planet with the best GDP per capita – or share of a rustic’s economic output per person.
Singapore’s estimated GDP per capita of US$61,767 in 2018 (US$57,713 in 2017) is barely lower than that of the US, which has a population of about 327 million and a GDP per capita of US$62,152 (US$59,501 in 2017).
Comments:
1. The United States tops the list of the world’s 10 largest economies in 2018 with $20,413 billion
2. Total world GDP in 2018 (estimated) is USD 87.505 trillion. In 2017 it was USD 79.865 trillion.
Source: International Monetary Fund and The Edge Malaysia
