According to the World Bank and the IMF, these are the largest economies in the world since 1992.
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This story originally appeared in the World Economic Forum
By Katharina Buchholz, Data journalist, Statista
According to the World Bank and the IMF, Asian countries are expected to make up the majority of the five largest countries in the world in 2024, based on their GDP size, which will lower the European economic powers.
China’s economic growth has been pronounced since the 1990s, while India and Indonesia have recently entered the group of the 10 largest economies in the world and are expected to rank 3rd and 5th in 2024. Japan, an established economy, is forecast to remain fourth in 2024, while Russia will rise to sixth.
Asia’s emerging middle class is one of the reasons for the continental change in GDP. While China has been the example of market growth in the 21st century, the country is expected to face an aging population in the future that will slow consumption. According to the World Economic Forum, Indonesia, along with the Philippines and Malaysia, is expected to significantly increase its workforce in the coming years, which will help increase average disposable income.
Asian multinational companies such as Chinese Huawei and Indian Tata have emerged this century, and more are expected to appear on the world stage. The rapid growth of Asia also comes with its own problems, such as the widening gap between rural and urban incomes, environmental degradation and new challenges for governance and institutions, according to the FAO.