The Fastest-growing Asian Countries 2020–2024 to Target for Business

Did you know that Asia is expected to contribute towards 60% of global growth by 2030? 

At Alexika, languages are our thing. Since 1998, we’ve been providing world-class translations to and from all the major business tongues of the world.

Here’s our research and analysis of the fastest-growing Asian countries heading into the 2020s.

Let’s do some digging and get behind the data.

Fastest-growing Economies in Asia: IMF Data

There’s scarcely any bigger authority when it comes to matters of GDP than the International Monetary Fund, whose data is backed up by rigorous research.

We’ve collated information from their World Economic Outlook to produce this interesting lowdown of those countries expecting the biggest growth over the next five years.

Asian Countries Ranked by Average Forecasted Real GDP Growth (%), 2020–2024.

Source: World Economic Outlook, IMF.

The Asian Development Outlook

An interesting report was recently released that takes a look at developing and newly-developed Asian countries — the Asian Development Outlook.

Which burgeoning Asian economies should we be looking closely at? According to the figures, the most noteworthy high-growth developing Asian countries for 2020 and beyond are… 

• Bangladesh — 8%; growth driven by foreign investment in low-cost textiles, garments and shoes.
• India — 7.2%; growth powered by manufactured goods and electronics.
• Tajikistan — 7%; surge led by industry and services as well as ‘buoyant’ domestic demand.
• Myanmar — 6.8%; domestic economic reforms and growing consumer spending boosting economic activity.
• Cambodia — 6.8%; Chinese investment in real estate, tourist resorts and infrastructure have aided Cambodia’s growth prospects.
• Vietnam — 6.7%; added-value manufactured goods (such as electronics) have put rocket boosters under Vietnam’s growth.

The report notes “growth in developing Asia remains robust but is expected to moderate” due to trade tensions between the US and China. Across the continent, average growth will edge up to 5.5 percent next year.

With rapid urbanisation promising sustained income and job growth, there is a “growing importance of cities in developing Asia”. Rapid urbanisation in the region has the potential to deliver sustained income and job growth; the rate of urbanisation is projected to rise from 46% in 2017 to 64% by 2050.

Here’s the breakdown of GDP growth stats by country.

Looking to break into these high-growth Asian marketplaces?

If word is to be believed to, the Asian century is set to begin — so don’t miss out on this fascinating, burgeoning vast continent!

However, if you’re interested in marketing to Asia, you need to speak the language(s).

As we never tire of saying, customers are far more likely to part with their cash when they see companies speaking their tongue. That’s not just because they’re actually able to understand what you’re saying; it also shows a willingness on your company’s part.

Our expert translators only work into their mother tongue — ensuring your business’ message reads as if it came from a native speaker. We’ve written about why mother tongue translation is so crucial for authenticity and how it delivers a clear advantage.

Get in touch with the Alexika team to get the ball rolling on your Asian translation project.