Economy is a term used to describe the consumption of services and goods, distribution of trade, and production by various agents in a certain geographical location. Government agencies, organizations, businesses, and the people themselves are the economic agents. In this regard, here are the top 10 largest economies in Asia this 2016:
Occupying a portion of Borneo Island and the entire Malaysian Peninsula, a Southeast Asian nation known as Malaysia is in the 10th place of the top 10 largest economies in Asia this 2016. Since the 1980s, the country’s growth is indebted from its booming industrial sector. Recent survey revealed that its GDP (Gross Domestic Product) is around $367.712 billion.
This is another Southeast Asian nation that is included in the top 10 list. It occupies the Indochina Peninsula, and it is known for its breathtaking tropical beaches, ornate temples, historic ruins, and opulent royal palaces. Between the years 1985 to 1996, there was 12.4 growth percentage in the country. The recent GDP of Thailand being recorded is $387.156 billion.
8. United Arab Emirates
It is a very progressive country that occupies the Arabian Peninsula. In the entire Arab nations, UAE is known to be on the 2nd place as far as largest economy is concerned. Around 231 times, its economy has been growing since 1971, which was its Independence year. $396.235 billion is the recent GDP of the country.
Nestled in the Middle East part of Asia, Iran is known to be an Islamic Republic nation. When it comes to income, this country is known to be on the above average level. Its large economy is attributed from the state ownership on oil companies, village agriculture, central planning ventures, private trading as well as services ventures. The recent GDP recorded for this nation is $405.540 billion.
6. Saudi Arabia
Most of the areas in the Arabian Peninsula are owned by Saudi Arabia, which is known to be a nation of desert. Most of the people here are Muslims. The main reason for this is the fact that such country is the origin of the Islam religion. The main product in the country that’s the main source of its income is petroleum. Its recent GDP is $718.472 billion.