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.
A number of volcanic islands can be found in Indonesia, which is exactly nestled in the Southeast Asia. Way back in the 7th century and even up to these days, the Indonesian archipelago is where the major trading of the country takes place. The recent GDP recorded for the country is $867.468 billion.
4. South Korea
This East Asian country is a very powerful and highly industrialized one. In fact, it is one of the countries that are listed in Next Eleven Nations. Moreover, South Korea is a very rich country since its major income comes from the international trading industry. The recent GDP of this nation is $1.308 trillion.
When it comes to economy, India will never be out of the topic. Its economy is visibly fast-growing. This country is one of those nations in the world that have impressive economic progress. 55.6% of India’s GDP comes from the country’s business sector. Its recent GDP recorded is $2 trillion.
This is an island country, lying in the east part of Asia. Japan is well-known for its incredible wealth, historic sites, and breathtaking landscapes and waterscapes. Such country has made it to be listed in G8 (Group of Eight), which is an elite group of extremely industrialized countries. Its GDP is $4.846 trillion.
This is the number one most populous nation in the entire world, and it also has the largest economy in Asia this 2016. China is very popular in the international business market since it is the number one country for manufacturing businesses. The recent GDP recorded for China is $10.028 trillion.
These are the top 10 largest economies in Asia this 2016. Maybe, every government of this country leads each nation with so much excellence and determination.