In a recent ranking by Yahoo! Finance and Insider Monkey, Malaysia has been named the 14th fastest-growing economy in Asia for 2024. This prestigious recognition is based on an analysis using the Real GDP and GDP per capita growth rates from the International Monetary Fund (IMF), spotlighting Malaysia’s economic dynamics relative to its regional peers.
Economic Growth Insights
In 2024, Malaysia recorded a Real GDP Growth Rate of 4.3% and a GDP Per Capita Growth Rate of 6.75%. This performance not only underscores Malaysia’s robust economic framework but also highlights its competitive edge over nearby nations. For context, Thailand, our northern neighbor, secured the 20th position with a 3.2% Real GDP Growth Rate and a 5.94% GDP Per Capita Growth Rate, demonstrating a more modest economic expansion.
Regional Comparisons
In Southeast Asia, while Brunei and Laos found themselves lagging behind Malaysia, ranked 19th and 18th respectively, other nations surged ahead. Indonesia claimed the 10th spot with a 5% Real GDP Growth Rate and a 7.83% GDP Per Capita Growth Rate. Vietnam followed closely in the 6th position, and the Philippines impressively landed in the 5th, each showcasing significant economic vigor. Notably, Cambodia achieved the 3rd rank, indicating a strong economic presence within the region.
Top 20 Fastest Growing Economies
The comprehensive list also includes Macao and India at the very top, with several other Asian countries like Bangladesh, Uzbekistan, and Armenia making notable appearances. This lineup not only reflects diverse economic landscapes but also the varying levels of economic development and growth dynamics across Asia.
Methodology Behind the Rankings
The analytical process adopted by Yahoo! Finance and Insider Monkey was meticulous, relying heavily on the IMF’s projections for 2024. These projections included both Real GDP Growth Rates and GDP Per Capita Growth Rates, with the latter serving as a tiebreaker when necessary. This method ensures a balanced and nuanced view of the economic growth across Asia, giving a clear picture of where nations stand in their development trajectories.
As Malaysia continues to navigate its economic path, the insights from such rankings are invaluable. They not only reflect the country’s current economic health but also help forecast its future in the Asian and global markets. With its strategic initiatives and developmental policies, Malaysia is well-positioned to maintain, if not climb, its rank in the coming years, promising a prosperous economic horizon for its citizens and investors alike.
