India, 9 other Asian economies to pull ahead of US in terms of GDP by 2030


Team Udayavani, Jul 22, 2018, 11:04 AM IST

New Delhi: The 10 major economies of Asia, including India, are expected to see robust growth and amount to over 1924.92₹ trillion in real GDP terms on aggregate, more than the US by 2030, says a DBS report.

According to DBS the Asia-10 economies are — China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand.

By 2030, Asia-10 economies will grow so robustly that they will, on aggregate, amount to over 1948.98₹ trillion in real GDP (2010 constant dollars) terms, while for the United States will amount to 1535.12₹ trillion.

“We expect Asia-10 to pull ahead of the US by 2030,” DBS said, but added that this neither is a sufficient nor a necessary condition to invest in Asia, as investing cannot be based on a single indicator, especially when it comes to a long-term horizon.

According to the global financial services major, Asia has a bright economic future, however, all Asian economies face some common issues climate change, rising inequality, worsening environment for trade, and technological disruption that can drag growth numbers.

“Several dynamics that have supported the economic development of the Asian economies in recent decades are weakening, and there are many changes in the international environment,” DBS said in a research note.

The report further said the demographic dividend that many Asian countries benefited from in the past may not be as valuable now. A young population creates a “challenge” in terms of generating jobs, in absence of which there will be high levels of unemployment, creating both an economic and social/political challenge, the report noted.

“Countries like India and the Philippines will need to work hard to create employment for its young population; while aging countries like Singapore, Japan and China may be able to offset the demographic drag through the active use of new technology,” the report said. Moreover, rising protectionism by global economies will act as a threat for investment flows into Asia.

“There is real potential for trade protectionism to emerge, which would reduce trade and investment flows in the region,” DBS said adding that Asia is one of the most externally exposed regions in the world, and trade conflict would have a meaningful economic impact on the Asian economic outlook. 

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

NADA suspends Bajrang Punia for four years for violation of anti-doping code

Alphabet gets CCI’s clearance to acquire stake in Flipkart

‘COVID was different’: SC bemoans distribution of free ration

Nagarjuna’s younger son Akhil Akkineni engaged

People getting heartburns after I became CM for second time: Siddaramaiah

Newborn baby kidnapped from Kalaburagi hospital in Karnataka

Gukesh draws with Liren in second game of World Chess Championship

Related Articles More

Alphabet gets CCI’s clearance to acquire stake in Flipkart

Essar Group co-founder Shashi Ruia dies at 80

Sensex, Nifty climb in early trade amid fresh foreign fund inflows

RBI Governor Shaktikanta Das hospitalised

Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra

MUST WATCH

Grafting

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing


Latest Additions

NADA suspends Bajrang Punia for four years for violation of anti-doping code

Alphabet gets CCI’s clearance to acquire stake in Flipkart

‘COVID was different’: SC bemoans distribution of free ration

Telugu actor Shri Tej booked for alleged cheating, false marriage promise

Five arrested in connection with botched angioplasty deaths at Gujarat hospital

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.