Asia’s economy is expected to grow by an estimated rate of 7% in the 2020s, with South Asian countries set to become GDP standouts as they will make up one-fifth of the world’s population by 2030.
According to a research carried out by Standard Chartered’s India-based head of thematic research, Madhur Jha, and Global Chief Economist David Mann, India, Bangladesh, Vietnam, Myanmar and the Philippines would supposedly live up to the growth’s expectations.
Strangely, China and the Sub-Saharan African countries are missing from the new ranking list after claiming a position in it for four decades. This reflects both a slowdown in economic growth and a progression toward higher per-capita incomes, which renders growth rates unsustainable.
“Faster growth not only helps to lift people more quickly out of absolute poverty, but is also usually accompanied by better health and education, as well as a wider range of -- and better access to -- goods and services. Higher incomes resulting from faster growth also usually reduce socio-political instability and make it easier to introduce structural reforms, creating a virtuous cycle,” the report read.