Economy of Asia

The economy of Asia comprises about 4.7 billion people (60% of the world population) living in 50 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both nominal GDP and PPP-adjusted GDP. Moreover, Asia is the site of some of the world's largest modern economic booms.

As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Indonesia, Turkey, South Korea, Egypt, Saudi Arabia and Taiwan. In terms of nominal gross domestic product (GDP), they are China, India, Japan, South Korea, Turkey, Indonesia, Saudi Arabia, Taiwan, Israel and Singapore.

Total wealth (as well as overall GDP) is mainly concentrated in East Asia, South Asia and Southeast Asia. Israel and Turkey are also two major economies in West Asia. Israel (entrepreneurship on diversified industries) is a developed country, while Turkey (founding member of OECD) is an advanced emerging country. Asia, with the exception of Japan (heavy industry and electrical sophistication), South Korea (heavy industry and information and communication technology), Taiwan (heavy industry and hi-tech parts manufacturing), Hong Kong (financial industry and services) and Singapore (high-tech manufacturing, biotechnology, financial and business services and tourism) in recent years, is currently undergoing rapid growth and industrialization. China (manufacturing, services, heavy industry and FDI-led growth) and India (manufacturing, commodities, outsourcing destination, computer software and financial services) are the two fastest growing major economies in the world.

East Asian and ASEAN countries generally rely on manufacturing and trade (and then gradually upgrade to industry and commerce), and incrementally building on high-tech industry and financial industry for growth. Countries in the Middle East depend more on engineering to overcome climate difficulties for economic growth and the production of commodities, principally Sweet crude oil. Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$8.5 trillion of foreign exchange reserves – more than half of the world's total, and adding tertiary and quaternary sectors to expand in the share of Asia's economy.

This is an alphabetically sorted list of Asian countries, with their factual and estimated gross domestic product data by the International Monetary Fund.

China and India alternated in being the largest economies in the world from 1 to 1800 AD. China was a major economic power and attracted many to the east, and for many the legendary wealth and prosperity of the ancient culture of India personified Asia, attracting European commerce, exploration and colonialism. The accidental discovery of America by Columbus in search for India demonstrates this deep fascination. The Silk Road became the main east–west trading route in the Asian hitherland while the Straits of Malacca stood as a major sea route.

Prior to World War II, most of Asia was under colonial rule. Only relatively few states managed to remain independent in the face of constant pressure exerted by European powers. Such examples are China, Siam, Iran and Japan.

Japan in particular managed to develop its economy due to a reformation in the 19th century. The reformation was comprehensive and is today known as the Meiji Restoration. The Japanese economy continued to grow well into the 20th century and its economic growth created various shortages of resources essential to economic growth. As a result, the Japanese expansion began with a great part of Korea and China annexed, thus allowing the Japanese to secure strategic resources.