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Faced with high inflation in Europe and the United States, countries had to raise interest rates significantly, but then economic growth fell into a downturn and domestic demand declined significantly.
Some countries are already in recession, or about to be.
In this situation, we have seen that many countries in Asia have achieved rapid growth.
Originally, Asia had the largest cumulative GDP among all continents. Now, as the GDP growth rate of many Asian countries has increased significantly, the per capita GDP ranking of Asian countries has also undergone great changes.
Last year, China's GDP reached $1.8 trillion. Where does China rank in terms of per capita GDP in Asia?
01
In the last two years, Vietnam and India, two export-oriented countries, have had very high GDP growth rates.
In 2022, both countries achieved quarterly GDP growth rates of more than 10 percent, and even exceeded 13 percent.
Even in the last quarter, India's GDP growth rate was 7.8%.
In recent years, many people have discussed whether India and Vietnam will take over the baton of Chinese manufacturing factories, which shows that the economic development of these two countries is indeed good.
In this case, what about GDP per capita in these two countries?
In the IMF's 2022 per capita GDP ranking, Vietnam ranks 28th among Asian countries with a per capita GDP of $4,087.
This ranking is not high, of course, with Vietnam's relatively large population has a certain relationship, more importantly, Vietnam's economic growth rate is relatively fast, but the total amount is relatively small, Vietnam's GDP and China's Guangxi is not much different.
And India's per capita GDP is nowhere in the top 30, which is also normal.
Because India's population will be second only to China in 2022, also reaching 1.4 billion, but India's total GDP is just over 3 billion, although it ranks fifth in the world, but in terms of GDP per capita, there is no advantage.
02
But as a traditionally developed country, Japan's ranking is awkward.
While other countries are making progress, Japan is losing ground, with its per capita GDP now down $6,000 from the previous year and its ranking falling from the previous year to only seventh place in Asia.
The decline in Japan's GDP per capita is not due to population problems, because Japan has a low birth rate. The key reason is the decline in GDP.
However, an important reason for the decline in Japan's GDP is the loss of the exchange rate of the yen when translated into the US dollar, because the yen has depreciated significantly in 2022.
But another reason is that Japan's economic growth is weak, so there is no economic growth to hedge the depreciation of the yen.
03
China has a population of 1.4 billion, the largest in the world. Maybe starting this year, China will drop to second place and give up the number one population to India, but even then we still have 1.4 billion people.
Fortunately, China's GDP is as high as 180,000 billion, although it ranks second in the world, it has opened a very big gap with the third to fifth. Germany and Japan rank third and fourth, respectively, with a GDP of less than $4 trillion. India, in fifth place, has a GDP of just over $3 billion.
So in terms of GDP per capita, our GDP also reached $12,800, ranking 12th in Asia.
More importantly, the Chinese economy is on the right path of high-quality development.
In the past, we also relied on low-end manufacturing to become a manufacturing power, but now we are trying to transform to high-tech and high-end manufacturing development.
This results in our products being more value-added and internationally competitive.
This will certainly increase our GDP for some time to come, and also increase our GDP per capita.
