consultantsreview logo

Consultants Review Magazine

India & 9 Other Major Asian Economies Combined To Surpass US's GDP By 2030: DBS Report

India economy is on track to become a part of the 10 major economies of Asia. As per the report published by DBS (Development Bank of Singapore) on Sunday, Asia's 10 major economies are expected to witness a robust aggregate growth of over $28 trillion in real GDP terms, surpassing the US by 2030.

The DBS named 10 major economies in its report are China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand.

In comparison to Asia's major economies, the US will amount to $ 22.33 trillion in real GDP terms by 2030.

Though Asia will see strong growth opportunities in coming years, it is not sure that it will provide the sufficient investment conditions, to invest in Asia.

"Investment cannot be based on a single indicator when it comes to a long-term horizon," says DBS.

The report further said, "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."

It also pointed out that countries like India and the Philippines will need to work on creating the employment for its young population in the country.

On the other hand, ageing countries like Singapore, Japan and China may be able to offset the demographic drag through the active use of new technology.

Despite the immense growth opportunities and surpassing the US economy, Asian economies will also face some common issues such as climate change, rising inequality, worsening environment for trade, and technological disruption that can impact the growth and development in the countries.

Recently, an Asian Development Bank report published on July 19 stated that the Indian economy is on track to meet the FY 2018 expected growth of 7.3 percent and will accelerate to 7.6 percent in 2019 despite the rising trade tensions between the United States and its trading partners.

Magazine Current Issue