GDP APAC 2023, by country
In 2023, China's gross domestic product amounted to approximately 17.7 trillion U.S. dollars, which was the highest GDP across the Asia-Pacific region. Japan followed with a GDP of around 4.2 trillion dollars.
China, Asia-Pacific's titan
The significance of the Asia-Pacific region to the world is multifaceted, ranging from geopolitical importance to being home to more than half of the world's population. Characterized by emerging countries and dynamic economic activities, the region plays a key role in the global economy. China, the most populous country after India, and the second largest economy on the planet, accounted for about half of the total gross domestic product (GDP) in APAC as of 2023. The GDP growth in China was characterized by high rates for decades. Following the COVID-19 pandemic, the country has struggled to catch up with the previous level of growth rates and was forecast to stay at more modest real GDP growth rates in the coming years.
A new paradigm of development in the Asia-Pacific region
Even though the Asia-Pacific region has made significant economic improvements in the last decades, from a developmental perspective, tackling existing socio-economic issues will be critical for future growth. An aspect worth mentioning is the GDP per capita in the region. EU countries, for example, had about three times as much GDP per capita compared to East Asia and the Pacific region in 2022. China has been working towards changing its economic focus to high-tech and service sectors while reducing its concentration on agriculture.
