Economy of South Asia

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Last edited September 6, 2023
Economy of South Asia
File:South Asia (orthographic projection).svg
Statistics
Population2 billion[1][2]
GDP
GDP growth
5.8% (2022 est.)[5]
GDP per capita
  • $2,272 (nominal; 2022)[6]
  • $7,931 (PPP; 2022)[7]
7.2% (2022)[8]
Unemployment7% (2022)[9]
Public finances
78.8% of GDP (2023 est.)[10]
Most numbers are from the International Monetary Fund. IMF South Asia Datasets

All values, unless otherwise stated, are in US dollars.
Development of GDP per capita of economies in South Asia

The economy of South Asia comprises 2 billion people (25% of the world population) living in eight countries (though Afghanistan is sometimes excluded).[11][12] It was historically one of the richest regions in the world, comprising 25% of world GDP as recently as 1700,[13] but experienced significant de-industrialisation and a doubling of extreme poverty during the colonial era of the late 18th to mid-20th century.[14] In the post-colonial era, South Asia has grown significantly, with India advancing because of economic liberalisation from the 1980s onwards,[15] and extreme poverty now below 15% in the region.[16] South Asia has been the fastest-growing region of the world since 2014.[17]

History[edit | edit source]

Main article: Economic history of the Indian subcontinent

Ancient and medieval era[edit | edit source]

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Colonial era[edit | edit source]

See also: Economy of India under Company rule

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Modern era[edit | edit source]

India is the largest economy in the region (US$3.535 trillion) and makes up almost 80% of the South Asian economy; it is the world's 5th largest in nominal terms and 3rd largest by purchasing power adjusted exchange rates (US$11.745 trillion).[18] India is the member of G-20 major economies and BRICS from the region. It is the fastest-growing major economy in the world and one of the world's fastest registering a growth of 7.2% in FY 2022-23.[19]

India is followed by Bangladesh, which has a GDP of ($411 billion) and a GDP per capita of $2,554, which is 4th in the region above India and Pakistan. It has the fastest GDP growth rate in Asia. It is one of the emerging and growth-leading economies of the world, and is also listed among the Next Eleven countries. It is also one of the fastest-growing middle-income countries. It has the world's 33rd largest GDP in nominal terms and is the 27th largest by purchasing power adjusted exchange rates ($1.015 trillion). Bangladesh's economic growth was 6.4% in 2022.[20] Pakistan has an economy of ($314 billion) and ranks 5th in GDP per capita in the region.[21] Next is Sri Lanka, which has the 2nd highest GDP per capita and the 4th largest economy in the region.

Certain parts of South Asia are significantly wealthier than others; the four Indian states of Maharashtra, Tamil Nadu, Gujarat and Karnataka are projected to account for almost 50% of India's GDP by 2030, while the five South Indian states comprising 20% of India's population are expected to contribute 35% of India's GDP by 2030.[22]

The major stock exchanges in the region are Bombay Stock Exchange (BSE) with market Capitalization of $3.5 trillion (10th largest in the world), National Stock Exchange of India (NSE) with market capitalization of $3.55 trillion (9th largest in the world), Dhaka Stock Exchange (DSE), Colombo Stock Exchange (CSE), and Pakistan Stock Exchange (PSX) with market capitalization of $72 billion. Economic data is sourced from the International Monetary Fund, current as of April 2017, and is given in US dollars.[23]

India is home to the Indian Premier League, which is the second-most valued sports league in the world on a per-match basis.[24]

Country

[25][26][27]

GDP Inflation

(2022)[28]

HDI
Nominal GDP(in millions) (2022) (%Share)[29] GDP per capita

(2022)[30]

GDP (PPP)(in millions) (2022) (%Share) GDP (PPP) per capita (2022) GDP growth

(2022)[31]

HDI

(2019)[32]

Inequality-adjusted HDI (2019)[33]
File:Flag of Afghanistan.svg Afghanistan[34] $20,136 (2020) $611 (2020) $80,912 (2020) $2,456 (2020) -2.4% (2020) 5.6% (2020) Increase0.478 (low) No data
 Bangladesh $460,751 (10.41%) $2,734 $1,345,646 (8.97%) $7,985 7.2% 6.1% Increase0.661 (medium) Increase0.465 (low)
 Bhutan $2,707 (0.06%) $3,562 $9,937 (0.07%) $13,077 4.0% 7.7% Increase0.666 (medium) Increase0.450 (low)
 India $3,468,566 (78.35%) $2,466 $11,665,490 (77.74%) $8,293 6.8% 6.9% Increase0.633 (medium) Increase0.538 (low)
 Maldives $5,900 (0.13%) $15,097 $12,071 (0.08%) $30,888 8.7% 4.3% Increase0.747 (high) Increase0.568 (medium)
   Nepal $39,028 (0.88%) $1,293 $141,161 (0.94%) $4,677 4.2% 6.3% Increase0.602 (medium) Increase0.430 (low)
 Pakistan $376,493 (8.50%) $1,658 $1,512,476 (10.08%) $6,662 6.0% 12.10% Increase0.544 (low) Increase0.386 (low)
 Sri Lanka $73,739 (1.67%) $3,293 $318,690 (2.12%) $14,230 -8.7% 48.2% Increase0.782 (high) Increase0.686 (medium)
South Asia[35] $4,427,184 (100%) $2,385 $15,005,471 (100%) $8,085 6.4% 8.1% Increase0.639 (medium) -

Poverty[edit | edit source]

See also: Poverty in India, Poverty in Pakistan, and Poverty in Bangladesh

Poverty rates vary greatly throughout the region, with a majority of Afghanistan relying on humanitarian aid,[36] and 40% of Sri Lankans slipping into poverty due to the economic crisis that started in 2019.[37]

Country

[38][39][40]

Population below poverty line (at $1.9/day) Global Hunger Index (2021)[41] Population under-nourished (2015)[42] Life expectancy (2019)[43] (global rank) Global wealth report (2019)[44][45][46]
World Bank[47] (year) 2022 Multidimensional Poverty Index Report (MPI source year)[48] Population in Extreme poverty (2022)[49] CIA Factbook (2015)[50] Total national wealth in billion USD (global rank) Wealth per adult in USD Median wealth per adult in USD (global rank)
File:Flag of Afghanistan.svg Afghanistan 54.5% (2016) 55.91% (2015–16) 18% 36% 28.3 (103rd) 26.8% 63.2 (160th) 25 (116th) 1,463 640 (156th)
 Bangladesh 24.3% (2016) 24.64% (2019) 4% 31.5% 19.1 (76th) 16.4% 74.3 (82nd) 697 (44th) 6,643 2,787 (117th)
 Bhutan 8.2% (2017) 37.34% (2010) 4% 12% No data No data 73.1 (99th) No Data No Data No Data
 India 21.9% (2011) 16.4% (2019-21) 3% 29.8% 27.5 (101st) 15.2% 70.8 (117th) 12,614 (7th) 14,569 3,042 (115th)
 Maldives 8.2% (2016) 0.77% (2016–17) 4% 16% No data 5.2% 79.6 (33rd) 7 (142nd) 23,297 8,555 (74th)
   Nepal 25.2% (2010) 17.50% (2019) 8% 25.2% 19.1 (76th) 7.8% 70.9 (116th) 68 (94th) 3,870 1,510 (136th)
 Pakistan 24.3% (2015) 38.33% (2017–18) 5% 12.4% 24.7 (94th) 22% 69.3 (144th) 465 (49th) 4,096 1,766 (128th)
 Sri Lanka 4.1% (2016) 2.92% (2016) 5% 8.9% 16 (65th) 22% 76.9 (54th) 297 (60th) 20,628 8,283 (77th)

India[edit | edit source]

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Bangladesh[edit | edit source]

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Pakistan[edit | edit source]

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Afghanistan[edit | edit source]

page-not-found

Bhutan[edit | edit source]

page-not-found

Maldives[edit | edit source]

page-not-found

Nepal[edit | edit source]

page-not-found

Sri Lanka[edit | edit source]

page-not-found

See also[edit | edit source]

References[edit | edit source]

  1. ↑ ""World Population prospects – Population division"". population.un.org. United Nations Department of Economic and Social Affairs, Population Division. Retrieved November 9, 2019.
  2. ↑ ""Overall total population" – World Population Prospects: The 2019 Revision" (xslx). population.un.org (custom data acquired via website). United Nations Department of Economic and Social Affairs, Population Division. Retrieved November 9, 2019.
  3. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  4. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  5. ↑ "Overview". World Bank. Retrieved 2023-09-04.
  6. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  7. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  8. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  9. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  10. ↑ "World Bank Open Data". World Bank Open Data. Retrieved 2023-09-04.
  11. ↑ Slater, Joanna; Masih, Niha. "Home to nearly 2 billion people, South Asia could be the next coronavirus hot spot". Washington Post. ISSN 0190-8286. Retrieved 2023-09-04.
  12. ↑ Hanif, Melanie. "Indian Involvement in Afghanistan in the Context of the South Asian Security System". Journal of Strategic Security. 3 (2): 13–26. ISSN 1944-0464.
  13. ↑ Chakravarty, Capital Account | Manas (2010-08-25). "World history by per capita GDP". mint. Retrieved 2023-09-04.
  14. ↑ Hickel, Dylan Sullivan,Jason. "How British colonialism killed 100 million Indians in 40 years". www.aljazeera.com. Retrieved 2023-09-04.{{cite web}}: CS1 maint: multiple names: authors list (link)
  15. ↑ "25 years of liberalisation: A glimpse of India's growth in 14 charts-Business News , Firstpost". Firstpost. Retrieved 2023-09-04.
  16. ↑ South Asia https://databankfiles.worldbank.org/
  17. ↑ "How South Asia can continue as world's fastest growing subregion - Lei Lei Song". Asian Development Bank. Retrieved 2023-09-04.
  18. ↑ "Report for Selected Countries and Subjects". imf.org. IMF. Outlook Database, October 2018
  19. ↑ Dhoot, Vikas. "India's GDP expanded 6.1% in 2022-23's last quarter". The Hindu. ISSN 0971-751X. Retrieved 2023-09-01.
  20. ↑ Ventura, Luca. "Global Finance Magazine - Countries with Highest GDP Growth 2022". Global Finance Magazine. Retrieved 2023-09-01.
  21. ↑ "Welcome to WorldBank Group". World Bank. Archived from the original on 16 August 2010. Retrieved 23 August 2010.
  22. ↑ "Southern states to contribute 35% of India's $7 trillion economy by 2030". The Times of India. ISSN 0971-8257. Retrieved 2023-09-06.
  23. ↑ "Report for Selected Countries and Subjects". www.imf.org. Archived from the original on 10 October 2017. Retrieved 7 November 2017.
  24. ↑ Lavalette, Tristan. "Indian Premier League's Jaw-Dropping $6 Billion Broadcast Deal Will Have Major Ramifications In Cricket". Forbes. Retrieved 2023-09-04.
  25. ↑ "Field Listing :: Names". CIA. Archived from the original on 1 July 2017. Retrieved 28 July 2011.
  26. ↑ "UNGEGN List of Country Names" (PDF). United Nations Group of Experts on Geographical Names. 2007. Archived (PDF) from the original on 28 July 2011. Retrieved 28 July 2011.
  27. ↑ "List of countries, territories and currencies". Europa. Archived from the original on 7 August 2011. Retrieved 10 August 2011.
  28. ↑ "World Economic Outlook (October 2022) – Inflation rate, average consumer prices". IMF. Retrieved 28 November 2022.
  29. ↑ "World Economic Outlook – GDP current prices, in billions of dollars". International Monetary Fund. Retrieved 28 November 2022.
  30. ↑ "World Economic Outlook – GDP current prices, per capita". International Monetary Fund. Retrieved 28 November 2022.
  31. ↑ "World Economic Outlook (October 2022) – Real GDP growth". IMF.
  32. ↑ Human Development Report 2020 The Next Frontier: Human Development and the Anthropocene (PDF). United Nations Development Programme. pp. 343–346. ISBN 978-9-211-26442-5. Archived (PDF) from the original on 15 December 2020. Retrieved 15 December 2020.
  33. ↑ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 23 September 2020.
  34. ↑ Last update for Afghanistan from the World Economic Outlook is for 2020. Later years are unavailable.
  35. ↑ Individual country percentages may not add up to 100% due to rounding. Afghanistan not included in 2022 totals due to year mismatch. World Economic Outlook also does not count Afghanistan in the South Asia subtotals.
  36. ↑ "Afghanistan: An entire population pushed into poverty | International Rescue Committee (IRC)". www.rescue.org. Retrieved 2023-09-04.
  37. ↑ "Over 9 Million Sri Lankans Have Slipped Into Poverty Since January, Finds Study". The Wire. Retrieved 2023-09-04.
  38. ↑ "Field Listing :: Names". CIA. Archived from the original on 1 July 2017. Retrieved 28 July 2011.
  39. ↑ "UNGEGN List of Country Names" (PDF). United Nations Group of Experts on Geographical Names. 2007. Archived (PDF) from the original on 28 July 2011. Retrieved 28 July 2011.
  40. ↑ "List of countries, territories and currencies". Europa. Archived from the original on 7 August 2011. Retrieved 10 August 2011.
  41. ↑ "Global Hunger Index Scores by 2021 GHI Rank". www.globalhungerindex.org. Archived from the original on 25 February 2022. Retrieved 2 March 2022.
  42. ↑ "UN" (PDF). Archived (PDF) from the original on 24 September 2015. Retrieved 3 June 2015.
  43. ↑ "GHO | by category | Life expectancy and Healthy life expectancy - Data by country". apps.who.int. Archived from the original on 5 January 2022. Retrieved 2 March 2022.
  44. ↑ "Global wealth report". www.credit-suisse.com. Credit Suisse. Retrieved 25 October 2019.
  45. ↑ "Global wealth report 2019" (PDF). Credit Suisse. Retrieved 25 October 2019.
  46. ↑ "Global wealth databook 2019" (PDF). Credit Suisse. Archived from the original (PDF) on 23 October 2019. Retrieved 25 October 2019.
  47. ↑ "Poverty headcount ratio at national poverty lines (% of population) | Data". data.worldbank.org. Retrieved 26 August 2017.
  48. ↑ Nations, United. 2022 Global Multidimensional Poverty Index (MPI) (Report). United Nations.
  49. ↑ "World Poverty Clock". worldpoverty.io. Retrieved 27 February 2022.
  50. ↑ "The World Factbook — Central Intelligence Agency". www.cia.gov. Archived from the original on 9 November 2015. Retrieved 23 August 2016.

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