Việt Nam
GDP size in 2020 of Việt Nam surpassed Singapore and Malaysia to hold the 4th position in the list of 11 Southeast Asian economies with 340,6 billion USD. Vietnam’s economy is a developing socialist-oriented market economy, heavily dependent on agriculture, tourism, raw exports and foreign direct investment. The Communist Party of Vietnam advocates building in Vietnam a socialist-oriented market economy system.
As of November 11, China, Russia, Venezuela, South Africa, ASEAN and Ukraine have declared recognition Việt Nam have a full market economy. By 2013, 37 countries had recognized Vietnam as achieving market economy (VCCI), including Japan, Germany, and South Korea. By 2017, after efforts to negotiate bilateral and international Free Trade Agreements (FTAs), Deputy Prime Minister Pham Binh Minh announced that 69 countries had recognized Vietnam as a market economy in Vietnam. a Government meeting. But the US has not yet recognized Vietnam as a market economy.
Campuchia
Campuchia 8th with 26,3 billion USD in terms of GDP in 2020. Cambodia’s economy, despite recent progress, continues to suffer the consequences of decades of war and civil war. Per capita income is growing rapidly, but is still low compared to most neighboring countries.
The main activity on which the majority of rural households depend is agriculture and related sub-sectors. Manufacturing is diverse but not on a large scale and is largely carried out on a small and informal basis. The service sector is heavily focused on commercial activities and supply-related services.
Philippines
Number 3 on the list is Philippines with GDP size in 2020 is 367,4 billion USD. The Philippine economy is a new industrial market economy. According to statistics of the World Bank (WB), in 2019, the Philippines is the 5th largest economy out of 11 economies in Southeast Asia, 15th in Asia and 36th in the world respectively. Nominal GDP. It is also one of the fastest growing economies in Southeast Asia as well as globally with an average GDP growth rate of 7,5% per year.
Important sectors in the economy Philippines includes agriculture and industry, especially food processing, textiles, clothing, electronic and automotive parts. The mining industry also has great potential in the Philippines, possessing large reserves of chromite, nickel, copper. Recently, natural gas has been discovered and added to the energy reserve.
Malaysia
6th place is Malaysia with GDP size in 2020 is 336,3 billion USD. Malaysia’s economy is a newly developed industrial market economy.
Year 2019, Malaysia has a nominal GDP of 365,3 billion USD, the 3rd largest in Southeast Asia, 33rd in the world, 12th in Asia. Per capita income reached $11,484/person.
Singapore
Singapore taking the 4th position on the list when owning GDP size in 2020 is 337,4 billion USD. Economy Singapore is a highly developed free market economy and is ranked as the most open economy in the world with the third lowest level of corruption.
This is the country with the most large enterprises operating in the country thanks to its low tax rate (revenue only accounts for 14,2% of GDP). Along with that, the GDP per capita of Singapore It is also the third highest in the world by purchasing power parity (PPP).
Singapore is the headquarters of APEC (Asia-Pacific Economic Cooperation). Singapore’s economy is the 4th largest in Southeast Asia, ranking 14th in Asia and 34th globally by nominal GDP, respectively. Singapore is a large source of FDI (foreign direct investment) in the world and also benefits from FDI inflows from global investors and institutions thanks to an attractive investment environment. and political stability.
The export industry with key products such as electronics, chemicals, and services plus its position as a regional asset management center has brought Singapore substantial revenue for economic development, allowing the country to import natural resources and raw materials that are not available on the territory. Furthermore, the scarcity of water makes water a valuable national resource.
Myanmar
7th place with GDP size 70,9 billion USD belong to Myanmar. Myanmar’s economy is one of the world’s least developed, having suffered decades of stagnation due to mismanagement and international sanctions.
Estimated in 2011, GDP of Myanmar is $82,72 billion and growing at an average of 2,9% a year, the lowest in the Greater Mekong Sub-region. The EU, the United States and Canada have imposed economic sanctions on Myanmar, but these were removed in 2011 after Myanmar’s transition from a military government to a civilian regime.
Laos
18,7 billion USD is the number reflecting the GDP size in 2020 of Laos. The Laotian economy is a rapidly growing socialist-oriented market economy when the country began to gradually reduce state control and encourage the private sector in 1986.
Laos opened a stock exchange in 2011, and acts as a supplier of hydroelectricity to neighboring countries such as Vietnam, Thailand, and China. However, Laos is a landlocked country with incomplete infrastructure and largely unskilled workforce. Laos is still one of the poorest countries in Southeast Asia in particular and one of the least developed countries in the world in general. The per capita income of Laos in 2009 was estimated at 2700 USD.
Thái Lan
GDP size Thai Lan 2020 is the second highest in Southeast Asia with 509,2 billion USD. The Thai economy is a new agricultural market that relies heavily on exports, with exports accounting for about 60% of GDP. Thailand is the 2nd largest economy in Southeast Asia after Indonesia, 8th in Asia and 20th globally in nominal terms or 7th in Asia and 20th in Asia in terms of purchasing power (PPP).
The recovery of Thái Lan from the 1997-1998 Asian financial crisis was export-based, largely driven by external demand from the United States and other foreign markets.
Brunei
Standing in the last position in the top 10 out of 11 Southeast Asian countries with the highest GDP in 2020 is Brunei with 10,6 billion USD. Brunei is the third largest oil producer in Southeast Asia with an average of 3 barrels (180.000 cubic meters) per day. The country is also the world’s fourth largest producer of liquefied petroleum gas. Brunei’s GDP also skyrocketed as oil prices rose in the 29.000s and then fell slightly every five consecutive years and then shrank by nearly 4% in 1970.
GDP of Brunei has recovered since 1986 and achieved growth of 12% in 1987, 1% in 1988, 9% in 1989. According to the most recent statistics of Brunei’s GDP, it was 1996% in 3,5, 1997% in 4. , in 1998 reached 1%
Indonesia
Indonesia leading the ranking of GDP scale in 2020 in Southeast Asia with 1.088,8 billion USD. Indonesia’s economy is a new industrial market economy, in which the government and private enterprises play a leading role, this is the largest economy in Southeast Asia.
Economy Indonesia is the only Southeast Asian economy to reach the trillion-dollar mark, as well as the only Southeast Asian country to participate in the G-20 (G-20 is an official international forum for Governments and Central bank governors from 19 of the world’s leading economies along with the European Union – EU, were established in 1999 with the aim of discussing important economic issues, promoting inter-related policies. international financial stability as well as development orientation for the global economy).
Indonesia Currently there are more than 164 state-owned companies, operating in basic commodities such as oil, rice and electricity.