South East Asia covers around 1,700,000 square miles (4,500,000 km2), which is equal to around 3% of the Earth’s land area, and has a population of over 675 million people. Culturally and ethnically diverse, the region has long been an important player in global trade for centuries, while tourism continues to grow across SE Asia.
Indonesia
Indonesia has grown to become the largest economy in the region and is the only nation in South East Asia to be a current member of the G-20. Services are the largest sector in the Indonesian economy, accounting to 43.4% of national GDP, followed by industry (39.7%) and agriculture (12.8%). The economy has moved from being primarily agrarian to a more industrial outlook in recent years. Abundant in natural resources, Indonesian industry revolves around cotton, fishing, petroleum, paper products, timber, tourism, natural gas, bauxite, coal and tin, while agricultural products include bananas, coconuts, coffee, tea, rice, palm, rubber and sugar cane.
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Philippines
Another newly industrialised nation, The Philippines has moved from an agricultural base to one focused on services and manufacturing. While The Philippines is one of the fastest-growing economies in the world, the spread of development is uneven across different regions of the country. Agriculture employs around 24% of the estimated 49 million-strong labour force, with its main exports being integrated circuits, office machinery, insulated wiring, electrical parts, semiconductors, coconuts, bananas and pineapples. The Philippines is also the world’s largest producer of abaca and gold-clad metals and the world’s second largest exporter of nickel ore. The Philippines also has the third highest cost of living in the region.
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India
India has one of the fastest-growing economies in the world with recent moves towards a free market economy. With a labour force in excess of 522 million, it is the second largest in the world, with the service sector accounting for 55.6% of GDP, industry accounting for 26.3% and agriculture making up 18.1%. It also has the highest foreign exchange remittance in the world as some 32 million Indians working in foreign countries contributed US$100 billion in 2022. Industries include biotechnology, cement, chemicals, food processing, steel, pharmaceuticals, textiles, telecommunications, transport equipment, mining, petroleum, machinery, and software, while agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. While the GDP per capita has remained lower than nations such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, Indian GDP is expected to become the fastest growing major economy between now and 2050. This is as a result of a growing working-age population and a rise in education and engineering skills.
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Thailand
The second costliest country in the region (after Singapore), the second largest economy in South East Asia after Indonesia and the fourth richest nation in the region according to GDP per capita. Thailand is export-dependent, with two thirds of GDP coming from them. Exports include cars, computers, electrical appliances, rice, textiles and footwear, fishery products, rubber, and jewellery.
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