Look Malaysians Asian
Economic powerThe economic heavyweights of the Asian economic zone
Not only Friedrich Merz (CDU) overcomes discomfort when looking at the new Asian free trade zone. While the European Union is arguing with Great Britain over tariffs and trade rules in Brexit, the largest free trade area in the world has formed on the other side of the globe. China and 14 other Asia-Pacific countries agreed the Regional Comprehensive Economic Partnership (RCEP). It comprises 2.2 billion people and around a third of the world's economic output, as reported by the “Tagesschau”.
Who dominates the largest free trade area in the world?
The new super economic zone does not only include Asean states. In the ongoing conflict with the United States, China was also able to win traditionally close allies of the United States. Observers have taken this as a sign that even after Donald Trump's presidency, Washington is perceived internationally as an increasingly unreliable partner. Even old companions with new alliances prefer to secure their place in the (new) global economic order.
There is no question that China is setting the tone in the RCEP. However, this does not apply when it comes to the actual economic output per inhabitant. Let's take a closer look: In terms of gross domestic product (GDP) per capita, these countries are the strongest members of the new super free trade area in the Asia-Pacific region.
The International Monetary Fund compares the economic strength of countries by contrasting GDP per inhabitant. This is done in the comparison currency of international dollars in order to be able to directly compare the purchasing power in the respective states. So for one dollar you can pay for the same goods and services. Indonesia had a GDP of 12,483 international dollars per inhabitant in 2019. That meant number 107 worldwide and is enough for tenth place in the new super free trade zone.
In the new economic bloc, Thailand has the ninth largest economic output per capita: 19,241 international dollars. This meant 74th place worldwide.
Malaysia ranked 56th worldwide with 28,991 international dollars and eighth in the RCEP.
China has to be content with the middle field in the ranking of the RCEP countries with the highest GDP per capita. 16,700 international dollars were just enough for seventh place among 15 countries.
6 New Zealand
After China, the economic output curve is pointing steeply upwards. New Zealand had $ 43,800 international GDP per capita in 2019.
On average, every Japanese man also achieved a multiple of the economic output of a Chinese. With 43,200 dollars, Japan was in 33rd place in the global ranking of the International Monetary Fund. That was enough for fifth place in the new free trade zone.
4 South Korea
South Korea's GDP per capita puts its neighbor China in the shade. With 44,600 international dollars, the Asian economic nation almost reached the average level of the EU members (46,600 dollars).
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