In this article, we will look into the 24 least developed countries in Asia in 2024. If you want to skip our detailed analysis, you can go directly to 5 Least Developed Countries in Asia in 2024.
Asia’s Economic Outlook
Asia has a contrasting economic landscape, with resilience and recovery as its defining features. According to a recent report by the World Bank, South Asia is projected to grow at a steady rate of 5.2% in 2024, characterized by India’s hefty 6.2% upsurge. On the other hand, East Asia is expected to experience a slowdown in economic growth, from 4.9% in 2023 to 2.6% in 2024. Western Asia is anticipated to experience a surge of 1.7% from 2023 and grow at a rate of 2.9% in 2024. Inflation in the region, driven by high prices of imports, is expected to slow down gradually in 2024. In Turkey, the authorities constricted monetary policies to control inflation, which is predicted to affect growth negatively.
The economic recovery from the pandemic has been more sluggish than expected in China. In the second half of 2023, the economy peaked with the growth rate hitting 5.3%, compared to 3% in 2022. The growth can be attributed to decreased policy and mortgage rates and increased public sector investment. However, the weak property sector and sputtering external demand will affect the growth negatively, reducing it to 4.7% in 2024.
Poverty and Inflation in Asia
The COVID-19 pandemic and a rise in the cost of living have pushed nearly 70 million people in developing economies in Asia, into extreme poverty, as reported by the Asian Development Bank. An estimated 155.2 million people in the developing Asian economies, representing 3.9% of Asia’s population, lived in extreme poverty in 2022. The region was anticipated to make economic progress in 2023, however, the ADB stated that over 30% of the total population in Asia will still be economically vulnerable by 2030, which is defined as living on $3.65 – $6.85 a day, based on 2017 prices. The report suggests that to deal with the rising concern of the high cost of living in the region, governments in Asia and the Pacific must strengthen their social security systems, raise their aid for agricultural development, enhance access to financial services, promote infrastructure investments, and foster technical innovation and human capital development.
Asian Market and Major Players
Despite the economic headwinds, rising inflation, and persistent poverty affecting the development in Asia, emerging economies serve as the key elements to drive growth in the region, offering a multitude of opportunities to foreign investors. Some of the major players in the Asian market include Sony Group Corporation (NYSE:SONY), Infosys Limited (NYSE:INFY), and Baidu, Inc. (NASDAQ:BIDU).
Sony Group Corporation (NYSE:SONY) is a leading multinational conglomerate company in Japan. On January 9, the company announced that it is developing a riveting spatial content creation system. The system will include an XR head-anchored display. Equipped with high-quality 4K OLED Microdisplays and video see-through function, the system aims to support developers in 3D content creation. Sony Group Corporation (NYSE:SONY) is also collaborating with Siemens Aktiengesellschaft (OTC:SIEGY) to launch a new collaborative product engineering solution, leveraging its business platform, Siemens Xcelerator open digital business platform. The system will be made available in late 2024.
Infosys Limited (NYSE:INFY), a leading information technology company, announced on January 11, that the company is set to acquire a leading semiconductor company, InSemi. The acquisition will bolster Infosys Limited’s (NYSE:INFY) engineering and R&D abilities, to support clients through their digital transformation journey. The transaction is expected to be closed in the fourth quarter of 2024.
Baidu, Inc. (NASDAQ:BIDU) is a leading Chinese technology company, providing internet-related services. As of January 25, the company has a market cap of $38.67 billion. On November 21, 2023, the company reported earnings for the fiscal third quarter of 2023. Baidu, Inc. (NASDAQ:BIDU) reported an EPS of $2.86 and beat estimates by $0.52. The company reported a revenue of $4.83 billion and outperformed estimates by $118.42 million. Baidu, Inc.’s (NASDAQ:BIDU) revenue for the quarter grew 5.93% on a year-over-year basis.
Now, let’s look at the 24 least developed countries in Asia in 2024.
24 Least Developed Countries in Asia in 2024
Methodology
To make our list of the 24 least developed countries in Asia in 2024, we used HDI and GDP per Capita as our key metrics. We defined a country with lower HDI and GDP per capita as a least developed country.
At first, we sorted the countries in Asia based on their HDI and obtained their GDP per capita from the IMF. We assigned ranks to the countries from lowest to highest, with 1 representing the least developed country on our list. Then, we averaged the ranks for both our metrics and calculated the Insider Monkey rating. The countries are ranked in descending order of the Insider Monkey rating on our list.
Please note that we have not added countries with unavailable HDI or GDP per capita data to our list.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
24 Least Developed Countries in Europe in 2024
24. Maldives
Human Development Index (2021): 0.747
GDP Per Capita (2024): $18,570
Insider Monkey Rating: 27.0
Maldives is ranked among the least developed countries in Asia in 2024. The country reported a HDI of 0.747 in 2021. According to the IMF, the country has a GDP per capita of $18,570.
23. Turkmenistan
Human Development Index (2021): 0.745
GDP Per Capita (2024): $14,180
Insider Monkey Rating: 25.0
Turkmenistan is ranked 23rd on our list. The country reported a HDI of 0.745 in 2021. According to the IMF, the country has a GDP per capita of $14,180.
22. Thailand
Human Development Index (2021): 0.800
GDP Per Capita (2024): $7,730
Insider Monkey Rating: 25.0
Ranked 22nd on our list, Thailand reported an HDI of 0.800 in 2021. According to the IMF, the country has a GDP per capita of $7,730.
21. Armenia
Human Development Index (2021): 0.759
GDP Per Capita (2024): $9,090
Insider Monkey Rating: 24.5
Armenia ranks 21st on our list. In 2021, Armenia reported an HDI of 0.759. As of 2024, the country reports a GDP per capita of $9,090.
20. Azerbaijan
Human Development Index (2021): 0.745
GDP Per Capita (2024): $7,790
Insider Monkey Rating: 22.0
Azerbaijan is ranked 20th on our list. In 2021, the country reported an HDI of 0.745. According to the IMF, Azerbaijan has a GDP per capita of $7,790.
19. Iran
Human Development Index (2021): 0.774
GDP Per Capita (2024): $4,420
Insider Monkey Rating: 20.5
Iran is ranked among the least developed countries in Asia in 2024. The country reported a HDI of 0.774 in 2021. The GDP per capita of the country is $4,420, as of 2024.
18. Libya
Human Development Index (2021): 0.718
GDP Per Capita (2024): $6,360
Insider Monkey Rating: 19.0
Libya ranks 18th on our list. In 2021, the country had an HDI of 0.718. As of 2024, Libya reported a GDP per capita of $6,360.
17. Mongolia
Human Development Index (2021): 0.739
GDP Per Capita (2024): $5,490
Insider Monkey Rating: 19.0
Located in East Asia, Mongolia is one of the least developed countries in Asia in 2024. The country reported an HDI of 0.739 in 2021. According to the IMF, the country has a GDP per capita of $5,490.
16. Jordan
Human Development Index (2021): 0.720
GDP Per Capita (2024): $5,100
Insider Monkey Rating: 17.5
Ranked 16th on our list, Jordan reported an HDI of 0.720 in 2021. According to the IMF, the country has a GDP per capita of $5,100 as of 2024.
15. Indonesia
Human Development Index (2021): 0.705
GDP Per Capita (2024): $5,510
Insider Monkey Rating: 16.5
Indonesia ranks 15th on our list. In 2021, the country had an HDI of 0.705, as reported by the UNDP. As of 2024, Indonesia reports a GDP per capita of $5,51o.
14. Iraq
Human Development Index (2021): 0.686
GDP Per Capita (2024): $6,100
Insider Monkey Rating: 15
Iraq is ranked among the least developed countries in Asia in 2024. The country reported a HDI of 0.686 in 2021. According to the IMF, the country has a GDP per capita of $6,100.
13. Uzbekistan
Human Development Index (2021): 0.727
GDP Per Capita (2024): $2,710
Insider Monkey Rating: 15
Ranked 13th on our list, Uzbekistan had an HDI of 0.727 in 2021. The country reports a GDP per capita of $28,120, as of 2024.
12. Vietnam
Human Development Index (2021): 0.703
GDP Per Capita (2024): $4,640
Insider Monkey Rating: 13.5
Vietnam ranks 12th on our list. In 2021, Vietnam reported an HDI of 0.703. According to the IMF, the country reports a GDP per capita of $4,640.
11. Philippines
Human Development Index (2021): 0.699
GDP Per Capita (2024): $4,170
Insider Monkey Rating: 13
The Philippines is one of the least developed countries in Asia in 2024. The country reported an HDI of 0.699 in 2021. The GDP per capita of the country is $4,170, as of 2024.
10. Bhutan
Human Development Index (2021): 0.666
GDP Per Capita (2024): $3,690
Insider Monkey Rating: 10.5
Ranked 10th on our list, Bhutan reported an HDI of 0.666 in 2021. According to the IMF, the country has a GDP per capita of $3,690.
9. Kyrgyzstan
Human Development Index (2021): 0.692
GDP Per Capita (2024): $1,930
Insider Monkey Rating: 9.5
Kyrgyzstan is ranked among the least developed countries in Asia in 2024. The country reported a HDI of 0.692 in 2021. As of 2024, the country has a GDP per capita of $1,930.
8. India
Human Development Index (2021): 0.633
GDP Per Capita (2024): $2,850
Insider Monkey Rating: 9.0
India ranks 8th on our list. In 2021, India reported an HDI of 0.633. According to the IMF, the country has a GDP per capita of $2,850.
7. Bangladesh
Human Development Index (2021): 0.661
GDP Per Capita (2024): $2,650
Insider Monkey Rating: 8.5
Ranked 7th on our list, Bangladesh reported an HDI of 0.661 in 2021. According to the IMF, the country has a GDP per capita of $2,650 as of 2024.
6. Laos
Human Development Index (2021): 0.607
GDP Per Capita (2024): $1,830
Insider Monkey Rating: 6.0
Laos is one of the least developed countries in Asia in 2024. The country reported an HDI of 0.607 in 2021. According to the IMF, the country has a GDP per capita of $1,830.
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Disclosure: None. 24 Least Developed Countries in Asia in 2024 is originally published on Insider Monkey.