We recently compiled a list of the 20 Most Liveable Countries in Asia in 2024 and in this article, we will talk about the most liveable country in Asia in 2024.
In 2024, we are well aware of the consequences of climate change and hence, one of the most concerning factors that affect livability of a city is extreme heat as it increases discomfort and potentially also increases crime and traffic accidents, particularly in high humidity areas. Speaking of discomfort, the livability of cities in East Asia today is facing challenges due to extreme urban heat. In 2023, record-high temperatures exacerbated by climate change and the urban heat island (UHI) effect posed serious risks. On average, land surface temperatures in East Asian cities were 2.0°C warmer than nearby rural areas, with cities in Indonesia, Malaysia, and the Philippines experiencing up to 6.6°C higher temperatures. This disparity was particularly pronounced in poorer neighborhoods and is more severe at night due to heat retention by urban infrastructure.
Moreover, according to the World Bank, over 100,000 deaths in East Asia are attributed to extreme heat annually. Economically, productivity losses from the UHI effect combined with global warming could reduce the GDP of major cities by 1.4-1.7% by 2050, with worst-case scenarios projecting an 11% loss by century’s end. Speaking of GDP, let’s look at the economic strength of Asia in general.
The Economic Strength of Asia in 2024
In 2024, Asia’s economic growth is being fueled by tremendous developments in trade interconnectivity and technological innovation. Ccountries like India, China, and members of the Association of Southeast Asian Nations (ASEAN) are essentially leading this transformation. For example, we know that India’s economy is expected to grow at 6.8% this year and its GDP is projected to surpass Japan’s by 2025 and Germany’s by 2030 and will eventually reach $7 trillion. On the other hand, China, despite a potential slowdown, is still projected to have a GDP $5 trillion higher in 2030 compared to 2022. Moreover, ASEAN’s trade is anticipated to grow by $1.2 trillion over the next decade, with exports increasing by nearly 90% by 2031.
It is also true that Asia’s rise as a global tech and innovation hub is another important driver. The continent is becoming increasingly interconnected as manufacturing and sourcing are shifting to Southeast Asia with incredibly support provided by agreements like the Regional Comprehensive Economic Partnership (RCEP). By 2030, Asia’s fintech revenues are expected to outpace those of North America. It is also worth highlighting that the region’s consumers show a strong inclination toward artificial intelligence which also suggests near-term growth opportunities in tech sectors. Let’s look at the recent developments of tech initiatives around Asia.
The Growing Focus of the Big Giants in Asia
Microsoft Corp (NASDAQ:MSFT) has recently announced a major initiative to equip 2.5 million people in ASEAN countries with AI skills by 2025 to support the ASEAN Digital Masterplan 2025. The initiative aims to build an AI-ready talent pool across Indonesia, Malaysia, the Philippines, Thailand, and Vietnam and will involve partnerships with governments, nonprofit and corporate organizations. Over the past two years, Microsoft Corp (NASDAQ:MSFT)’s Skills4Jobs program has already reached 1.7 million participants in the region. The AI TEACH programs by Microsoft Corp (NASDAQ:MSFT) in Indonesia and Malaysia target vocational students, while Thailand’s AI Skills for the AI-enabled Tourism Industry program aims to train 100,000 young entrepreneurs. Additionally, in the Philippines, Microsoft Corp (NASDAQ:MSFT) plans to equip 1 million K-12 students with AI and cybersecurity skills.
On the other hand, International Business Machines Corp (NYSE:IBM) has also intensified its focus on social impact, particularly in the field of education and skill development for the region. In 2022, International Business Machines Corp (NYSE:IBM) pledged to train 1 million women and girls in the Asia-Pacific region over five years as part of the Indo-Pacific Economic Framework Upskilling Initiative. This initiative was aimed at closing the gender gap in STEM fields and has already empowered nearly 650,000 women and girls through different educational programs. International Business Machines Corp (NYSE:IBM) partnerships across the region, including collaborations with educational departments and organizations in Japan, Malaysia, Indonesia, and the Philippines, are central to this effort.
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Is the United Arab Emirates the Most Livable Country in Asia in 2024?
In order to identify the most livable countries in Asia in 2024, we utilized country ranking from the Human Development Index for the year 2022 and from the Numbeo’s affordability index by Asian countries for the year 2023. We averaged the Asian countries’ rankings for both these metrics and obtained an average rank to rank our list. The list is now presented in a descending order. Our methodology revealed that the UAE is indeed the most liveable country in Asia in 2024.
There are multiple major reasons that make the UAE such a preferred destination. First of all, the country has a tax-free income policy which is a major draw that allows residents to keep their entire earnings. This financial freedom is complemented by a stable economy diversified beyond oil which offers job opportunities across different sectors. Safety is another major factor as Dubai has one of the lowest crime rates globally.
The UAE has a population nearing 10 million which is predominantly composed of expatriates as the country provides a favorable standard of living. Economically, the UAE has rapidly evolved into one of the world’s wealthiest countries within a span of just 50 years. With a high GDP per capita, driven largely by its oil reserves and strategic economic diversification efforts, the UAE has achieved impressive growth rates, averaging close to 4% annually since 2000.
To check out the extensive list of the most livable countries in Asia, please visit 20 Most Liveable Countries in Asia in 2024.
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Disclosure: None. 20 Most Liveable Countries in Asia in 2024 is originally published at Insider Monkey.