According to the latest data released by the World Bank in July 2024, Singapore continues to lead Southeast Asia with the highest GDP per capita for the year 2023, recorded at 84,734.3 USD. This figure underscores Singapore’s economic prosperity and its status as a global financial hub.
GDP per capita is an important measure of a country’s economic performance, reflecting the average income generated by each resident in a given year. It is calculated by dividing the Gross Domestic Product (GDP) of a country by its population, expressed in US dollars. This metric is widely used to compare the relative prosperity levels of different countries or regions, providing insights into the standard of living and economic well-being of their populations.
Singapore’s high GDP per capita of 84,734.3 USD highlights its strong economic foundation, characterized by a well-developed financial sector, robust infrastructure, and a highly skilled workforce. The city-state's strategic location, business-friendly environment, and emphasis on innovation and technology have contributed significantly to its sustained economic growth and high income levels.
While Singapore leads the region, there are significant disparities in GDP per capita among Southeast Asian countries. Myanmar, for instance, has the lowest GDP per capita in the region, at 1,187.6 USD. This stark contrast illustrates the varied economic landscapes within Southeast Asia, with countries at different stages of development and economic capacity.
Singapore's position as the country with the highest GDP per capita in Southeast Asia has several implications. It emphasizes the economic divide within the region and highlights the challenges and opportunities for economic development in other Southeast Asian countries. While Singapore sets a benchmark for economic success, it also underscores the need for targeted economic policies and investments to boost growth and living standards in lower-income countries within the region.
The World Bank’s data for 2023 reaffirms Singapore’s leadership in terms of GDP per capita in Southeast Asia, with a figure of 84,734.3 USD. This high GDP per capita reflects the city-state's robust economic health and high living standards. In contrast, Myanmar's GDP per capita of 1,187.6 USD highlights the economic challenges faced by other countries in the region. As Southeast Asia continues to develop, these figures provide valuable insights into the economic disparities and growth potential across the region.
