In 2023, Indonesia continues to hold its position as the largest economy in Southeast Asia, according to the latest GDP data released by the World Bank in July 2024. Indonesia's GDP was recorded at 1,371,171.15 million USD, reflecting the country's significant economic influence in the region. In contrast, Timor-Leste has the lowest GDP in Southeast Asia, with a value of 2,243.14 million USD.
Gross Domestic Product (GDP) is a crucial measure used to evaluate the market value of all goods and services produced within a country over a specific period, typically one year. It serves as a primary indicator of a country's economic health and performance. The World Bank publishes GDP data annually, providing insights into both global and national economic trends.
Indonesia's GDP of 1,371,171.15 million USD underscores its economic leadership in Southeast Asia. The country’s diverse economy, driven by sectors such as manufacturing, agriculture, and services, contributes to its strong GDP figures. Indonesia’s large population and growing middle class further support domestic consumption and economic growth.
While Indonesia leads the region, other Southeast Asian countries also show varied economic performances. Timor-Leste, with the lowest GDP in the region at 2,243.14 million USD, highlights the economic disparities within Southeast Asia. These differences reflect varying stages of development, resource availability, and economic structures across the region.
Indonesia’s position as the largest economy in Southeast Asia has several implications for the region. It highlights the country’s role as a major economic player, influencing regional trade, investment, and economic policies. The significant gap between the highest and lowest GDP figures in the region also points to the need for economic cooperation and development strategies to support less developed countries like Timor-Leste.
The World Bank’s 2023 GDP data reaffirms Indonesia’s status as the largest economy in Southeast Asia, with a GDP of 1,371,171.15 million USD. This position reflects Indonesia’s economic strength and its critical role in regional economic dynamics. Meanwhile, Timor-Leste’s GDP of 2,243.14 million USD highlights the economic challenges faced by some countries in the region. As Southeast Asia continues to grow and develop, these GDP figures provide essential insights into the economic landscape and potential areas for collaboration and improvement.
