2023 Southeast Asia GDP Per Capita Ranking: A Closer Look at Regional Economic Powerhouses

A deep dive into the 2023 GDP per capita rankings of Southeast Asia, highlighting the economic disparities and growth trajectories within the region.
Image Souce : nguyenthuantien From pixabay
A deep dive into the 2023 GDP per capita rankings of Southeast Asia, highlighting the economic disparities and growth trajectories within the region.

In 2023, Southeast Asia continues to showcase its economic diversity with nations at various stages of development, reflecting different levels of GDP per capita across the region. This metric, which measures the average economic output per person, offers valuable insight into the wealth and living standards of each country. While some nations have made significant strides towards economic prosperity, others are still catching up, facing challenges that hinder their growth. Understanding these rankings provides a snapshot of the region's economic health and highlights the disparities between its richest and poorest countries.

Southeast Asia GDP Per Capita 2023 Rankings

  • 1st Singapore - $84,729.30
  • 2nd Brunei - $34,226.24
  • 3rd Malaysia - $12,570.53
  • 4th Thailand - $7,337.18
  • 5th Indonesia - $4,942.37
  • 6th Vietnam - $4,324.05
  • 7th Philippines - $3,867.68
  • 8th Cambodia - $2,460.32
  • 9th Laos - $2,004.35
  • 10th Timor-Leste - $1,730.57

10th Timor-Leste - $1,730.57

Timor-Leste ranks 10th with a GDP per capita of $1,730.57, heavily reliant on oil and gas revenues.
Image Souce : rossbry From pixabay
Timor-Leste ranks 10th with a GDP per capita of $1,730.57, heavily reliant on oil and gas revenues.

Timor-Leste, a small nation in Southeast Asia, ranks tenth with a GDP per capita of $1,730.57 in 2023. The country's economy is heavily dependent on oil and gas revenues, which fund a significant portion of government spending. Despite its wealth in natural resources, Timor-Leste faces considerable challenges, including a young population, high unemployment rates, and a need for substantial investment in infrastructure, healthcare, and education. The government is working on diversifying the economy by developing sectors such as agriculture and tourism to create more sustainable economic growth.

9th Laos - $2,004.35

Laos ranks 9th with a GDP per capita of $2,004.35, reliant on agriculture and hydropower exports.
Image Souce : Olgaozik From pixabay
Laos ranks 9th with a GDP per capita of $2,004.35, reliant on agriculture and hydropower exports.

Laos ranks ninth in Southeast Asia with a GDP per capita of $2,004.35 in 2023. The country's economy is primarily based on agriculture, with a significant portion of its GDP derived from hydropower and mineral exports. Laos has been working on expanding its infrastructure, particularly in energy and transport, to foster economic growth. Despite these efforts, the country remains one of the poorest in the region, facing challenges such as limited access to education, healthcare, and economic opportunities, particularly in rural areas. The government’s focus remains on sustainable development and reducing poverty.

8th Cambodia - $2,460.32

Cambodia ranks 8th with a GDP per capita of $2,460.32, growing through garment exports and tourism.
Image Souce : Lyda_Phal From pixabay
Cambodia ranks 8th with a GDP per capita of $2,460.32, growing through garment exports and tourism.

Cambodia holds the eighth position with a GDP per capita of $2,460.32 in 2023. The country has experienced steady economic growth over the past two decades, largely driven by the garment industry, construction, and tourism. Phnom Penh, the capital, has seen rapid urbanization and economic development. However, Cambodia still faces significant challenges, including poverty, inadequate infrastructure, and limited access to quality education and healthcare. The government continues to implement policies aimed at economic diversification and improving the living conditions of its population.

7th Philippines - $3,867.68

The Philippines ranks 7th with a GDP per capita of $3,867.68, largely driven by the service sector and remittances.
Image Souce : Pixabay From pexels
The Philippines ranks 7th with a GDP per capita of $3,867.68, largely driven by the service sector and remittances.

The Philippines ranks seventh in Southeast Asia with a GDP per capita of $3,867.68 in 2023. The country's economy is heavily reliant on its service sector, particularly the Business Process Outsourcing (BPO) industry, which is one of the largest in the world. Remittances from millions of Overseas Filipino Workers (OFWs) also contribute significantly to the national income. Despite robust economic growth in recent years, the Philippines faces challenges such as high population growth, income inequality, and underemployment, which hinder the overall increase in living standards for its citizens.

6th Vietnam - $4,324.05

Vietnam ranks 6th with a GDP per capita of $4,324.05, fueled by rapid industrial growth and foreign investments.
Image Souce : Hugo Heimendinger From pexels
Vietnam ranks 6th with a GDP per capita of $4,324.05, fueled by rapid industrial growth and foreign investments.

Vietnam stands at sixth place with a GDP per capita of $4,324.05 in 2023. The country's rapid economic growth in recent years is driven by its manufacturing and export-oriented economy, bolstered by significant foreign direct investment. Vietnam has become a critical node in global supply chains, particularly in electronics and textiles. The government has implemented reforms to open up the economy, improve the business environment, and invest in infrastructure and education. While Vietnam’s GDP per capita remains lower compared to some of its neighbors, its fast-paced development suggests a promising future for further economic improvement.

5th Indonesia - $4,942.37

Indonesia ranks 5th with a GDP per capita of $4,942.37, reflecting its status as Southeast Asia's largest economy by population.
Image Souce : Tom Fisk From pexels
Indonesia ranks 5th with a GDP per capita of $4,942.37, reflecting its status as Southeast Asia's largest economy by population.

Indonesia, the largest economy in Southeast Asia, ranks fifth with a GDP per capita of $4,942.37 in 2023. This vast archipelago nation has a mixed economy with key sectors in agriculture, mining, and manufacturing, alongside a burgeoning digital economy. Indonesia's population of over 270 million makes it a significant player in the region, though its GDP per capita remains lower than some of its smaller neighbors due to its large population. The government is focused on infrastructure development, improving education, and healthcare systems, aiming to accelerate economic growth and reduce poverty levels across the country.

4th Thailand - $7,337.18

Thailand is 4th in Southeast Asia with a GDP per capita of $7,337.18, supported by tourism and manufacturing.
Image Souce : sasint From pixabay
Thailand is 4th in Southeast Asia with a GDP per capita of $7,337.18, supported by tourism and manufacturing.

Thailand ranks fourth in Southeast Asia with a GDP per capita of $7,337.18 in 2023. As one of the region’s largest economies, Thailand benefits from a well-established tourism industry, robust agricultural sector, and growing manufacturing base. Bangkok, the bustling capital, is known for its vibrant markets, cultural landmarks, and as a hub for international businesses. The government has been actively working to improve infrastructure, education, and healthcare, aiming to boost economic development further. However, Thailand still faces challenges such as political instability and income inequality, which may affect its long-term growth trajectory.

3rd Malaysia - $12,570.53

Malaysia stands 3rd with a GDP per capita of $12,570.53, driven by its diverse and industrialized economy.
Image Souce : peterng1618 From pixabay
Malaysia stands 3rd with a GDP per capita of $12,570.53, driven by its diverse and industrialized economy.

Malaysia ranks third in Southeast Asia with a GDP per capita of $12,570.53 in 2023. The country's economy is diverse, with strong sectors in manufacturing, services, and commodities like palm oil and rubber. Over the years, Malaysia has transitioned from an economy reliant on raw material exports to one that is more industrialized and services-oriented. Kuala Lumpur, the capital, serves as a regional business hub, attracting investments in finance, technology, and infrastructure development. Malaysia's government continues to push for economic reforms aimed at fostering inclusive growth and improving the standard of living for its population.

2nd Brunei - $34,226.24

Brunei ranks 2nd with a GDP per capita of $34,226.24, heavily reliant on its oil and gas sector.
Image Souce : vyngor From pixabay
Brunei ranks 2nd with a GDP per capita of $34,226.24, heavily reliant on its oil and gas sector.

Brunei secures the second spot with a GDP per capita of $34,226.24 in 2023. This small but wealthy nation derives much of its income from vast reserves of oil and natural gas. The hydrocarbon sector accounts for the majority of Brunei's GDP and exports, making it one of the richest countries in terms of natural resources. Despite its wealth, Brunei faces challenges in diversifying its economy away from oil dependency, which makes it vulnerable to fluctuations in global energy prices. However, the government has been gradually implementing policies to promote other sectors such as finance, tourism, and manufacturing.

1st Singapore - $84,729.30

Singapore ranks 1st in Southeast Asia with a GDP per capita of $84,729.30, driven by its financial and technological prowess.
Image Souce : Holgi From pixabay
Singapore ranks 1st in Southeast Asia with a GDP per capita of $84,729.30, driven by its financial and technological prowess.

Singapore holds the top position in Southeast Asia with a staggering GDP per capita of $84,729.30 in 2023. Known as one of the world’s leading financial hubs, Singapore has built its wealth through a strategic focus on sectors such as finance, technology, and logistics. Its highly developed infrastructure, business-friendly environment, and strong government policies have consistently attracted foreign investments, contributing to its economic success. The city-state’s commitment to innovation and education further fuels its economic engine, maintaining its status as a high-income nation amidst global economic uncertainties.

southeast-asia-gdp-per-capita-rankings-1980-to-2024
Southeast Asia GDP Per Capita Rankings, 1980 to 2024
This chart displays the GDP per capita rankings of Southeast Asian countries from 1980 to 2024. It provides insight into the economic growth and income changes among these nations, allowing for comparisons of economic disparities and levels of development within the region. Countries like Singapore and Brunei often rank at the top, while nations like Myanmar and Laos tend to be at the lower end. Brunei is a small country in Southeast Asia known for its high standard of living due to abundant oil and natural gas resources. In 1985, Brunei's GDP per capita was $21,761, which increased to $35,090 in 2024, marking a 161.25% rise. This growth is attributed to stable resource exports and proactive government economic policies. Cambodia, after years of civil war and turmoil, has seen rapid growth. In 1986, Cambodia's GDP per capita was just $27, but by 2024 it had risen to $2,628, a staggering increase of 9,773.21%. This growth is largely due to international aid, the development of the tourism industry, and manufacturing. Indonesia, with its vast territory and large population, has significant economic potential. In 1980, Indonesia's GDP per capita was $673, which rose to $5,271 in 2024, an increase of 782.93%. This growth is driven by resource development, agriculture, and manufacturing. Laos has experienced slow economic development but has grown rapidly in recent years. In 1980, Laos' GDP per capita was $585, increasing to $1,976 in 2024, a 338.03% rise. Foreign investment and the tourism industry have been key factors in this growth. Malaysia is one of the more economically stable countries in Southeast Asia. In 1980, Malaysia's GDP per capita was $1,927, which increased to $13,315 in 2024, a 690.95% rise. This growth is due to balanced development in manufacturing and services. Myanmar has achieved economic growth despite political turmoil. In 1998, Myanmar's GDP per capita was $109, rising to $1,248 in 2024, an increase of 1,143.62%. The development of agriculture, mineral resources, and foreign investment have been crucial to this growth. The Philippines, with its large population, has seen consistent economic growth. In 1980, the Philippines' GDP per capita was $774, which increased to $4,130 in 2024, a rise of 533.30%. The service industry and remittances from overseas workers have played significant roles in this growth. Singapore, a city-state, boasts exceptional economic strength. In 1980, Singapore's GDP per capita was $5,005, increasing to $88,452 in 2024, a rise of 1,767.28%. The development of finance, trade, and technology industries, along with efficient government policies, have driven this growth. Thailand's economy is heavily reliant on tourism and agriculture. In 1980, Thailand's GDP per capita was $705, which rose to $7,812 in 2024, an increase of 1,107.26%. The development of the tourism and manufacturing industries, along with foreign investment, has been pivotal to this growth. Timor-Leste is a young nation where natural resource development plays a crucial role in economic growth. In 2000, Timor-Leste's GDP per capita was $421, rising to $1,454 in 2024, a 345.48% increase. This growth results from resource development and international support. Vietnam has transformed from an agriculture-based economy to a rapidly industrializing nation. In 1980, Vietnam's GDP per capita was $653, increasing to $4,623 in 2024, a rise of 708.35%. The rapid growth in manufacturing and services, along with foreign investment, has been essential to this transformation.
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