GDP growth forecast: Asia, U.S., U.K. and Germany 2010-2024

The largest economies in East Asia grew at a rate of 4.6 percent in 2017, more than two percentage points higher than the United States, United Kingdom, and Germany. This gap was projected to widen by 2023. These figures are based on gross domestic product (GDP) growth rates.

What does GDP measure?

GDP is the sum of all consumption, investment, government spending, and net exports in an economy. As such, different things drive the growth of each of these countries. Germany benefits from a high value of net exports, also known as its trade balance.

Drawbacks of GDP growth as a metric

GDP measures growth, but it does not capture welfare gains correctly in many cases. For example, carbon dioxide emissions from economic activity usually increase GDP. These emissions are from industry, such as coal power plants, or consumption, such as driving cars, but GDP does not measure the damage from these activities. Also, national debt is not incorporated into GDP.

Annual gross domestic product (GDP) growth projections for the U.S., U.K., Germany and Asia from 2010 to 2024*

United StatesUnited KingdomGermanyAsia**
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Sources

Release date

April 2019

Region

Worldwide

Survey time period

2010 to 2018

Supplementary notes

* Estimate.
** Growth projections for Asia have been calculated by Statista and include China, India, Japan and South Korea.

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