12 Asian Countries with the Best Quality of Life
In this article, we will look into the 12 Asian countries with the best quality of life. If you want to skip our detailed analysis, you can go directly to the 5 Asian Countries with the Best Quality of Life.
Quality of Life in Asia
Asia is a diverse region with some of its countries showing significant progress to enhance their quality of life. However, Asian countries must increase their investments, efforts for appropriate demographic planning, and initiatives for gender equality to transition from poverty and underdevelopment to a state of security, well-being, and enhanced quality of life. Although these challenges withstand the progress of Asia, many countries in the region have implemented progressive strategies to enhance the quality of life by making efforts for increased GDP, enhanced public purchasing power, and improved access to economic, welfare, and service resources.
According to the research study, "An Overview of Quality of Life across Asia: A Sociological Appraisal" by Mohammad Taghi Sheykh, Asian countries are continuously competing with one another to raise their quality of life. The research study describes the key elements such as education, income, employment, health, and environment, that influence the quality of life in the region.
The study investigates the countries across key factors that significantly influence the quality of life, including literacy rates, life expectancy, per capita GDP, and internet usage. For instance, Kazakhstan tends to experience enhanced economic development with a high literacy rate of 99.5%. On the other hand, Afghanistan's estimated literacy rate is 28.1% which can inhibit progress and perpetuate a cycle of poverty and reduced development in the country. Life expectancy is another significant factor in examining the quality of life in a region. For instance, Japan has a life expectancy index of 82 years which translates into improved health outcomes, boosted productivity, and overall well-being.
Economic prosperity is another factor that the study utilizes as a key element to measure the quality of life. For instance, Singapore reported a higher GDP per capita of $57,200 in 2021 which translated into better opportunities, enhanced living standards, and access to quality services. Internet usage, which can be taken as a measure of access to the digital quality of life, also plays a crucial role in enhancing the quality of life as specified by the research study. Countries that report a higher internet penetration rate experience improved social connection, reduced disparities, and enhanced socioeconomic development. However, limited access can hinder the growth. The study takes China as an example which reported an internet penetration rate of 389 per 1000 whereas Cambodia reported a rate of 79 per 1000. So, countries that invest more in technological advancements provide a better quality of life.
Some other factors influencing the livelihoods in the region include urbanization, social institutions, democratization, and economic development. The study also develops a relationship between happiness and quality of life and suggests that Asian countries must invest in infrastructure, social programs, and economic development to enhance quality of life and happiness in the region.
Asia and Pacific: An Economic Outlook
According to the IMF, Asia and Pacific reports a GDP of $37.04 trillion and a GDP growth of 4.4% as of 2023. The GDP per capita in the region is $8,390. The inflation in the region is forecasted to decrease from 4.4% in 2022 to 3.6% in 2023 and 3.5% in 2024, as reported by the Asian Development Bank. According to the Asian Development Outlook 2023, the growth forecast for 2024 is 4.8%.
Major Players in the Asian Market
Some of the key players in the Asian market include Sony Group Corporation (NYSE:SONY), ICICI Bank Limited (NYSE:IBN), and Nippon Telegraph and Telephone Corporation (OTC:NTTYY).
Sony Group Corporation (NYSE:SONY) is a leading Asian multinational company. On October 9, the company announced the launch of a high parameter cell sorter, FP7000 spectral cell sorter. The cell sorter can detect and sort over 44 colors and is developed to fulfill the needs of laboratories aiming for simple to complex high-parameter applications. The FP7000 spectral cell sorter is set to be launched in autumn 2024.
ICICI Bank Limited (NYSE:IBN) is a leading financial company in Asia and is one of the most valuable companies in India. On October 12, the company announced the launch of a new digital banking feature, iFinance. The feature will allow customers to view account balances from all banks in one place. The iFinance feature is available on ICICI Bank Limited's (NYSE:IBN) digital platforms such as the iMobile Pay app, Retail Internet Banking, Corporate Internet Banking, and InstaBIZ.
Nippon Telegraph and Telephone Corporation (OTC:NTTYY) is a leading Japanese telecommunications company. On November 8, the company announced the development of its innovative input interface. The interface is specially designed to empower differently-abled individuals with limited mobility, to engage in communication and form meaningful connections in society. The interface translates subtle muscle movements into commands for ICT devices in the metaverse. The revolutionary technology leverages surface electromyography (sEMG) to detect muscle movement and transforms them into operational codes. The technology has been successfully implemented in two case studies, DJ performance and game control to assess the potential of the interface. The innovative input interface technology is paving the way for an inclusive and sustainable future.
Now, that we have talked about the quality of life in Asia and discussed the major players in the Asian economy, let's have a look at the 12 Asian countries with the best quality of life.
12 Asian Countries with the Best Quality of Life
Methodology To rank the 12 Asian countries with the best quality of life, we considered three metrics: Human Development Index (HDI), Economic Freedom Index, and Government Effectiveness. HDI estimates the average rating, assessing key factors such as life expectancy, education, and a decent standard of living. We obtained the most recent data available for HDI of countries from UNDP. Our second metric, EFI is an annual rating that measures the degree of economic freedom in a country, utilizing a total of 10 indicators. We obtained the most recent data available for EFI from the Heritage Foundation. Our third metric is the Government Effectiveness rating, which we obtained from the World Bank's World Governance Indicator Database. The Government Effectiveness rating measures the quality of public services, the degree to which the government can deliver on its promises, and the quality of its bureaucracy. The metric is also a key determinant in measuring economic growth. To identify the Asian countries with the best quality, we first sorted the top 30 countries with the highest HDI as of 2021. We prioritized HDI as our initial screening tool because it provides us with insight into human development, taking into account the overall life and amenities available to the residents of a country, and is directly related to the quality of life. Then, we utilized our other two metrics to narrow down our list further. We allocated equal weights to both our indicators and calculated a final score out of 100. Then, we refined our list to the top 12 countries based on their final score and ranked them in ascending order of the calculated score.
12 Asian Countries with the Best Quality of Life
12. Vietnam
Human Development Index (2021): 0.703 Government Effectiveness (2022): 59.43 Economic Freedom Index (2023): 61.80 Insider Monkey Rating: 60.615 out of 100 Vietnam is a country located at the eastern edge of Southeast Asia. It is ranked among the 12 Asian countries with the Best Quality of life, reporting an HDI of 0.703 as of 2021. According to the World Bank, Vietnam reported a Government Effectiveness rating of 59.43%. The Economic Freedom Index rating of the county is 61.80 as of 2023.
Sony Group Corporation (NYSE:SONY), ICICI Bank Limited (NYSE:IBN), and Nippon Telegraph and Telephone Corporation (OTC:NTTYY) are some of the major stocks in the Asian market.
11. Bhutan
Human Development Index (2021): 0.666
Government Effectiveness (2022): 69.81
Economic Freedom Index (2023): 59.00
Insider Monkey Rating: 64.40 out of 100
Bhutan is a country located in Southeast Asia. Bhutan reported an HDI of 0.666 as of 2021. According to the World Bank, Bhutan reported a Government Effectiveness rating of 69.81%. The Economic Freedom Index rating of the county is 59 as of 2023.
10. Saudi Arabia
Human Development Index (2021): 0.875
Government Effectiveness (2022): 70.75
Economic Freedom Index (2023): 58.30
Insider Monkey Rating: 64.52 out of 100
Saudi Arabia is ranked among the 12 Asian countries with the Best Quality of life. As of 2021, Saudi Arabia reported an HDI of 0.875. According to the World Bank, Saudi Arabia reported a Government Effectiveness rating of 70.75%. The Economic Freedom Index rating of the county is 58.30% as of 2023.
9. Indonesia
Human Development Index (2021): 0.705
Government Effectiveness (2022): 66.04
Economic Freedom Index (2023): 63.50
Insider Monkey Rating: 64.76 out of 100
Indonesia is a country in Southeast Asia and Oceania. Indonesia reported an HDI of 0.705 as of 2021. According to the World Bank, Indonesia reported a Government Effectiveness rating of 66.04%. The Economic Freedom Index rating of the county is 63.50 as of 2023.
8. Bahrain
Human Development Index (2021): 0.875
Government Effectiveness (2022): 72.17
Economic Freedom Index (2023): 62.50
Insider Monkey Rating: 67.33 out of 100
Bahrain is an island country in West Asia. Bahrain reported an HDI of 0.875 as of 2021. According to the World Bank, Bahrain reported a Government Effectiveness rating of 62.50%. The Economic Freedom Index rating of the county is 61.80 as of 2023.
7. Malaysia
Human Development Index (2021): 0.803
Government Effectiveness (2022): 79.25
Economic Freedom Index (2023): 67.30
Insider Monkey Rating: 73.27 out of 100
Malaysia is ranked among the Asian countries with the Best Quality of life. It reported an HDI of 0.803 as of 2021. According to the World Bank, Malaysia reported a Government Effectiveness rating of 79.25v. The Economic Freedom Index rating of the county is 67.30 as of 2023.
6. Qatar
Human Development Index (2021): 0.855
Government Effectiveness (2022): 82.55
Economic Freedom Index (2023): 68.60
Insider Monkey Rating: 75.57 out of 100
Qatar is located in the Middle East and Southwestern Asia. As of 2021, Qatar reported an HDI of 0.855. According to the World Bank, Qatar reported a Government Effectiveness rating of 82.55%. The Economic Freedom Index rating of the county is 68.60 and is counted among the moderately free countries, as of 2023.
Investors looking to increase their exposure to the Asian market can research stocks including Sony Group Corporation (NYSE:SONY), ICICI Bank Limited (NYSE:IBN), and Nippon Telegraph and Telephone Corporation (OTC:NTTYY).
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Disclosure: None. 12 Asian Countries with the Best Quality of Life is originally published on Insider Monkey.
