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Uncertainty is no longer a disruption — it is becoming the global economy’s default state. Trade wars that once seemed like short-term turbulence are now structural. US President Donald Trump has revived the spectre of renewed tariffs and volatile rhetoric on the global stage. Economies in the Asia-Pacific region stand to be disproportionately affected. And yet, paradoxically, the region remains the world’s most vital engine of growth.
The businesses in the latest FT/Statista ranking of the Asia-Pacific region’s fastest growing companies reflect this reality, adapting quickly to shifting conditions. That resilience is even more striking given the region’s internal challenges.
Some of Asia-Pacific’s largest economies — Japan, South Korea and China — are facing demographic decline, industrial slowdowns and intensifying geopolitical pressures.
China’s economy is overshadowed by a fragile property sector, eroding consumer confidence and slowing export momentum. Meanwhile, South Korea and Japan are contending with rapidly ageing populations, growing exposure to external shocks and the economic onslaught of Trump’s tariffs. Both countries also face mounting fiscal pressures tied to healthcare and pension costs.
At the same time, the broader global environment offers little relief. Supply chains are fraying under pressure and renewed geopolitical tensions threaten to upend an already weakened global trade system.
Against this backdrop, companies across Asia-Pacific should be struggling. But the IMF projects regional growth at around 4.4 per cent for this year, outpacing much of the world — although that was before last week’s US tariff announcement. While most of the rest of the world faces stagnation, Asia continues to grow. “Increases in US tariffs, uncertainty about them and pushback on globalisation generally are weighing on the economies in Asia-Pacific,” says Louis Kuijs, chief economist for Asia-Pacific at S&P Global Ratings. “Still, many Asia-Pacific economies have become less dependent on exports over the past two decades.”
The ranking, now in its seventh year, is based on revenue growth between 2020 and 2023 of listed companies, as well as private businesses that applied and shared data. Chinese companies are not included in the ranking due to difficulties in verifying data. The highest-ranked company is Lendbox, an Indian peer-to-peer lending platform, which recorded compound annual growth of 536 per cent after revenues rose to $51mn in 2023. Second and third are Borong and Etaily, ecommerce technology providers from south-east Asia.
Singapore has the most companies in the ranking this year, with 108, followed by Japan and South Korea with 91 each. IT and software companies make up 27 per cent of the ranking, followed by financial services with 10 per cent.
Among the fastest growing regional economies, India stands out with GDP growth expected to hit 6.5 per cent in the fiscal year to next March. Strong domestic consumption, accelerating digital innovation and infrastructure expansion have all contributed. Five of the top 10 fastest-growing Asia-Pacific companies in the FT ranking are based in India.
The country, along with south-east Asia, has also been capitalising on a broader realignment of global supply chains. The so-called China+1 strategy — a diversification move by global companies to reduce reliance on China — is driving investment into countries such as India, Vietnam, Malaysia and Indonesia. What began as a geopolitical risk mitigation tactic is now breathing new life into the region’s growth story.
Artificial intelligence, software and digital infrastructure are driving the next wave of growth. Even as venture capital dries up across much of the world, it continues to flow into Asia’s forward looking sectors. AI and tech start-ups, particularly in South Korea, Japan and Singapore, are drawing record levels of funding. Governments have added support by launching aggressive AI initiatives.
Clean energy and climate tech are also on the rise, driven by investor urgency and supportive government policy. Meanwhile, the region’s digital economy, fuelled by ecommerce and fintech, is expanding into new and previously underserved markets.
Still, resilience does not equal immunity. Asia’s deep integration into global trade networks makes it acutely vulnerable to external shocks. The full-blown trade war Trump has launched will hit export-heavy economies hard. Strategic ambiguity over Taiwan or disputes in the South China Sea could disrupt shipping lanes and undermine investor confidence. And as the US raises tariffs, Asian companies and supply chains will end up absorbing much of the fallout.
But in an age of permanent disruption, relative strength matters more than stability. Asia’s growth is happening because the region has learned how to navigate uncertainty.
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