The Great Depression in 9 Asian Nations: Real GDP Data

The Great Depression in Asia seems a neglected topic, but I present some data on real GDP loss below for 9 Asian nations.

As in previous posts, we can rank the real GDP contraction and the duration of the Great Depression in each nation from the most severe to the least severe real output loss:

Nation | Real GDP loss | Years of Contraction
(1) Philippines | -13.15% | 1935
(2) Sri Lanka | -12.77% | 1929–1932
(3) Malaysia | -11.43% | 1929–1932
(4) Indonesia | -9.20 | 1931–1933
(5) China | -8.71% | 1934
(6) Taiwan | -7.98% | 1933
(7) Japan | -7.27% | 1930
(8) Taiwan | -4.89% | 1929–1931
(9) Philippines | -2.48% | 1933
(10) South Korea | -1.89% | 1929
(11) South Korea | -1.40% | 1931
(12) South Korea | -1.09% | 1934
(13) India | -0.94% | 1935
(14) India | -0.65% | 1931

More detailed GDP data follows for each nation.

I. South Korea

Real GDP in South Korea
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1927 | 14 500 |
1928 | 14 171 | -2.26%
1929 | 13 902 | -1.89%
1930 | 14 179 | 1.99%
1931 | 13 980 | -1.40%
1932 | 14 570 | 4.22%
1933 | 16 670 | 14.41%
1934 | 16 488 | -1.09%
1935 | 18 648 | 13.10%
1936 | 19 915 | 6.79%
1937 | 22 614 | 13.55%
1938 | 22 440 | -0.76%
1939 | 20 115 | -10.36%
1940 | 22 536 | 12.03%
1941 | 22 848 | 1.38%

South Korea had recessions in 1929 (-1.89%), 1931 (-1.40%), and 1934 (-1.09%), which I assume are related to the Great Depression.

II. Taiwan

Real GDP in Taiwan
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1927 | 4 337 |
1928 | 5 315 | 22.55%
1929 | 5 149 | -3.12%
1930 | 5 073 | -1.47%
1931 | 5 055 | -0.35%
1932 | 5 747 | 13.68%
1933 | 5 288 | -7.98%
1934 | 5 677 | 7.35%
1935 | 6 807 | 19.90%
1936 | 6 639 | -2.46%
1937 | 6 986 | 5.22%
1938 | 7 395 | 5.85%
1939 | 8 094 | 9.45%
1940 | 8 064 | -0.37%
1941 | 8 871 | 10.00%
1942 | 9 524 | 7.36%

Taiwan had a real output collapse of -4.89% from 1929 to 1931, and another severe recession in 1933 with a -7.98% GDP loss.

III. Japan

Real GDP in Japan
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1928 | 124 246 |
1929 | 128 116 | 3.11%
1930 | 118 801 | -7.27%
1931 | 119 804 | 0.84%
1932 | 129 835 | 8.37%
1933 | 142 589 | 9.82%
1934 | 142 876 | 0.20%
1935 | 146 817 | 2.75%
1936 | 157 493 | 7.27%
1937 | 165 017 | 4.77%
1938 | 176 051 | 6.68%
1939 | 203 781 | 15.75%
1940 | 209 728 | 2.91%
1941 | 212 594 | 1.36%

Japan’s GDP loss was -7.27% in 1930.

IV. Philippines

Real GDP in Philippines
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1928 | 18 483 |
1929 | 19 363 | 4.76%
1930 | 19 478 | 0.59%
1931 | 19 481 | 0.01%
1932 | 21 154 | 8.58%
1933 | 20 628 | -2.48%
1934 | 21 567 | 4.55%
1935 | 18 730 | -13.15%
1936 | 21 373 | 14.11%
1937 | 23 335 | 9.17%
1938 | 24 252 | 3.92%
1939 | 26 130 | 7.74%
1940 | 26 326 | 0.75%

The Philippines had two real output contractions: the first in 1933 with a -2.48% GDP loss, and a depression in 1935 with a -13.15% GDP loss.

V. Indonesia

Real GDP in Indonesia
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1928 | 68 099 |
1929 | 70 015 | 2.81%
1930 | 70 525 | 0.72%
1931 | 65 218 | -7.52%
1932 | 64 461 | -1.16%
1933 | 64 035 | -0.66%
1934 | 64 400 | 0.57%
1935 | 66 674 | 3.53%
1936 | 71 517 | 7.26%
1937 | 78 485 | 9.74%
1938 | 80 044 | 1.98%
1939 | 80 861 | 1.02%
1940 | 86 682 | 7.19%
1941 | 89 316 | 3.03%

Indonesia’s real GDP fell by -9.20 between 1931 and 1933.

VI. China

Real GDP in China
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1929 | 273 991 |
1930 | 277 467 | 1.26%
1931 | 280 292 | 1.01%
1932 | 289 200 | 3.17%
1933 | 289 200 | 0%
1934 | 263 996 | -8.71%
1935 | 285 300 | 8.06%
1936 | 303 324 | 6.31%
1937 | 295 937 | -2.43%
1938 | 288 549 | -2.49%

There was 0% growth in 1933 and a GDP loss of -8.71% in 1934, which was presumably caused by the Great Depression.

The GDP loss from 1937 was presumably caused by the Second Sino-Japanese War (July 7, 1937–September 2, 1945).

VII. India

Real GDP in India
millions of 1990 international Geary-Khamis dollars
Year | GDP | Growth Rate
1928 | 232 745 |
1929 | 242 409 | 4.15%
1930 | 244 097 | 0.69%
1931 | 242 489 | -0.65%
1932 | 245 209 | 1.12%
1933 | 245 433 | 0.09%
1934 | 247 712 | 0.92%
1935 | 245 361 | -0.94%
1936 | 254 896 | 3.88%
1937 | 250 768 | -1.61%
1938 | 251 375 | 0.24%
1939 | 256 924 | 2.20%
1940 | 265 455 | 3.32%
1941 | 270 531 | 1.91%

India had a recession in 1931 with a -0.65% GDP contraction, and a second in 1935 in which GDP contracted by -0.94%.

A third occurred in 1937, but the cause of this is unclear.

VIII. Malaysia

Real GDP in Malaysia, 1927–1941
in millions of international Geary-Khamis dollars
Year | Real GDP* | Growth Rate
1927 | 5165 |
1928 | 5865 | 13.55%
1929 | 7261 | 23.80%
1930 | 7219 | -0.57%
1931 | 6988 | -3.19%
1932 | 6431 | -7.97%
1933 | 6762 | 5.14%
1934 | 7380 | 9.13%
1935 | 6672 | -9.59%
1936 | 7380 | 10.61%
1937 | 6672 | -9.59%
1938 | 7089 | 6.25%
1939 | 8557 | 20.70%
1940 | 6945 | -18.83%
1941 | 6878 | -0.96%

From 1929 to 1932, real GDP fell by -11.43%.

IX. Sri Lanka

Real GDP in Sri Lanka, 1927-1941
in millions of international Geary-Khamis dollars
Year | Real GDP* | Growth Rate
1927 | 7053 |
1928 | 7202 | 2.11%
1929 | 7571 | 5.12%
1930 | 7220 | -4.63%
1931 | 6914 | -4.23%
1932 | 6604 | -4.48%
1933 | 6699 | 1.43%
1934 | 7397 | 10.41%
1935 | 6982 | -5.61%
1936 | 6981 | -0.01%
1937 | 7466 | 6.94%
1938 | 7407 | -0.79%
1939 | 7230 | -2.38%
1940 | 7673 | 6.12%
1941 | 7875 | 2.63%

From 1929 to 1932, real GDP fell by -12.77%.


BIBLIOGRAPHY
Maddison, Angus. 2003. The World Economy: Historical Statistics. OECD Publishing, Paris.