A last look at Asia’s winners and losers in 2023

This year we looked skyward. Cambodia and Thailand now have new leaders of their own, and Indonesia is on track to choose a new president, but for 2023’s winners (and losers), we looked to the Moon as well as beyond the headlines for inspiration. Here’s our last look at the year that was.

The region was far from all doom and gloom this August 2023 as ISRO—the Indian Space Research Organisation—dazzled the citizens of what is now the world’s most populous country and space exploration fans everywhere with its latest lunar mission.

The Indian space agency’s Chandrayaan-3 (“moon craft” in Sanskrit) spacecraft entered lunar orbit on Aug. 5, and just over two weeks later, on Aug. 24, its lander named Vikram touched down near the lunar south pole, making India only the fourth nation to successfully land on the Moon.

A lunar rover named Pragyan would soon be literally making tracks on the Moon. As with India's landmark Mars Orbiter Mission (MOM)—the nation’s first interplanetary mission to planet Mars in November 2013, which made ISRO the fourth space agency to successfully send a spacecraft to Mars orbit—the relatively low-cost US$74.6 million Chandrayaan mission demonstrated the power of India’s “frugal engineering” model.

Good year: Blackpink This year might have ended with K-pop global sensation BTS’s members in military service in Korea and with Taylor Swift named “TIME 2023 Person of the Year”, but for the four superstar women from Asia who make up the all-female K-pop group Blackpink it was most definitely a good year.

Jisoo (Kim Ji-soo), Jennie (Kim Jennie), Rosé (Roseanne Chae-young Park) and Lisa (Lalisa Manobal) together ended the year applauded by and awarded honorary Members of the British Empire by King Charles at Buckingham Palace for their role in “bringing the message of environmental sustainability to a global.

Audience as ambassadors for the UK’s presidency of COP26, and later as advocates for the United Nations Sustainable Development Goals”. And yes, Korean President Yoon Suk Yeol was there too.

Earlier in April, Blackpink had become the first Asian and all-female band to headline at Coachella and its album “Born Pink” became the first album from an all-female group to hit No. 1 since 2008.

The year also needed with news that Blackpink had finally renewed with YG Entertainment, causing that company’s KOSDAQ-listed shares to leap by 26 percent.

Like Malaysian actress Michelle Yeoh who made history in March 2023 by becoming the first Asian to win the Academy Award for Best Actress, the members of Blackpink—from South Korea, New Zealand and Thailand—have also gone global, adding another dimension to the phrase “Everything Everywhere All at Once”.

Mixed Year: United States-China relations US President Joe Biden and Chinese President Xi Jinping met at long last again in person this November at the APEC leaders summit in San Francisco—a bilateral meeting that was a highlight of what was a mixed year for US-China relations.

That the two leaders met at all was an accomplishment. After all 2023 was a year marked by the shooting down of what the USs termed a “Chinese spy balloon” and continuing tensions on issues ranging from trade, opioids and semiconductors to Taiwan and the South China Sea.

Xi did though to many an Americans’ delight indicate that additional pandas might be sent on loan to the US in an extension of panda-plomacy.

Perhaps 2024 will be an even more of a mixed year as both leaders focus on domestic issues including a US presidential election and a slowing Chinese economy.

Bad year: China’s property market With millions of Chinese citizens still waiting for homes they put down payments on but might never be built, 2023 was a particularly bad year for China’s property market.

By some accounts, the nation’s ongoing, protracted real estate crisis and debt levels in general may pose the biggest credit risk to the global economy. 

For many a member of China’s middle class, however, the crisis is also a very real threat to their “China Dream” and hopes for a better life. In 2021, the real estate giant China Evergrande defaulted on its debt. 

In 2023, concerns grew over the financial state of Country Garden, which until last year was China’s biggest real estate developer, specializing in residential property.

With China’s economy still growing but slowing and Chinese property prices continuing to fall, the IMF has expressed concern, and Moody's Investors Service has cut its outlook on China’s housing sector to negative.

State-owned financial institutions are reportedly being called upon to prop up developers struggling to avoid default and finish construction of stalled apartment projects.

Still, some Chinese citizens are refusing to pay their mortgages en masse in a rare form of domestic protest. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won’t be the last bad year they face.

Worst year: Asia’s forgotten In 2023, the region’s most vulnerable—often displaced by armed conflict—remain for the most part all too forgotten. Priorities shifted and the world’s headlines turned away from “yesterday’s news”—moving on to war in Ukraine and then Gaza.

Yet, far from most front pages and news feeds, the crises go on in Asia, including in Myanmar and Afghanistan. The most significant escalation in hostilities in Myanmar since the 2021 coup, for example, worsened an ongoing humanitarian crisis in 2023.

From Oct. 26 to Dec. 8, more than 578,000 people were newly displaced in Myanmar on top of nearly 2 million who were already displaced before the surge in fighting according to the United Nations.

Humanitarian needs also continue to grow in the country’s western Rakhine State, where some 200,000 people are living in camps, mostly Rohingya who have been denied freedom of movement since 2012.

UNHCR reports that Bangladesh hosts close to 1 million Rohingya refugees from Myanmar, making it one of the largest protracted refugee situations in the world. And so, “worst year” in Asia 2023 sadly goes to Asia’s forgotten men, women and children—whether in Myanmar, Afghanistan or elsewhere.

Give a thought to how you might learn more and do more to ease their plight in 2024 and beyond.

Curtis Chin

Jose B. Collazo

The Jakarta Post

Asia News Network

Curtis Chin is a former US ambassador to the Asian Development Bank and managing director of advisory firm RiverPeak Group. Jose B. Collazo is an analyst focusing on the Indo-Pacific region.