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ASEAN: Poised for accelerated economic growth
ASEAN: Poised for accelerated economic growth
Despite the differences in culture, socio-economic status and political systems, as an economic bloc, ASEAN is to be reckoned with.
The Association of Southeast Asian Nations (ASEAN) is a region of great diversity. Despite the differences in culture, socio-economic status and political systems, as an economic bloc, ASEAN is to be reckoned with.
This region has a combined gross domestic product (GDP) of US$2.4 trillion, larger than BRICS ex China, and the rate of GDP growth is forecasted to remain at over 5.5% into 2019.
The confluence of several positive drivers may accelerate the region’s economic growth over the next decade. These are:
- Rising synergies from multiple forms of integration that are proliferating in the region
- Increasing competitiveness of ASEAN’s economies
- Fundamental turnarounds of once-laggard economies such as Myanmar and the Philippines.
Together with the region’s demographic advantages, investment rates could rise and if this investment also remains productive, economic growth should also rise.
