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The Association of Southeast Asian Nations (more commonly known as ASEAN) is an intergovernmental organization aimed primarily at promoting economic growth and regional stability among its members. There are currently 10 member states: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
The ASEAN Economic Community (AEC) launched in 2016 is far from the envisaged single production base articulated in the 2007 ASEAN Charter. Our expectations for the future have changed dramatically with the onset of the Fourth Industrial Revolution, which is driven by technologies that blur the distinction between the digital and physical world.
As ASEAN marks its 50th Anniversary, the bloc’s economic achievements with regards to intra-regional trade and connectivity have been remarkable. Today Southeast Asia has a combined GDP of about $2.4 trillion. Overall trade has grown from $10 billion in 1967 to $2.3 trillion in 2015. The GDP per capita has increased by 63.2%, from 2007 to 2015.
Yet in recent years, ASEAN has emerged as a dynamic and rapidly evolving economic hub, displaying resilience in the face of unprecedented challenges, including the COVID-19 pandemic. According to the Asian Development Bank, South-East Asia's GDP growth for July 2023 was projected at a robust 4.6%, compared to the slower rates of 1.1% for the ...
Before COVID-19, ASEAN was on track to become the fourth-largest economy in the world. Here's how the region can come together for sustainable, resilient growth. Key priorities include effective cooperation, digital transformation and sustainability. The COVID-19 pandemic has caused prolonged socio-economic disruptions in the ASEAN region ...
Here are seven challenges the bloc faces in promoting sustainable economic growth, and suggested steps to solve them. 1. Geopolitical stability and regional relationships. ASEAN was formed in 1967, with an agreement by the five original founding nations – Indonesia, Malaysia, the Philippines, Singapore and Thailand – to organize for the ...
The energy trilemma is the core of ASEAN’s energy transition conundrum, whereby governments need to ensure energy security, affordability, and sustainability while ensuring economic development during the transition. An estimated $150 billion annual clean energy investment will be needed by 2030 for ASEAN to be on a Paris-aligned trajectory.
ASEAN is poised for post-pandemic inclusive growth and prosperity – here's why. ASEAN is on track to become the fourth-largest economy – but public-private cooperation is essential for a sustainable and resilient future. ASEAN is on-track to become the fourth-largest economy in the world. Coordinated pandemic response efforts, along with ...
Unlocking ASEAN’s outstanding potentialWith 630 million people and economic growth averaging 5% per annum, ASEAN stands out as one of the world’s most exciting regions. Significant work is, however, needed for the region to realize its full potential.Regional AgendaThe ASEAN regional community has identified the following priorities:- Understanding the impact of the Fourth Industrial ...
GDP growth in Singapore - or developed ASEAN - dropped below the global average to 2% in 2016, and in emerging ASEAN (Indonesia, Malaysia, Philippines, Thailand and Vietnam) growth fell to 4.9%, following a high of 6.9% in 2010. The 4th Industrial Revolution also threatens employment and disposable incomes in the short-term at least, if its ...