ASEAN has emerged as a rapidly evolving economic hub with strong GDP growth projected at 4.6%. Its diversity and young population contribute to its strength, and the region prioritizes innovation and inclusivity to fulfill its potential as a global economic center.
ASEAN’s Economic Growth Potential
When looking at drivers of economic growth, ASEAN is a region sometimes overlooked for its potential and overshadowed by economic powerhouses such as China and the United States. 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.
Rapid GDP Growth in ASEAN
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 United States, 0.5% for the Euro area, and 0.6% for Japan. The region’s strength resides in its diversity of languages, cultures, economies, and, most critically, its vibrant and increasingly tech-savvy young population.
Innovation and Inclusivity as Growth Drivers
ASEAN strategically embraces and fosters two main drivers of growth: innovation and inclusivity. With a combined population exceeding 650 million, ASEAN’s demographic power stands as a formidable driver of its economy. The demographic dividend, with a youthful population, creates a favorable context for accelerated economic growth. ASEAN’s priority is to address disparities across and within member states by promoting digital transformation and human welfare, ensuring that all segments of the population contribute and benefit.
Source : The ASEAN region is the world’s economic dark horse