Illustrative image (Source: EPA/VNA) Jakarta (VNA) – The economy of the 10 ASEAN member nations isexpected to remain its growth in 2017, with emerging Southeast Asia economiesgrowing at approximately 5 to 7 percent, according to experts.
Indonesia and the Philippines top many economists’ 2017 winners list for theirdomestically-sourced growth, the Jakarta Post quoted Anna Marrs, Director ofthe Standard Charter Bank’s ASEAN and South Asia region, as saying.
Intraregional trade of ASEAN will maintain its growing trend, accounting forabout a quarter of total bloc trade. Therefore, ASEAN markets, with increasingconsumer base, may remain a business attraction.
On the other hand, businesses of ASEAN are also advised to look at the expandedregion of ASEAN and South Asia, which offers an access to almost one-third ofthe world’s population.
According to the World Bank, around one million people enter South Asia’sworkforce every month. By 2030, ASEAN and South Asia will be home to more thanone-fourth of the world’s working adults.
South Asia and Southeast Asia’s trade has also grown from four billion USD in1990 to 90 billion USD in 2013, stated the Asian Development Bank.
In the same period, Southeast Asia’s share of South Asian trade only roseslightly from 11 percent to 12 percent, while South Asia’s share of SoutheastAsian trade doubled from 2 percent to 4 percent. This modest trend suggeststhat there’s room for further growth.
As businesses in ASEAN face slowing exports and rising production costs,including South Asia in a business strategy will generate longer-term benefits.There are many opportunities in the ties between ASEAN and South Asian markets.
Besides, the expected investment flows to South Asia and Southeast Asia alsopresent new prospects. Increased fund flows from China could help both regionsadapt to potentially increased trade protectionism in some countries.
More business exchanges will call for greater connectivity, which will presentenormous gains to ASEAN and South Asia. Better transportation andinfrastructure networks will make it easier to engage in cross border business.
2017 is considered an unpredictable year of international and regional economy.However, businesses can thrive through exploiting the strong opportunities inASEAN and South Asia despite the many uncertainties. Businesses should have abroader view and invest in potential new markets, thus enhancing regionaleconomy.-VNA
Indonesia and the Philippines top many economists’ 2017 winners list for theirdomestically-sourced growth, the Jakarta Post quoted Anna Marrs, Director ofthe Standard Charter Bank’s ASEAN and South Asia region, as saying.
Intraregional trade of ASEAN will maintain its growing trend, accounting forabout a quarter of total bloc trade. Therefore, ASEAN markets, with increasingconsumer base, may remain a business attraction.
On the other hand, businesses of ASEAN are also advised to look at the expandedregion of ASEAN and South Asia, which offers an access to almost one-third ofthe world’s population.
According to the World Bank, around one million people enter South Asia’sworkforce every month. By 2030, ASEAN and South Asia will be home to more thanone-fourth of the world’s working adults.
South Asia and Southeast Asia’s trade has also grown from four billion USD in1990 to 90 billion USD in 2013, stated the Asian Development Bank.
In the same period, Southeast Asia’s share of South Asian trade only roseslightly from 11 percent to 12 percent, while South Asia’s share of SoutheastAsian trade doubled from 2 percent to 4 percent. This modest trend suggeststhat there’s room for further growth.
As businesses in ASEAN face slowing exports and rising production costs,including South Asia in a business strategy will generate longer-term benefits.There are many opportunities in the ties between ASEAN and South Asian markets.
Besides, the expected investment flows to South Asia and Southeast Asia alsopresent new prospects. Increased fund flows from China could help both regionsadapt to potentially increased trade protectionism in some countries.
More business exchanges will call for greater connectivity, which will presentenormous gains to ASEAN and South Asia. Better transportation andinfrastructure networks will make it easier to engage in cross border business.
2017 is considered an unpredictable year of international and regional economy.However, businesses can thrive through exploiting the strong opportunities inASEAN and South Asia despite the many uncertainties. Businesses should have abroader view and invest in potential new markets, thus enhancing regionaleconomy.-VNA
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