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6 SE Asian nations to grow at 5.1% avg annual rate in 10 yrs: Report

04 Aug '24

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6 SE Asian nations to grow at 5.1% avg annual rate in 10 yrs: Report

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Singapore, Thailand, Indonesia, Vietnam, the Philippines and Malaysia are projected to grow at an average annual rate of 5.1 per cent over 10 years, a recent report said.
Increasing protectionism in developed markets and widespread deindustrialisation may, however, affect them, it noted.
Vietnam, Indonesia and the Philippines were projected to grow faster.

Six top economies in Southeast Asia— Singapore, Thailand, Indonesia, Vietnam, the Philippines and Malaysia—are projected to grow at an average annual rate of 5.1 per cent over the next decade, a recent report by the Development Bank of Singapore (DBS), consulting firm Bain & Company and the non-profit Angsana Council said.

Vietnam, Indonesia and the Philippines were projected to grow faster, with Vietnam continuing to stay ahead.

Analysts predict that the six economies will benefit from the region's consumer market of over 600 million and strong ties with major trading economies, the report, titled ‘Navigating High Winds: Southeast Asia Outlook 2024-34’, said.

Increasing protectionism in developed markets and widespread deindustrialisation due to shifting competitive dynamics may, however, affect these economies, Vietnamese media outlets cited the report as saying.

For Vietnam, positive drivers include a well-positioned export-oriented economy, highly diverse sources of foreign direct investment, productive inter-provincial competition and high-quality workforce and education levels.

Negativities like credit weakness, energy and water shortages, and slow movement on green infrastructure remain however.

Fibre2Fashion News Desk (DS)

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