• Linkdin
Discover the future of apparel trade with our latest report, Global Apparel Sourcing Market Trends and Patterns! Request Report down-aerrow Discover the future of apparel trade with our latest report, Global Apparel Sourcing Market Trends and Patterns! Request Report down-aerrow
         Discover the future of apparel trade with our latest report, Global Apparel Sourcing Market Trends and Patterns! Request Report down-aerrow Discover the future of apparel trade with our latest report, Global Apparel Sourcing Market Trends and Patterns! Request Report down-aerrow
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

ASEAN on track to turn world's 4th largest economy by 2030: AEC

08 Aug '24
2 min read
ASEAN on track to turn world's 4th largest economy by 2030: AEC
Pic: Adobe Stock

Insights

  • The ASEAN bloc is on track to turn the fourth-largest economy by 2030 from the fifth now, according to ASEAN Economic Community deputy secretary general Satvinder Singh.
  • ASEAN is one of the few regions where the bloc's trade is almost as large as its GDP, he noted.
  • The biggest component of trade is not its trade with China or the US, but intra-Asian trade.
The Association of Southeast Asian Nations (ASEAN) is on track to turn the world’s fourth-largest economy by 2030 from the fifth now, with the bloc’s gross domestic product (GDP) rising by 51 per cent to $3.8 trillion in 2023 compared to $2.5 trillion in 2015, according to ASEAN Economic Community (AEC) deputy secretary general Satvinder Singh.

The projection was reinforced by regional trade, which rose to $3.5 trillion in 2023 from $2.3 trillion in 2015, he told a conference in Kuala Lumpur.

The ‘Vision 2024: Age of ASEAN” conference was jointly organised by Malaysia’s ministry of investment, trade and industry (MITI), the ASEAN Business Advisory Council and the Boston Consulting Group.

ASEAN is one of the few regions in the world where the bloc’s trade is almost as large as its GDP, he noted. The biggest component of trade is not its trade with China or the United States, but intra-Asian trade worth around $800 trillion.

In the Global South, ASEAN is the largest recipient of foreign direct investment (FDI), totalling about $230 billion now, he was cited as saying by regional media reports.

Global supply chain of companies with low carbon footprints and high-value activities is more likely to be in ASEAN countries in future, he said.

But a marginal rise in ageing workers and a fall in the number of young workers in the bloc is a concern, he added.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search