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Category: Global Economy Sub-category: World Economy
Document type: news
9-Nov-2010
According to the Organization for Economic Cooperation and Development, the six major ASEAN countries have rebounded from the global economic crisis, recording an average expected growth of 7.3% this year, and 6% over the next 5 years. Moreover, the OECD has also stated that this growth would likely be more balanced.
Kiichiro Fukasaku, an economist at the OECD Development Centre in Tokyo, said that, "The global financial crisis has offered Southeast Asian countries an opportunity to rethink past growth strategies and define new development objectives".
In the period from 2011 to 2015, Vietnam is expected to post the highest average growth rate at 7.1%, followed by Indonesia with 6.6%, Malaysia 5.5%, Thailand 5.2%, Singapore 4.7%, and the Philippines 4.6%.
The Association of Southeast Asian Nations (ASEAN) have been urged to diversify their exports and move up the value chain, while also improving infrastructure to reduce high transportation costs. The report further urged the ASEAN countries to develop the fiscal policy framework to support their development goals.
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