GDP of four ASEAN nations to exceed US$1 trillion in 2030
Malaysia, Indonesia, the Philippines and Thailand are expected to join the nations with Gross Domestic Products (GDP) exceeding US$1 trillion in 2030, according to a report released by the global information company IHS Inc.
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Rajiv Biswas, IHS chief economist for Asia-Pacific, said that this fact will help increase the geopolitical and economic importance of the Association of Southeast Asian Nations (ASEAN) and its economic grouping in international diplomacy and the global dialogue on trade, investment and international standards-setting.
Meanwhile, the ASEAN frontier markets of Vietnam, Myanmar, Cambodia and Laos are forecast to continue to grow rapidly.
The IHS study showed that Vietnam will grow at a pace of around 6.5% per year over the medium term, with rapid growth in exports of electronics and garments driving industrial development.
Regarding Malaysia, the IHS report said the country is forecast to achieve a per capita GDP of US$20,000 by 2025.
Biswas pointed out that the structure of Malaysia's economy will continue to shift towards higher value-added manufacturing and services.
ASEAN's members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
