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ASEAN – economic giant in the making with a unique growth story

Asean is now the third largest economy in Asia (in terms of 2020 GDP $2.9 trillion) after China ($15.5 trillion) and Japan ($5.1 trillion) and one estimate suggests that by 2030, it can become the fifth largest economy in the world.

It is also home to some of the world’s fastest-growing markets, with rapidly rising middle class and established manufacturing base that will continue to drive growth in consumption and investment in the coming years.


The launching of the ASEAN Economic Community (AEC) on December 31, 2015, is hailed as the biggest step towards the economic integration of the 10-member regional grouping and in a short span of time, it has achieved a lot towards the goal despite facing stiff challenges in the form of non-tariff barriers.


Asean is now the third largest economy in Asia (in terms of 2020 GDP $2.9 trillion) after China ($15.5 trillion) and Japan ($5.1 trillion) and one estimate suggests that by 2030, it can become the fifth largest economy in the world, according to the Economic Research Institute for ASEAN and East Asia (ERIA).


Asean is also home to some of the world’s fastest-growing markets, with rapidly rising middle class and established manufacturing base that will continue to drive growth in consumption and investment in the coming years.


Asean’s average economic growth of 4.6 percent over the last decade (2010-2020) exceeds the global average of 3.1 percent. In 2022, despite current global uncertainties and geopolitical tensions, growth of 4.9 percent in the region is expected to outpace the world economic growth of 3.2 percent and that of emerging and developing Asia’s 4.4 percent.

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