Prior to the pandemic, Southeast Asia had made huge advancements and was forecasted to be the fourth biggest economy by the year 2030.
Unfortunately, the Covid-19 pandemic has resulted in economic devastation for Asean, arguably posing the greatest challenge since the region’s formation.
However, there are positive signs that Asean can make an economic recovery in 2021.
“All Asean nations are involved in the Asean Single Window Live Operation, where trade and cargo flows can be accelerated as computerised trade information are transferred across countries.”
“Six countries such as Cambodia, Laos, Malaysia, Singapore, Thailand, and Vietnam embarked on the Asean Customs Transit System, which will help to promote the seamless transportation of goods in the region. With this online system, the transportation of goods across Southeast Asia nations can be tracked and be made more streamlined and cost-efficient.”
“Southeast Asia’s economic growth in 2021 will be significantly dependent on China, Asean's largest trading partner. Most Asean nations are large trading partners with China, exporting large volumes of manufacturing products to China.”
The Asian Development Bank predicts that ASEAN’s GDP will increase by 5.2 per cent in 2021.