PwC Vietnam’s general director shared her expert views with the audience at the Vietnam, Business Summit 2018 Growth in ASEAN David Wijeratne Last year marked the 50th anniversary of the Association of Southeast Asian Nations (ASEAN), a unique achievement considering the regional conflicts and poverty which characterised the region in the first half of the 20th century. The ASEAN’s remarkable growth journey to become the world’s sixth-largest economy has been powered by its people, with the establishment of a formidable labour force and the subsequent creation of a wealthier middle class which has driven domestic consumption. Challenges to ASEAN’s growth However, against this backdrop, questions have been raised about the sustainability of the ASEAN growth story. Global economic growth has slowed in recent years and this has impacted all markets across the ASEAN. GDP growth in Singapore (or the developed ASEAN) dropped below the global average to 2.0 per cent in 2016 and in the emerging part of the ASEAN (Indonesia, Malaysia, Philippines, Thailand, and Vietnam), growth fell to 4.9 per cent, after a 6.9-per-cent high in 2010. The Fourth Industrial Revolution also threatens employment and disposable incomes in the short term at least, if its adoption is not managed… Read full this story
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