ASEAN countries to keep up economic growth
During the past three decades many of the ASEAN member economies have developed robustly thanks to export. Experts say the drop in oil prices and a slowdown facing major economies have made impact on regional development. However, they forecast most ASEAN economies will witness an upward trend in economic growth this year.
Ten ASEAN countries will maintain economic growths ranging between 5 and 7% this year.
Indonesia and the Philippines are forecast to post the highest growth rates this year thanks to their appropriate export strategies and policies to boost their domestic markets.
Trade among ASEAN members is expected to take up a quarter of the grouping’s total. This means ASEAN, with its purchasing power being on the rise, remains an attractive venue for businesses.
However, ASEAN enterprises are recommended to target other markets beyond the bloc, including South Asia.
Trade between Southeast Asia and South Asia rose from 4 billion USD in 1990 to 90 billion USD in 2013.
Many South Asian countries, such as India, Sri Lanka and Bangladesh, have introduced a number of incentives to foreign investors.
The regional economy is expected to see improvement in 2017. In order to fully tap the potentials, experts say enterprises should map out plans to expand their markets.
Source: VNA
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