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ASEAN: The Next Economic Powerhouse

ASEAN, an economic union composed of 10 countries. These are notably known as Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. These 10 countries are reported to become one of the biggest economic superpowers within the next generation. Courtesy of ASEAN. Narrated by Chowson Video Produced by Anas Shah Some footages are for presentation only and may or may not represent the actual project. Facebook:   / behindasian   Instagram:   / behindasia   Enquiries: [email protected] Brought to you by the Behind Asian Team. Timestamp(s): 0:00 Finding The Next Economic Miracle 0:47 Finding The Growth in Digital 1:47 Finding The Growth in Infrastructure 2:54 The Challenges 3:40 Addressing The Problem 4:33 Conclusion Start protecting yourself on the web at https://go.nordvpn.net/SH3W7 save big and get 3 months FREE! Summary Script China, a country that had gone through an economic miracle throughout the past decades is finally close to becoming the largest economy in the entire world. The story of how China came to be has become a role model for other country’s to follow. It is reported in various reports that the next economic miracles are the likes of India, Africa, and even parts of South America. However, one that may climb to the top is this set of countries. Yes, this is Southeast Asia, a region that is more commonly attributed to its economic union, ASEAN, or Association of the Southeast Asian Nations. And according to the United Overseas Bank, the 3rd largest bank in Southeast Asia, that ASEAN is expected to be the 4th largest economy in the entire world. E-Commerce, E-Banking, E-Education, you name it, these have all been rapidly accelerated and have named ASEAN as the world’s fastest-growing internet market. Data even suggests that becoming digital is set to become the norm already. The winners amongst these? E-Commerce. This alone saw the biggest change in the rough lockdowns in the past year. The companies behind these? Lazada, Zalora, Shopee, Tokopedia, and much more have grown more than what is was expected before the COVID-19 pandemic. The other factor contributing to growth? The hunger for more infrastructures. The majority of the member states have risen their infrastructure spending during the past decade. The biggest growth, however, varies widely in each country. Indonesia is expected to see its manufacturing grow the biggest, Malaysia is expected to see its utility sector, the Philippines, its chemicals and basic metals industry, and Vietnam, Thailand, and Singapore are expected to see the growth in its social infrastructures. Other ASEAN countries are also expected to see major growth, but as of right now, the countries mentioned are the biggest contributors to the growing market of ASEAN. The Asian Development Bank or ADB for short reported that for ASEAN to fully maximize its growth and become a renowned economy by 2030, the economic union needs to spend over $22 trillion US dollars today until 2030[10]. A massive amount and spending these much will bring a rise to megacities, mega transportation hubs, and overall give a mega solution to mega problems. The challenges before getting there, however, are a lot deeper than what is seen. The world economic forums have outlined the key challenges its seen for the region. Corruption, one that makes the country’s in Southeast Asia ranks way low in the world corruption index. Well, all except for Singapore. The demographic change is also a major challenge, Southeast Asia is home to a young population, and if the government fails to address proper education to them. Then the move to a digital economy may not be in the sights in the next decade. Amongst these problems addressed, there’s a far more fix that needs to be done. Even though the pandemic has accelerated a stronger digital economy, it has also exposed thousands of issues that need change. Luckily, the population of Southeast Asia seems to be very resilient and adaptable to change. The speed at which the people accepted the digital economy was far faster than other countries in the world, which implies that change is very much welcome. The reason we think that Southeast Asia has done so is because of its Small-Medium enterprise style of business or SME for short. These SMEs are the backbone of the region’s economy and that in summary means entrepreneurship. Entrepreneurship introduces innovation, speed, and flexibility in the everyday lives of Southeast Asians. Entrepreneurs are widely spread in each country and hence we may see the adaptability in the coming years. In numbers, countries like Vietnam and Thailand employ 70% of their workforce through SME’s and 99% account for the registered businesses.