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Southeast Asia's Fastest Emerging Economies: Malaysia, Philippines and Vietnam

#Southeastasia #Economy Malaysia, The Philippines, and Vietnam are Southeast Asia’s fastest emerging economies. As the rising tiger in the region, with an annual growth rate averaging from 4 to 6.5% annually, outpacing other emerging Market in the region. These 3 countries have almost the same economic size but have different economic setups. Let’s take a deeper look at each country’s economic profile. Economic comparison Among the 3 countries, Vietnam has the least nominal GDP amounting to $362.63 billion, but has the biggest Purchasing Power Parity of $1.13 Trillion. Malaysia’s nominal GDP is amounting to $372.7 billion, while its GDP Purchasing power Parity is $970.74 the least among the 3 countries. On the other hand, The Philippines is edging a smaller cap of Nominal GDP amounting to $394.08 billion, while its Purchasing power parity is amounting to $1.01 Trillion. For its GDP per Capita, Malaysia is considered wealthier among the 3 countries, with a GDP per capita of $11,371, almost 3 times higher than Vietnam’s GDP per capita of $3,694 and the Philippines’ $3,548. For Gross National Income GNI, the Philippines earned more wealth amounting to $404.23 Billion, followed by Malaysia with total earnings of $358.36 Billion and Vietnam with $349.34 Billion. In terms of GNI per capita, on average every Malaysian earns $10,930, followed by the Philippines with average individual earnings of $3,640 and Vietnam came closer with average earnings of $3,560. Per market categorization, Malaysia and the Philippines are categorized as newly Industrialized countries while Vietnam is an emerging Developing Country. Economic Profile and Overview Vietnam Vietnam has been a development success story. Economic reforms since the launch of Đổi Mới in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world’s poorest nations to a middle-income economy in one generation. Between 2002 and 2021, GDP per capita increased 3.6 times, reaching almost US$3,700. Malaysia. Since gaining independence in 1957, Malaysia has successfully diversified its economy from one that was initially agriculture and commodity-based, to one that now plays host to robust manufacturing and service sectors, which have propelled the country to become a leading exporter of electrical appliances, parts, and components. Malaysia is one of the most open economies in the world with a trade-to-GDP ratio averaging over 130% since 2010. Foreign trade represented 116.5% of the country’s GDP in 2021 making the country vulnerable to external demand. The Philippines. Clean governance, strong leadership, growing infrastructure, and policy endeavors have catapulted the Philippines onto a path of faster growth and emerging as a rising tiger in the region. The future holds promise as the Philippines has a young, growing workforce that speaks English, has remittances from abroad that are high, and has household debt that is among the lowest in Asia. Although the Philippine economy grew at a modest pace from the 1980s to the 1990s, the economy has nonetheless seen significant growth in the last two decades. Its average annual growth in the decade between 2000 and 2009 was 4.6%, and between 2010 and 2019, it shot up to 6.4%. This has moved the country from a lower-middle-income nation with a gross national income per capita of under $1,000 before the year 2000 to $3,548 in 2021, with expectations of further increases. Join this channel to get access to perks:    / @aseananalytics