ASEAN 2025 Projected GDP - Southeast Asia's Biggest Economy in 2025

faced with the task of rebuilding  public infrastructure including roads   ports and airports water and sanitation systems  government facilities and institutional frameworks   timor-leste has made significant progress  in key areas since independence meanwhile   fragility remains a challenge as the country  contends with the legacies of past conflict   the economy of east timor is a low-income economy  is ranked by the world bank it is placed 133rd on   the human development index indicating a medium  level of human development 20 of the population is   unemployed and 52.9 live on less than 1.25 cents  a day about half of the population is illiterate   east timor continues to suffer the after effects  of a decades-long independent struggle against   indonesia which damaged infrastructure  and displaced thousands of civilians the economy of brunei a small and wealthy  country is a mixture of foreign and domestic   entrepreneurship government regulation and  welfare measures and village traditions   it is almost entirely supported by  exports of crude oil and natural gas   with revenues from the petroleum sector accounting  for over half of gdp per capita gdp is high and   substantial income from overseas investment  supplements income from domestic production   brunei's economy is almost totally dependent  on the exploitation of its vast reserves of   petroleum and natural gas although oil and gas  revenues have allowed the state to give its   citizens one of the highest per capita incomes in  asia they also have made the country dependent on   a single commodity that is subject to market  fluctuations in addition bernai must rely on   imports for nearly all its manufactured goods and  most of its food to ensure the country's economic   stability the government has since the late 20th  century's driven to diversify the economy by   developing other sectors such as agriculture  fisheries tourism and financial services   the economy of laos is a rapidly growing lower  middle income developing economy being one of   four remaining socialist states along with china  cuba and vietnam the lao economic model resembles   the chinese socialist marketing or vietnamese  socialist oriented market economies by combining   high degrees of state ownership with an openness  to foreign direct investment and private ownership   in a predominantly market-based framework in the  current period the economy of laos relies largely   on foreign direct investment to attract capital  from overseas to support its continual economic   rigorousness the long-term goal of the lao economy  is enshrined in the constitution is economic   development in the direction of socialism by  creating the material conditions to move towards   socialism despite rapid growth laos remains  one of the poorest countries in southeast asia   a landlocked country it has the inadequate  infrastructure and a largely unskilled workforce   nonetheless laos continues to attract foreign  investment as it integrates with the larger   asean economic community due to its plentiful  young workforce and favorable tax treatment over the past two decades cambodia has undergone  a significant transition reaching lower middle   income status in 2015 and aspiring to attain our  brutal income status by 2030 driven by garment   exports and tourism cambodia's economy has  sustained an average annual growth rate of 7.7   between 1998 and 2019 making it one of the fastest  growing economies in the world however cambodia is   experiencing a resurgence of coveted 19 cases  which has slowed the recovery especially of the   service construction and real estate sectors the  growth projection for 2021 is now revised down   to 2.2 percent despite strong export performance  supported by improved external demand conditions   cambodia's outlook remains highly uncertain  and risks are tilted to the downside   despite accelerated vaccination progress  the risks of a protracted covet-19 outbreak   and further disruption remain high  currently cambodia's foreign policy   focuses on establishing friendly  borders with its neighbors such as   thailand and vietnam as well as integrating itself  into regional asean and global wto trading systems myanmar's economy based on the cat is  one of the least developed in the region   much of the population is engaged directly  in agricultural pursuits of those who are   employed in other sectors of the economy many  are indirectly involved in agriculture through   such activities as transporting processing  marketing and exporting agricultural goods   the military coup in myanmar in february has  reversed or put at risk a decade of gradual   economic progress in the last decade the  myanmar economy benefited from significant   economic and political reforms achieving above  seven percent annual growth reduced poverty   and a significant increase in international  investment these gains are being unwound by   the impacts of the kovic 19 pandemic and more so  by the coup with the world bank forecasting a 10   contraction in gtp 2021 and the undp warning  of a possible doubling of the poverty rate   the economy of singapore is a highly developed  free market economy singapore's economy has   been ranked by the world economic forum as the  most open in the world the third least corrupt   and the most pro-business singapore has low tax  rates and the second highest per capita gdp in   the world in terms of purchasing power parity  alongside the business friendly reputation   state-owned enterprises play a substantial role  in singapore's economy the sovereign wealth fund   to massacre holdings holds majority stakes  in several of the nation's largest companies   such as singapore airlines singtel sd engineering  and media corps the singaporean economy is a major   foreign direct investment outflow financier in the  world singapore has also benefited from the inward   flow of fdi from global investors and institutions  due to its highly attractive investment climate   and a stable political environment in recent years  the country's main exports include electronics   chemicals and services singapore is the regional  hub for wealth management to preserve its   international standing and to further its economic  prosperity in the 21st century singapore has   taken measures to promote innovation encourage  entrepreneurship and to retrain its workforce   the economy of vietnam is a socialist oriented  market economy vietnam is in a period of being   integrated into the global economy in the current  period vietnam's economy relies largely on   foreign direct investment to attract capital from  overseas to support its continual economic rigor   vietnam's development over the past 30 years has  been remarkable economic and political reforms   under doing wa launched in 1986 have spurred  rapid economic growth transforming what was then   one of the world's poorest nations into a lower  middle income country between 2002 and 2018 gdp   per capita increased by 2.7 times reaching over  2700 us dollars in 2019 and more than 45 million   people were lifted out of poverty poverty rates  declined sharply from over 70 percent to below 6   the vast majority of vietnam's remaining poor 86  are ethnic minorities given its deep integration   with the global economy the vietnamese economy  has been hit by the ongoing covid19 pandemic but   has shown remarkable resilience gdp grew by 2.9 in  2020 it was one of the few countries in the world   to do so but the crisis also left a lasting impact  on households with 45 of households reporting   lower household income in january 2021 and in  january 2020 vietnam's economy is set to grow 6.6   in 2021 on the back of successful control  of covid19 infections strong performance by   export-oriented manufacturing and robust recovery  and domestic demand 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 one  of the leading exporters of high-tech products   electrical appliances electronic parts and  components malaysia is one of the most open   economies in the world with a traded gdp ratio  averaging over 130 since 2010. after the asian   financial crisis of 1997 to 1998 malaysia's  economy has been on an upward trajectory   averaging growth of 5.4 percent since 2010 however  the covet 19 pandemic has had a major economic   impact on malaysia particularly on vulnerable  households having revised its national poverty   line in july 2020 5.6 of malaysian households  are currently living in absolute poverty   the government is focused on addressing the  well-being of the poorest 40 of the population to   fully realize its human potential and fulfill the  country's aspiration of achieving the high income   and develop country status malaysia will need to  advance further in education health nutrition and   social protection outcomes key priority areas  include enhancing the quality of schooling to   improve learning outcomes rethinking nutritional  interventions to reduce childhood stunting and   providing adequate social welfare protection for  household investments in human capital formation the philippines has been one of the most dynamic  economies in the east asia-pacific region   average annual growth increased to 6.4  between 2010 to 2019 from an average of 4.5   between 2000 to 2009 with increasing urbanization   a growing middle class and a large and young  population the philippines economic dynamism is   rooted in strong consumer demand supported by  a vibrant labor market and robust remittances   business activities are buoyant with notable  performance in the services sector including   business process outsourcing real estate  tourism and finance and insurance industries   the kovid-19 pandemic and community quarantine  measures imposed in the country have severely   impacted economic growth and poverty reduction  growth contracted significantly in 2020 driven   by heavy declines in consumption and investment  growth and exacerbated by the sharp slowdown in   exports tourism and remittances nevertheless  the economy has started to recover with a 3.7   year-on-year expansion in the first half of 2021  oui by public investment and a recovery in the   external environment with continued recovery  and reform efforts the country is getting back   on track on its way from a lower middle-income  country to an upper-middle-income country in the   short-term economic growth is expected to further  rebound assuming a containment of the virus   domestically and globally an acceleration of mass  vaccination pace and more robust domestic activity   bolstered by greater consumer and business  confidence and the public investment momentum over the last four decades thailand has made  remarkable progress in social and economic   development moving from a low income to an upper  middle income country in less than a generation   as such thailand has been a widely cited  development success story with sustained strong   growth and impressive poverty reduction thailand's  economy grew at an average annual rate of 7.5   in the boom years of 1960 to 1996 and 5 during  1999 to 2005 following the asian financial crisis   this growth created millions of jobs that  helped pull millions of people out of poverty   gains along multiple dimensions of welfare have  been impressive more children are getting more   years of education and virtually everyone is  now covered by health insurance while other   forms of social security have expanded in  recent years economic growth slowed from 4.2   in 2018 to 2.4 in 2019 the key drivers  of slowing growth were weaker demand for   exports reflecting the impact of u.s china trade  tensions slowing public investments and a drop   impacting agricultural production key development  challenges also pose a risk to thailand's future   growth if it wants to attain high income status by  2037 these include weakness in education outcomes   and skills matching which risk future productivity  and chances of the younger generation and   increasing spatial inequality with remote areas  falling behind in economic and welfare indicators   the largest economy in southeast asia indonesia  has charted impressive economic growth since   overcoming the asian financial crisis of  the late 1990s indonesia is classified as   a newly industrialized country indonesia  depends on domestic market and government   budget spending and its ownership of state-owned  enterprises today indonesia is the world's fourth   most populous nation the world's 10th largest  economy in terms of purchasing power parity   and a member of the g20 furthermore indonesia  has made enormous gains in poverty reduction   cutting the poverty rate by more than half since  1999 to 9.78 in 2020 prior to the covid19 crisis   indonesia was able to maintain consistent economic  growth recently qualifying the country to reach   upper middle income status to respond to  the shock of the covet minus 19 pandemic   the government implemented emergency fiscal  packages equivalent to 3.8 percent of gdp   2020 and 4.2 percent of gdp in 2021 to deal  with the health impact provide relief to   households and firms and support the vaccine  rollout and the recovery the world bank is   supporting indonesia's covet 19 emergency response  including enhancing social assistance and health   care systems while also strengthening  the resilience of the financial sector

Channel: Future Cities

Views: 172,440

Keywords: ASEAN, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, Skyline, Architecture, Building, City, Development, Economy, FutureCities

Id: HSOhS2AP_i8

Length: 14min 26sec (866 seconds)

Published: Thu Nov 04 2021