Southeast Asia continues to recover well, says OECD report
Southeast Asia has recovered well from the latest financial crisis. Predictions from an OECD report have ASEAN’s six major economies growing 7.3% on average this year, and 6% over the coming five years.
The crisis gave the region new opportunities “to rethink past growth strategies and define new development objectives,” according to economist Kiichiro Fukasaku at the Organization for Economic Cooperation & Development Centre in Tokyo. He also noted efforts towards regional integration as vital to a more balanced growth. The report recommended ASEAN countries diversify their exports and move up the value chain, while stressing the well-known importance of infrastructure improvements.
Estimated growth figures in ASEAN’s Big Six for 2011-15 are: Vietnam 7.1%, Indonesia 6.6%, Malaysia 5.5%, Thailand 5.2%, Singapore 4.7% and Philippines 4.6%.
source & article: Channel NewsAsia
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