Large Market Size
Combined Population of 600 million(>European Union and North America)
7th Combined Population of millionGDP size ~ US$ 2.4 trillion; Forecast to rank #4 by 2050
International tradeUS$ 1.6 trillion = 6x Thailand;FDI US$ 50 billion = 60% of China
3RD largest labour force in the world after China and India (Asean 608.405M)
- A US$ 1.2 trillion consumer market which exceeds that of India (US$ 938 bn) ans compares to Russia (US$ 1.3 trillion)
- Low leverage: Government Debt 50% GDP.
- Increasingly affluent: Poverty rates have fallen significantly with the average headcount poverty ratio falling from 50% to 22% between 1990 and 2009
For Sustained Economic Growth
A doubling in consumer households (from 67 million in 2010 to 125 million by 2025)
- Favourable demographics 60% of the population less than 40 years old
- Continued dismantling of trade barriers and increased economic integration which will drive increased competition and cross border trade
- Unprecedented urbanization: Cities to constitute 45%* of the region’s population and 76% of GDP by 2030 adding US$ 520-930bn to GDP
A Goal of the ASEAN
A goal of the ASEAN Economic Community (AEC) is regional economic integration or “a single market and production base”. This comprises five core elements:
free flow of goods
free flow of services
free flow of investment
free flow of capital
free flow of skilled labour
By 2015, all intra-regional trade tariffs have already been eliminated. Although much work remains to be done on the rest of the five core elements, ASEAN will continue to move towards its long term vision of being a stable, prosperous, and highly competitive region with equitable economic development, and reduced poverty and socio-economic disparities.
More information can be sought at www.asean.org Please find a map of ASEAN with links to our Country Fact Sheets.