Hanoi (VNA) – Member countriesof the Association of Southeast Asian Nations (ASEAN) have bright economicprospects for the coming years due to strong regional integration, bettertransport connectivity and reform momentum.
A report released on November 24 by BMI Researchof Fitch Group notes that aside from the ASEAN Economic Community, the proposedRegional Comprehensive Economic Partnership and China’s Belt and RoadInitiative are expected to bring the region closer together and fuel growth.
Myanmar and Vietnam will be the region’soutperformers, the report said, noting that Myanmar is expected to grow at anaverage of 7.2 percent per annum over the next 10 years due to an increase ininvestment, aided by improvements to the business environment and greaterpolitical stability.
Vietnam’s growth will be boosted by a stablepolitical environment, reform momentum, an improving business climate and themanufacturing sector benefiting from multinational companies relocating to thecountry for lower production costs.
BMI Research sees the Philippines as anotherbright spot, with gross domestic product (GDP) growth likely to average 6.2percent over the coming decade.
It also remains positive on Indonesia's growthprospects, due to its huge young population, and the country will be one of thelargest recipients of projects under the Belt and Road Initiative in ASEAN.
Meanwhile, Singapore and Brunei which alreadyhave much higher GDP per capita are likely to see much slower rates ofexpansion, according to the report.-VNA
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