Fitch forecasts bright economic outlook for ASEAN members hinh anh 1Workers process shrimps for export at ​a factory in Vietnam (Photo: VNA)

Hanoi (VNA) – Member countries of the Association of Southeast Asian Nations (ASEAN) have bright economic prospects for the coming years due to strong regional integration, better transport connectivity and reform momentum.

A report released on November 24 by BMI Research of Fitch Group notes that aside from the ASEAN Economic Community, the proposed Regional Comprehensive Economic Partnership and China’s Belt and Road Initiative are expected to bring the region closer together and fuel growth.

Myanmar and Vietnam will be the region’s outperformers, the report said, noting that Myanmar is expected to grow at an average of 7.2 percent per annum over the next 10 years due to an increase in investment, aided by improvements to the business environment and greater political stability.

Vietnam’s growth will be boosted by a stable political environment, reform momentum, an improving business climate and the manufacturing sector benefiting from multinational companies relocating to the country for lower production costs.

BMI Research sees the Philippines as another bright spot, with gross domestic product (GDP) growth likely to average 6.2 percent over the coming decade.

It also remains positive on Indonesia's growth prospects, due to its huge young population, and the country will be one of the largest recipients of projects under the Belt and Road Initiative in ASEAN.

Meanwhile, Singapore and Brunei which already have much higher GDP per capita are likely to see much slower rates of expansion, according to the report.-VNA