The establishment of the ASEAN Economic Community (AEC) by 2015 shouldbe seen as the starting point of a critical journey toward a trulyborderless economic community by 2030, said a survey released inSingapore on July 17.
The study, “ASEAN 2030 -Toward a Borderless Economic Community”, was jointly conducted by theAsian Development Bank Institute (ADBI) and Singapore’s Instituteof Southeast Asian Studies (ISEAS).
It finds thatASEAN needs an ambitious plan for economic integration beyond theAEC to achieve members’ long-term economic development aspirations -to be resilient, inclusive, competitive and harmonious (RICH) by 2030.
The study suggests that ASEANeconomies can enter a high-growth scenario leading to tripling percapita incomes by 2030 and raising quality of life to levelsenjoyed by Organisation for Economic Cooperation and Development (OECD)countries today.
Another scenario, however, leads to a major GDPgrowth slowdown to no more than 3 percent per year, as countries fallinto the middle income trap and are unable to manage natural disastersand climate change, or resolve political tensions.
The four major challenges ASEAN will face in the time ahead areenhancing macroeconomic and financial stability, supporting equitablegrowth, promoting competitiveness and innovation, and protecting theenvironment.
Overcoming thesechallenges and building a borderless economic region by 2030 impliesfollowing sound macroeconomic management, promoting inclusivedevelopment and “green” growth, eliminating remaining barriers to theflow of goods, services, and production factors, and strengthening theregional institutional framework.
Addressing the launching of the book featuring the study, ASEANSecretary General Le Luong Minh said that the book will enrichdiscussions and debates on the AEC, helping ASEAN further refine itseconomic integration agenda.
He calledon the ADBI, the ISEAS and other research institutes and networks inthe region to inform discussions on ASEAN’s post-2015 agenda and helpthe organisation advance integration and community building beyond2015.-VNA
The study, “ASEAN 2030 -Toward a Borderless Economic Community”, was jointly conducted by theAsian Development Bank Institute (ADBI) and Singapore’s Instituteof Southeast Asian Studies (ISEAS).
It finds thatASEAN needs an ambitious plan for economic integration beyond theAEC to achieve members’ long-term economic development aspirations -to be resilient, inclusive, competitive and harmonious (RICH) by 2030.
The study suggests that ASEANeconomies can enter a high-growth scenario leading to tripling percapita incomes by 2030 and raising quality of life to levelsenjoyed by Organisation for Economic Cooperation and Development (OECD)countries today.
Another scenario, however, leads to a major GDPgrowth slowdown to no more than 3 percent per year, as countries fallinto the middle income trap and are unable to manage natural disastersand climate change, or resolve political tensions.
The four major challenges ASEAN will face in the time ahead areenhancing macroeconomic and financial stability, supporting equitablegrowth, promoting competitiveness and innovation, and protecting theenvironment.
Overcoming thesechallenges and building a borderless economic region by 2030 impliesfollowing sound macroeconomic management, promoting inclusivedevelopment and “green” growth, eliminating remaining barriers to theflow of goods, services, and production factors, and strengthening theregional institutional framework.
Addressing the launching of the book featuring the study, ASEANSecretary General Le Luong Minh said that the book will enrichdiscussions and debates on the AEC, helping ASEAN further refine itseconomic integration agenda.
He calledon the ADBI, the ISEAS and other research institutes and networks inthe region to inform discussions on ASEAN’s post-2015 agenda and helpthe organisation advance integration and community building beyond2015.-VNA
