The South East Asian regional integration creates a competitive market of over 600 million people with a combined gross domestic product (GDP) of US $ 2.1 trillion, solid growth, low manufacturing costs and a rising middle class, hungry for the consumer experience in ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It is expected these trends to be amplified when the ASEAN Economic Community (AEC) comes into existence in the coming years, effectively creating one of the world’s biggest single markets. There will be free flow of goods, services, investment capital and skilled labor following the liberalization. These will include tariff reductions and streamlining of certain administrative procedures. Part of South East Asia’s attraction is the range of opportunities it offers, both as manufacturing base and market. ASEAN spans the spectrum from Singapore, a financial and high-tech industrial hub with a higher GDP per capita than Switzerland, through the established offshore manufacturing centres of Thailand and Malaysia, via the newly industrialised economies of Vietnam and Cambodia, to the natural resources of Indonesia and the raw potential of Myanmar. But the heart of Southeast Asia’s potential lies in the middle class, both as consumers and as a source of highly educated, high-productivity labour.
With the creation of ASEAN Big Data, it is now much easier simpler to access the most up-to-date macro-economic indicators of ASEAN economies: www.aseanbigdata.com