ASEAN, if considered as a single economy, is set to be the fourth largest economy in the world by 2050 based on the region’s current rate of economic growth, according to Malaysian Prime Minister Datuk Seri Najib Tun Abdul.
Najib said it would be the seventh largest in the world now if ASEAN were seen as one economy, with its combined gross domestic product in 2014 at US$2.5 trillion and US$2.4 trillion in 2013.
The start of 2016 marked a milestone for the ASEAN region with leaders coming together to implement the ASEAN Economic Community, or AEC. The community aims to unite Southeast Asia, turning the region into a single trading bloc similar to the European Union in many ways, but without drawbacks such as a single currency and deeper political integration.
WASHINGTON: In the coming years, India is positioned much more favourably than China in terms of growth, the World Economic Forum has said though it observed that it is not entirely smooth sailing just yet. "There is now a consensus among analysts that there are only a few bright spots in the global economy, and India is one of them," Viraj Mehta, head of India and South Asia for World Economic Forum, said in an op-ed on its website.
The blueprint for the ASEAN Economic Community (AEC) was signed on Sunday, the 22nd of November as the leaders of the 10 Southeast Asian countries inked the document at the ASEAN Annual Summit held in Malaysia.
It has been more than 13 years since the SEA leaders imagined a trade zone to match the US and Europe, keeping up with the pace of the mainland Asian giants of India and China.
Guest blog post by Dr. Rebecca Blank, Acting Secretary of the U.S. Department of CommerceThis morning, I joined economic development leaders from around the country to discuss ongoing efforts to create jobs and grow the U.S. economy. The Economic Development Forum was hosted by the U.S. Commerce Department’s SelectUSA initiative, in partnership with the White House Business Council and the International Economic Development Council (IEDC), the world’s largest professional organization of economic development practitioners.The forum provided an opportunity to discuss the Obama administration’s efforts to support U.S. businesses and encourage companies to bring good jobs back to America, a trend called insourcing.Both American and international firms are increasingly looking for opportunities to invest in the U.S. And businesses are not only choosing to bring jobs back, but they are also making decisions to expand here instead of shipping jobs overseas. These investments mean that more products will be made in America. That means more jobs and greater economic security for families across this nation.