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.
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.