Six major ASEAN countries return to pre-crisis levels - report

Six major ASEAN countries return to pre-crisis levels - report

2010-11-09 10:47:52 GMT+7 (ICT)

TOKYO (BNO NEWS) -- The Organization for Economic Co-operation and Development (OECD) on Monday released a report showing that the six major ASEAN countries have rebounded from the global economic crisis, with medium-term growth prospects returning to pre-crisis levels.

According to the 2010 Southeast Asian Economic Outlook by the OECD Development Center, GDP growth will average 6 percent annually across the ASEAN-6 countries over the 2011-2015 period, which is about the same level as it was in the 2003-2007 period.

However, Kiichiro Fukasaku, an economist in the OECD Development Center, said future growth should be more balanced across the ASEAN countries.

"The global financial crisis has offered Southeast Asian countries an opportunity to rethink past growth strategies and define new development objectives. Both regional integration and national efforts will help promote more balanced growth in the region," Fukasaku said.

To balance regional growth, the OECD stated that Southeast Asian countries should take urgent action to improve medium-term fiscal frameworks, enhance external competitiveness by supporting new growth sectors and develop integrated regional transport infrastructure.

Currently, the six major ASEAN countries - Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam - hold a GDP growth rate of 7.3 percent with Singapore widely leading the group with a 14 percent growth rate. The second highest is Thailand at 7 percent, and the lowest being the Philippines at 6 percent.

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