Singapore: According to a survey released, the top six economies in Southeast Asia—Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore—will develop at an average yearly rate of 5.1% during the next ten years.
The Angsana Council, Bain & Company, and DBS Bank jointly issued the research, “Navigating High Winds: Southeast Asia Outlook 2024-2034,” according to Xinhua.
It said that the six largest regional economies stand to gain from the Southeast Asian market’s 600 million customers as well as its longstanding connections to important trade partners.
The economies would suffer in the meantime from rising protectionism in developed markets and progressive deindustrialization brought on by shifting competitiveness drivers.
According to the analysis, over the next ten years, Singapore’s growth would average 2.5 percent every year. A strong economic engine will be provided by world-class talent, advanced manufacturing, services, and tourism.
However, the analysis also noted that the city-state’s possibilities may be limited by issues related to population, labor and land limits, and increased corporate expenses.
