Singapore, Aug 1 (SocialNews.XYZ) The top six economies in Southeast Asia, Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore, will grow at an annual average rate of 5.1 per cent over the next 10 years, according to a report issued on Thursday.
The report, titled "Navigating High Winds: Southeast Asia Outlook 2024-2034," is jointly released by DBS Bank, Bain & Company, and the Angsana Council, Xinhua news agency reported.
The six leading regional economies will benefit from over 600 million consumers in the Southeast Asia market and strong historical linkages with major trading economies, it noted.
Meanwhile, increased protectionism in developed markets and gradual deindustrialisation due to the changing drivers of competitiveness will harm the economies.
The report estimated that Singapore will grow at an annual average rate of 2.5 per cent over the next 10 years. Advanced manufacturing, services, tourism, and a world-class talent pool will be a powerful economic engine.
However, demographic challenges, land and labour constraints, and higher business costs may limit the prospects of the city-state, the report added.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
