Home Views SE Asian economies

Has Covid-19 killed Asia's growth miracle?

Hoe Ee Khor
Hoe Ee Khor12/24/2020 7:0 AM GMT+08  • 5 min read
Has Covid-19 killed Asia's growth miracle?
To counter supply-chain disruptions, Asean must enhance economic integration, diversify sources and beef up multinational forums.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

For decades, most Southeast Asian economies climbed the income ladder by pursuing a growth strategy based on ramping up investment in export-oriented manufacturing and services, relentlessly upskilling their domestic workforces, and leveraging technological advances.

Today, the Asean+3 countries — the 10 member states of the Association of Southeast Asian Nations plus China, Japan and South Korea — can be proud of their accomplishments. The region’s economic transformation has been breathtaking, from its rising per capita income and share of global GDP to its human capital development and rapid ascent of global business competitiveness rankings.

The region has become the “factory of the world”, with highly efficient and cost-effective supply chains. Its success hinges on individual economies benefitting from cost efficiencies by specialising in the production of key components of increasingly complex products, supported by global demand resulting from trade-driven growth. And this growth strategy remains viable today, even as advanced and emerging economies alike shift to the technology-driven “new economy”.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.