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DNO - Bloomberg forecasts that ASEAN is maintaining positive long-term prospects, with Vietnam standing out for its ability to sustain a high growth rate.
A chart recently released by Bloomberg forecasting global economic growth over the coming decades indicates that global growth is slowing.
Meanwhile, developed economies are entering an era of lower growth, and the drivers of economic expansion are becoming increasingly scarce.
However, ASEAN’s growth story is becoming increasingly distinct from that of developed economies.
Mr. Shan Saeed, chief economist at Malaysia-based proptech group Juwai IQI, noted Vietnam's projected growth has been slightly adjusted from its impressive pace during 2016 - 2025 but remains above 5%, an impressive figure for most developed economies.
Most notably, Vietnam is among ASEAN's “Fabulous Five” economies, along with Malaysia, Indonesia, Thailand and the Philippines.
"Fabulous Five" is a model is believed by Mr. Shan Saeed to play a profound role in shaping ASEAN's development over the next decade.
According to Mr. Shan Saeed, the growth of the five economies will not depend solely on commodity cycles but also on abundant human resources, manufacturing capacity, domestic consumption, infrastructure and increasingly sophisticated supply chains.
This does not mean that all ASEAN economies will outperform developed economies, or that the region's development path is guaranteed.
Rather, it means the next investment cycle should be viewed from a different perspective: Indonesia is accelerating; Vietnam is maintaining remarkable growth momentum; and together with Malaysia, Thailand and the Philippines, these countries are strengthening the position of ASEAN's leading five economies.
ASEAN is accelerating, with its top five economies led by Vietnam in terms of growth.