Covid has dealt a big blow to Asean but the region's economic outlook is bright
Its middle class is growing and its cities are expanding fast, analysts say; they expect the region to grow 5.2% and say stocks remain cheap
Singapore
ASEAN economies may have been dealt harder blows by Covid-19 than the rest of Asia, and the Sino-US relationship remains worrisome, but analysts say the outlook for the growth-driven region is bright and its stocks, relatively cheap.
Ken Peng, Citi Private Bank's head of investment strategy for the Asia-Pacific, said the multi-year forces driving the shift in economic power towards the region have not changed. More people are joining the ranks of the middle class, and urbanisation - particularly in India and Indonesia - may add 100 more names to the list of global cities with populations of over a million.
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