The Business Times

Dong He and Allen Ng

BOTH WRITERS ARE FROM THE ASEAN+3 MACROECONOMIC RESEARCH OFFICE. DONG HE IS CHIEF ECONOMIST AND ALLEN NG IS PRINCIPAL ECONOMIST

Customers at a shopping centre in Jakarta. Asean, with nearly 700 million consumers and rapidly expanding middle classes, is emerging as a major market in its own right.
NEW GLOBAL ORDER

Asean+3, not the US, is now the world’s largest market

This structural shift has measurable consequences for how shocks propagate

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