Asean's growth driven by demographics

ACCORDING to a Standard Chartered Bank report on Asean corporates, their growth will continue despite global economic uncertainty due to the region's burgeoning middle class and young population. Below is an excerpt from the report.

Asean's growth story has registered much success in the past and remains promising in the near term, despite growing uncertainties in global markets. Regional GDP rose to US$2.89 trillion in 2018, making Asean the fifth-largest economy worldwide. Near-term projections also remain encouraging, with regional GDP expected to surpass the US$4 trillion mark by 2023, with further growth in the medium term to potentially become the fourth largest economy by 2030 - driven by a burgeoning middle class (65 per cent of population by 2030) along with a formidable workforce (third-largest worldwide by 2030), that continues to support foreign investments into the region. In fact, foreign direct investment flows to Asean rose to an all-time high of US$137 billion in 2017. These encouraging growth expectations can be realised through specifi…