Six Asean nations including Vietnam, Indonesia, Malaysia, Thailand, Singapore and Philippines have gotten rid of economic crisis with expected growth of 7.3% this year and it would be 6% in next five years, according to the Organisation for Economic, Cooperation and Development (OECD) on November 9.
In the OECD’s recent report on the Southeast Asian Economic Outlook in 2010, the average economic growth rate of these economies will be more balanced.
Kiichiro Fukasaku, an economist at the OECD Development Centre in Tokyo, said the global economic crisis was an opportunity for the Southeast Asian countries to review their development strategies as well as set new goals.
The regional integration and efforts of each country will promote a more balanced growth in the region, he said.
Additionally, OECD also urged Asean nations to diversify and promote exports activities, upgrade their infrastructure, reduce transportation costs, and develop a system of financial policies to support their development goals.
According to the organisation, Vietnam is predicted to reach the highest average economic growth of 7.1% in the 2011-2015 period, and then Indonesia (6.6%), Malaysia (5.5%), Thailand (5.2%), Singapore (4.7%), and the Philippines (4.6%).