The ASEAN region has undergone significant economic and social transformation over the past few decades, with a growing middle class, improved infrastructure, and increased connectivity. ASEAN has become a region with conducive environment for business and investment, with a range of sectors including manufacturing, services, tourism, and agriculture offering exciting opportunities for growth and development. In 2021 and 2022, ASEAN experienced growth rates of 3.4% and 5.7%, respectively. With strong fundamentals, the region is projected to continue this upward trajectory with a forecast of 4.7% in 2023 and 5.0% in 2024. A recent report by BCG forecasted that ASEAN trade will average 3.5% to 5.0% growth until 2031, during which global expansion in trade is projected to grow at only 2.5%. With a combined GDP of over USD 3.3 trillion and huge consumer base of over 663 million people, ASEAN presents plethora of opportunities.
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ASEAN for Business Bulletin - May 2023
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