2 2.įor further details, see the McKinsey Global Institute’s reports The archipelago economy: Unleashing Indonesia's potential, September 2012, and Myanmar’s moment: Unique opportunities, major challenges, June 2013.ĪSEAN is a diverse group. In Indonesia and Myanmar alone, we project an undersupply of 9 million skilled and 13 million semiskilled workers by 2030. To capitalize on these trends, however, the region must develop its human capital and workforce skills. Perhaps most important, almost 60 percent of total growth since 1990 has come from productivity gains, as sectors such as manufacturing, retail, telecommunications, and transportation grow more efficient. ASEAN has the third-largest labor force in the world, behind China and India its youthful population is producing a demographic dividend. Home to more than 600 million people, it has a larger population than the European Union or North America. Labor-force expansion and productivity improvements drive GDP growth-and ASEAN is making impressive strides in both areas. It is projected to rank as the fourth-largest economy by 2050. If ASEAN were a single country, it would already be the seventh-largest economy in the world, with a combined GDP of $2.4 trillion in 2013 (Exhibit 1). Together, ASEAN’s ten member states form an economic powerhouse. The seven insights below offer a snapshot of one of the world’s most diverse, fast-moving, and competitive regions. As the region seeks to deepen its ties and capture an even greater share of global trade, its economic profile is rising-and it is crucial for those outside the region to understand its complexities and contradictions.
ASEAN is a major global hub of manufacturing and trade, as well as one of the fastest-growing consumer markets in the world. Founded in 1967, ASEAN today encompasses Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam-economies at vastly different stages of development but all sharing immense growth potential. But investors and multinationals are increasingly turning their gaze southward to the ten dynamic markets that make up the Association of Southeast Asian Nations (ASEAN). China remains the Goliath of emerging markets, with every fluctuation in its GDP making headlines around the globe.
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