The Asean economy is expected to double by 2020, with the nominal gross domestic product of the regional bloc increasing from US$2 trillion in 2012 to US$4.7 trillion.
ASEAN Purchasing power parity per capita GDP almost doubled since 2000
Real Gross Domestic Product (GDP) per capita in ASEAN, taking into account differences in purchasing power parity, had virtually doubled from $ 2882 in 2000, to $ 5581 in 2011.
Growth is strong in both country groups – the ASEAN6 (Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand) and CLMV (Cambodia, Lao PDR, Myanmar and Viet Nam). The CLMV countries posted robust growth, narrowing the gap with the ASEAN6. Comparing the ASEAN6 and their CLMV brothers, the growth of per capita GDP (in constant PPP$) was 3.4 in 2000, and only 2.6 in 2011.
Rapid growth of ASEAN trade in goods and services
ASEAN trade in goods among its Member States more than doubled from US$ 260.9 billion in 2004, to US$ 598.2 billion in 2011. For the same period, extra-ASEAN trade grew from US$ 428.1 billion to US$ 914.8 billion. The gap between ASEAN6 and CLMV countries has decreased. Intra-ASEAN trade share in ASEAN trade slightly increased from 24.3% to 25% during the same period.
Trade in services increased rapidly in Communications, Computer & Information services; Travel services; and Business services, royalties & licenses. Trade in Transport services has recovered from a substantial decline in 2008 brought by the global financial crisis. ASEAN’s deficit on trade in services contracted by 37% from around US$ 22 billion in 2005 to less than US$ 9 billion in 2011.
China economy is over 4 times larger than the whole ASEAN and China-ASEAN trade could pass Intra-ASEAN trade by 2020
China and Association of Southeast Asian Nations (ASEAN) members agreed in October, 2013 to scale up their two-way trade to one trillion U.S. dollars by 2020, more than doubled to that of last year. From 2002 to 2012, China-ASEAN bilateral trade climbed 23.6 percent annually to its current 400 billion US dollars.
China and the ASEAN nations also agreed on the goal of expanding their two-way investment to 150 billion dollars in the next eight years. According to official numbers, China-ASEAN mutual investment has totaled over 100 billion dollars by the end of 2012.
Including Hong Kong and Macau, China’s nominal GDP at the end of 2013 should be about $9.7 trillion.
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Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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