6 SE Asian nations to grow at 5.1% avg annual rate in 10 yrs: Report

Vietnam, Indonesia and the Philippines were projected to grow faster, with Vietnam continuing to stay ahead.

Analysts predict that the six economies will benefit from the region's consumer market of over 600 million and strong ties with major trading economies, the report, titled ‘Navigating High Winds: Southeast Asia Outlook 2024-34’, said.

Increasing protectionism in developed markets and widespread deindustrialisation due to shifting competitive dynamics may, however, affect these economies, Vietnamese media outlets cited the report as saying.

For Vietnam, positive drivers include a well-positioned export-oriented economy, highly diverse sources of foreign direct investment, productive inter-provincial competition and high-quality workforce and education levels.

Negativities like credit weakness, energy and water shortages, and slow movement on green infrastructure remain however.

ALCHEMPro News Desk (DS)