Singapore, Aug 1 (IANS) The top six economies in Southeast Asia, Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore, will grow at an annual average rate of 5.1 per cent over the next 10 years, according to a report issued on Thursday.
The report, titled “Navigating High Winds: Southeast Asia Outlook 2024-2034,” is jointly released by DBS Bank, Bain & Company, and the Angsana Council, Xinhua news agency reported.
The six leading regional economies will benefit from over 600 million consumers in the Southeast Asia market and strong historical linkages with major trading economies, it noted.
Meanwhile, increased protectionism in developed markets and gradual deindustrialisation due to the changing drivers of competitiveness will harm the economies.
The report estimated that Singapore will grow at an annual average rate of 2.5 per cent over the next 10 years. Advanced manufacturing, services, tourism, and a world-class talent pool will be a powerful economic engine.
However, demographic challenges, land and labour constraints, and higher business costs may limit the prospects of the city-state, the report added.
–IANS
int/rs/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
