Southeast Asia’s Economic Growth Forecast: 2024-2034

The Development Bank of Singapore (DBS), Bain & Company, and the Angsana Council have released a report forecasting an average annual growth rate of 5.1% for Southeast Asia’s six leading economies—Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore—over the next decade.

The report, titled “Navigating High Winds: Southeast Asia Outlook 2024 – 34,” predicts that these countries will benefit from a substantial consumer market of over 600 million people and robust trade relationships with major global economies. However, the region faces challenges such as increasing protectionism in developed markets and widespread deindustrialization driven by shifting competitive dynamics.

Vietnam, Indonesia, and the Philippines are expected to be the fastest-growing economies, with Vietnam maintaining its leading position. The report highlights Vietnam’s strengths, including a strong export-oriented economy, diverse sources of foreign direct investment, vigorous inter-provincial competition, and a skilled workforce with high education levels. Despite these advantages, Vietnam faces challenges such as credit weaknesses, energy and water shortages, and sluggish progress in green infrastructure development.

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