Despite the complex tensions and high stakes in the US-China relationship, a major technology split is likely to be averted in the medium term. But a better long-term outcome for the global economy will require fair and binding multilateral rules of conduct.
Before COVID, digital finance in the Philippines was seen as “nice to have.” It is now a “must have.” As a result, digital finance providers in the country are benefitting from more promising market prospects, in an environment where demand for financial services has been amplified by the population’s low penetration of financial services.
When China began plugging into global production networks and cross-border trade more intensely in the early 2000s, few might have foreseen it becoming one of the most important hubs for many high-tech global value chains (GVCs) by the late 2010s.
Singapore’s economy is expected to rebound strongly in 2021 after a sharp contraction last year due to the COVID-19 pandemic.
E-money has emerged as an increasingly popular means of payment in Indonesia.
The post-pandemic world calls for more globalization, not less. The pandemic exposed the vulnerabilities of global value chains (GVCs), as lockdowns around the world disrupted supply lines across economies.
The Economic Outlook for Southeast Asia, China and India is a flagship and best-selling bi-annual publication on regional economic growth and development in Emerging Asia – the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, together with China and India.
The COVID-19-induced economic recessions worldwide have put downward pressure on cross-border investments. FDIs in emerging and developing economies in Asia are projected to subside by up to 45 percent in 2020 according to the UNCTAD’s World Investment Report 2020.
Technology is transforming regional economies, forcing both the public and private sectors in the ASEAN+3 region to change their mindsets and business models to adapt to the new ecosystem.
The ASEAN+3 region is eager to adopt new technology and embrace the digital revolution, which will help regional economies progress in their development paths. This was highlighted by a discussion panel at the seminar on “Building Capacity and Connectivity for the New Economy” co-organized by the ASEAN+3 Macroeconomic Research Office (AMRO) and Malaysian Economic Association (MEA) in Kuala Lumpur on August 6, 2019. This seminar is part of AMRO’s outreach program to introduce key findings of its flagship report, the ASEAN+3 Regional Economic Outlook (AREO) 2019, which was published in early May. It attracted an audience of 120 participants from both the public and private sectors, and the media.
