ASEAN nations rebound from economic crisis

Tuesday, 9 November 2010 23:32 -     - {{hitsCtrl.values.hits}}

TOKYO, (AFP) -The six major ASEAN countries have rebounded from the global economic crisis with average expected growth of 7.3 percent this year, and six percent over the next five years, the OECD said Tuesday.

Moreover, the Organisation for Economic Cooperation and Development said in its 2010 Southeast Asian Economic Outlook that this growth would likely be more balanced.

“The global financial crisis has offered Southeast Asian countries an opportunity to rethink past growth strategies and define new development objectives,” said Kiichiro Fukasaku, an economist at the OECD Development Centre in Tokyo.

“Both regional integration and national efforts will help promote more balanced growth in the region,” he added.

Vietnam is expected to post the highest average growth rate in the 2011-2015 period at 7.1 percent, followed by Indonesia with 6.6 percent, Malaysia 5.5 percent, Thailand 5.2 percent, Singapore 4.7 percent, and the Philippines 4.6 percent.