World Economic Forum focuses on East Asia

As one of the economically fastest-growing regions in the world, ASEAN is one year away from launching the ASEAN Economic Community, a common market which will comprise 600 million people and have a combined GDP of nearly US$ 2 trillion. Fresh demand in Europe and the United States, along with recently concluded trade agreements, are expected to boost production and consumption in East Asia. Almost all of the 10 ASEAN economies are expecting growth above 5% in 2014. In this context, the 23rd World Economic Forum on East Asia was held in Metro Manila, Philippines from 21 – 23 May 2014. Writing one of the greatest economic comeback stories in recent years, the Philippines is poised to be the strongest performing South-East Asian economy in 2014, with GDP growth projected to surpass 6.5%. The meeting served as an ideal platform for participants to deliberate the opportunities of the ASEAN Economic Community to promote greater inclusion across East Asia and to instil more resilient decision-making in the face of unpredictable economic and natural disruptions.

Given its recent track record of posting strong economic gains, the Philippines hosts this year’s forum. This forum is very timely because East Asia is expected to post the highest growth in the world. Also, the integration of the ASEAN is expected to play a big part in inter- and intra-ASEAN trade. Inter-ASEAN trade is growing rapidly. In the past three years, the growth of inter-ASEAN trade has outpaced the growth of world trade. ASEAN as a country would have the third largest population and a GDP of over $2 trillion.

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