ASEAN countries have recently released their 2023 economic data, and the economies of major economies have achieved steady growth, showing strong resilience and growth potential. The International Monetary Organization (IMF) previously reported that ASEAN's economic growth rate in 2023 was 47%, Asian Development Bank** ASEAN economy will grow by 5% in 2024.
Some analysts have pointed out that ASEAN has a strong investment attraction and has a demographic dividend. At present, ASEAN countries are expected to usher in more development opportunities by continuously introducing stimulus policies, promoting digital transformation, strengthening regional connectivity, enhancing the level of economic integration, and actively exploring opportunities for cooperation with China.
There is no shortage of bright spots in the overall performance of the economy
Indonesia's gross domestic product (GDP) grew by 505%；Vietnam's economy grew by 5 in 202305%；Malaysia's economy will grow at a rate of 3 in 20237%；Thailand's economy grew by 1 in 20239%；Singapore's economy will grow by 1 in 20231%；Cambodia's economic growth in 2023 is expected to be 56%。
According to the analysis, the expansion of domestic consumption, the accelerated recovery of tourism, the stabilization of commodity exports, and the rapid growth of foreign investment are important factors to promote the steady growth of ASEAN's economy.
At present, transnational corporations continue to expand their investment in ASEAN countries, and foreign direct investment is showing a rapid growth momentum. According to a report released by the United Nations** and the Development Conference a few days ago, in 2023, greenfield investment in countries such as Vietnam, Thailand, Indonesia, Malaysia, the Philippines and Cambodia increased by 37%. Greenfield investment, also known as greenfield investment, refers to foreign direct investment in which the parent company sets up subsidiaries in other countries, which often directly leads to the growth of production capacity, output and employment in the host country. Electric vehicles, renewable energy, e-commerce and other fields have become key industries in the region to attract foreign investment.
The acceleration of tourism growth is a bright spot in the economic performance of ASEAN countries. Relevant data shows that in 2023, Thailand will receive more than 28 million international tourists, an increase of about 154% compared to the previous year; Vietnam received about 12.6 million international tourists, an increase of about 3 percent over 20224 times; The number of international visitors to Singapore reached 13.6 million, a significant increase from 6.3 million in 2022. The number of international tourists in Indonesia is expected to exceed 11 million, exceeding the preset target.
Many economists have analyzed that due to the impact of global economic uncertainty and other factors, ASEAN's economic growth is facing some challenges, especially the weak external demand has caused certain pressure on some export-oriented economies. Overall, however, ASEAN's economy has maintained a steady growth momentum in 2023. Rajiv, chief economist for Asia Pacific at S&P Global Market Intelligence, believes that ASEAN's economy is expected to continue to grow in 2024 as domestic demand expands and the export of goods and services improves.
The growth potential of the digital economy is huge
At present, ASEAN countries are vigorously tapping the potential of the digital economy and accelerating digital transformation. In 2023, ASEAN's digital economy will accelerate its development, with good growth momentum in e-commerce, food delivery, ** and other fields, and the proportion of ** transactions in medical technology, education technology, automotive and other industries will continue to increase.
According to the Southeast Asia Digital Economy Report 2023 released by Google, Temasek and Bain & Company, the total value of goods transactions in Southeast Asia's digital economy is expected to reach US$218 billion in 2023, up 11% year-on-year. The report also notes that Southeast Asia** tourism is also showing positive growth and is expected to fully recover in 2024. Among them, Thailand** tourism revenue is expected to increase by 85% year-on-year in 2023. In addition, digital payments account for more than 50% of the region's total transaction value, which also boosts the development of digital financial services. Vietnam has become one of the fastest-growing regional countries in terms of digital payments, with a 19% year-on-year increase in total digital payment transactions in 2023.
In September 2023, negotiations on the ASEAN Framework Agreement on the Digital Economy were officially launched, which covers digital**, cross-border e-commerce, cybersecurity, digital payments and other areas, aiming to accelerate ASEAN's digital transformation. ASEAN Secretary-General Ko Kim Hong said that with the implementation of this agreement, the size of the digital economy in the ASEAN region is expected to increase to 2 trillion US dollars by 2030, which will enhance ASEAN's vitality and competitiveness in the global economy.
Tang Zhimin, director of the China-ASEAN Research Center of Thailand's Chia Tai School of Management, believes that the development of ASEAN's digital economy has broad prospects. Ideal population age structure and steady economic growth momentum have all contributed to the development of the region's digital economy, and Chinese companies' investment in cross-border e-commerce, digital payment and logistics facilities has also played an active role. Chua Wei Cai, senior vice president of Thailand's Kasikornbank, believes that the boom in e-commerce has created new and effective sales channels, and has become a new engine to promote ASEAN**.
Economic and trade cooperation with China is booming
Tropical fruits, Lao beer, tapioca flour ......During the Spring Festival this year, the China-Laos railway cargo transportation was hot, and the special products from ASEAN countries enriched the dining table of the Chinese people. There are also many Chinese tourists who choose to take the China-Laos Railway train for cross-border travel, and the China-Laos Railway international passenger train is "hard to find".
The fiery scene along the China-Laos Railway is a vivid portrayal of the vigorous development of economic and trade cooperation between China and ASEAN countries. According to the data released by the General Administration of Customs of China, in 2023, the bilateral ** between China and ASEAN will continue to grow, and the import and export scale will reach 641 trillion yuan. ASEAN has maintained the status of China's largest partner for four consecutive years, and China has also become ASEAN's largest partner for many years.
Leong Chi Wah, Secretary-General of Malaysia's Belt and Road Committee, said that the implementation of the Regional Comprehensive Economic Partnership Agreement and the construction of the China-ASEAN Free Trade Area have provided more convenient conditions for exchanges between China and ASEAN countries, and expanded the depth and breadth of economic and trade cooperation. He believes that the deepening of cooperation between China and ASEAN in cross-border investment and infrastructure construction has become the highlight of bilateral cooperation.
China and ASEAN are each other's most important investment destinations. The digital economy, green economy, and new energy are becoming investment hotspots, and the performance of new energy vehicles is particularly eye-catching. In recent years, a number of Chinese new energy vehicle companies have actively invested in the construction of factories in ASEAN countries. At the end of April 2023, the construction of the 120,000-square-meter SAIC CP New Energy Industrial Park will start in Thailand, which will focus on the local production of key components for new energy vehicles. In January 2024, Nezha Automobile signed a contract with a Malaysian partner to cooperate in the construction of overseas plants.
Tang Zhimin believes that China's investment in ASEAN countries will promote quality upgrading, promote the deep interconnection of the industrial chain, and further enhance the production and manufacturing capacity of ASEAN countries. Liang Zhihua believes that China and ASEAN countries will deepen economic and trade cooperation, boost the industrial upgrading of regional countries, promote economic growth in Asia and the world, and provide more development opportunities for all countries.
BANGKOK, Feb. 27 (Xinhua) --