China drew Western condemnation on Friday over plans for a national security law to quash Hong Kong's pro-democracy movement as it opened an annual congress that also laid bare the "immense" economic challenges caused by the coronavirus.The 3,000-member National People's Congress (NPC) began with a minute of silence for China's victims of the coronavirus before Premier Li Keqiang delivered his annual version of the United States (US) president's "state of th
Philippine President Rodrigo Duterte’s ambitious ‘Build Build Build’ infrastructure program is coming under increasing pressure after claims that only nine of the planned 75 projects have started construction. Drawn up at the start of his presidency in 2016, Duterte’s US$180 billion infrastructure construction campaign of roads, railways, airports and bridges has been plagued by poor planning, red tape, right-of-way issues, engineering problems and cost overruns.Senate Minority Leade
The manufacturing sector has been one of ASEAN’s key economic growth drivers. Already, the region is a global manufacturing hub and is estimated to grow at a compound annual growth rate (CAGR) of 6.6 percent between 2016 to 2020.One key factor propelling demand in this sector is a 640 million strong regionwide consumer base with a growing middle-income segment. Rising incomes which shift consumption trends have also contributed to growth in this sector.
The Intergovernmental Panel on Climate Change (IPCC) projected that global warming is likely to reach 1.5 degrees Celsius above pre-industrial levels by 2030.
Last year, economists predicted Southeast Asia would be blessed with a strong and vibrant 2018. For next year, they’re not quite so optimistic.Moderating economic growth and higher interest rates lie ahead. The Federal Reserve is set to keep everyone on edge as it navigates an even trickier interest-rate path in 2019, while the trade war between the U.S. and China is already hurting exports in the region.
For President Joko Widodo, the Indonesian economy is offering little cheer as he gears up to run for a second term.Growth is nowhere near the seven percent Widodo envisioned when he took office in 2014, and he has to once again contend with a currency rout and a widening current-account deficit.
The story of economic growth within the Association of Southeast Asian Nations (ASEAN) is a remarkable one. Having successfully weathered economic headwinds like the 1997 Asian financial crisis and the 2008 global economic meltdown, ASEAN’s gross domestic product (GDP) has more than quadrupled since 1999, from US$577 billion in 1999 to US$2.5 trillion in 2016, making it the sixth-largest economy in the world.
To consolidate its growing economy, Vietnam is looking to launch Special Economic Zones (SEZs) to boost growth and to attract foreign investments to the country. The three SEZs are slated for development in Van Don, North Van Phong and Phu Quoc. According to Vietnam Investment Review in January 2018, draft laws for the SEZs are being discussed and are nearing completion. Vietnam’s economic growthVietnam’s economy in 2017 was deemed to be one of the best performing in the region.
ASEAN’s positive economic growth has seen many changes in the way its citizens go about their daily lives. With an economy that is fast improving and the potential for progress still intact, the rise of the middle class is very much apparent within the region. An increase in disposable income has allowed some room for people to spend on items or products that might not be a necessity.
China owes its economic-growth miracle largely to local governments. But, as the country attempts to build a more modern and sustainable economy, in a context of lower overall growth, local governments need to adapt. What will happen when they do?Despite the occasional inappropriate intervention, local governments have been very successful in preserving the market and fostering the spirit of entrepreneurship over the last three decades or so.
Brunei's seemingly vulnerable economic position is seen by China as an opportunity. The Asian superpower looks to engage with Brunei and this rejuvenated relationship could be beneficial to both parties in the long-term. How swift Brunei reacts and takes its chances could result in the petroleum rich nation successfully diversifying its economy for a brighter future.