Yesterday, The ASEAN Post published an article titled, “The Future Of Consumption In ASEAN” that discussed the four “mega-forces” identified by the World Economic Forum (WEF) that will determine the pace and scale of the region’s growth.As ASEAN as a bloc is expected to become the world’s fourth-largest economy by 2030, the region’s consumer habits are also expected to change in that period.
ASEAN is the world’s third most populous economy and is projected to become the fourth largest economy by 2030. By then, domestic consumption, which powers roughly around 60 percent of ASEAN’s gross domestic product (GDP) today, is expected to double to US$4 trillion. The population too will reach 723 million from the current 648 million people.As a bloc, ASEAN is facing uncertainty from disruptions caused by the current COVID-19 pandemic.
As of 25 October, over 800,000 cases of the coronavirus disease have been reported across ASEAN, inching closer towards the 900,000 mark. The deadly virus has also taken some 21,000 lives in the region.
ASEAN is set to become the world’s fourth largest economy by 2030, and it is a transition that will be championed by an increasingly tech-savvy younger population which is rapidly rising up the socio-economic ladder. ASEAN’s digital economy – a collective term for all economic transactions that occur online – will progress in hand with this, and is expected to expand 6.4 times from US$31 billion in 2015 to US$197 billion by 2025 according to the Economic Research Institute for ASEAN
Most industries have been severely impacted by the COVID-19 pandemic with some hit more than others. When the deadly virus first broke out in Wuhan, China, one of the first sectors to feel the brunt of the coronavirus was tourism.
Indonesia has an issue as far as meeting the challenges of the Fourth Industrial Revolution go. The quickly evolving landscape and potential demands on the country’s workforce is shaping into a real concern.
Every year, the World Economic Forum (WEF)’s Executive Opinion Survey polls business leaders from around the world on their perceptions of top global risks.
The gig economy refers to the hiring of independent contractors and short-term workers by businesses. Talents that make up the gig economy are usually called freelancers, gig-workers, independent contractors and free agents.In recent years, more professionals are joining the gig economy to look for additional income or a change of pace in work.Technology is enabling gig economy workers to take on extra or freelance work from anywhere in the world.
The coronavirus pandemic has heaped pressure on the troubled World Trade Organization (WTO), a WTO leadership candidate said, warning the crisis could spell the end of rules-based international trade altogether.Liam Fox, Britain's first post-Brexit international trade secretary and one of eight candidates vying to become the WTO's next director-general (DG), voiced concern that countries might turn their backs on its multilateral trading model."The reaction of some countries to