17076
ASEAN Needs Inclusive Progress
World Economy

ASEAN Needs Inclusive Progress

Economic progress being sought by ASEAN must be sustainable and inclusive, with the fruits of success shared by all, said Prime Minister Datuk Seri Najib Tun Razak.
He noted that the establishment of the ASEAN Economic Community (AEC) by year-end would lead to a freer flow of goods, services, investment and skilled labor across the region.
 “All the signs and trends are in our favor,” he said in his keynote address at the 18th Asia Oil and Gas Conference 2015 at the Kuala Lumpur Convention Center here on Monday.
Najib, who is also finance minister, said the economic slowdown in China would not remove Asia from the center stage, with Southeast Asia having been transformed from a region of strife and poverty to one of progress and development over the last four decades.
“Since 2001, the 10 states that make up ASEAN have grown by 300%. A combined ASEAN would already count as the seventh largest economy in the world,” he said, adding, it was expected to be the fourth largest by 2050, at the latest.
“As it is, we are already the fourth largest exporting region in the world,” the prime minister said.  He noted that ASEAN’s urbanization and burgeoning middle class, expected to reach 144 million by 2017, were boosting consumer growth and demand for energy.
“Current energy consumption per capita is only half the global average, so considerable increase in demand is expected,” he said.
 Najib reiterated that as ASEAN chair this year, Malaysia would ensure that its Community-building efforts are people-centered, just as the country’s last budget focused on the “People Economy”.

 

Short URL : http://goo.gl/i3smGu

You can also read ...

Cybercrime cost has jumped by $155 billion since 2014.
Global businesses are losing the equivalent of nearly 1% of...
Pakistan to Be Placed Back on FATF List
Pakistan will be placed back onto an international terrorism-...
US Presses India to Cut Tariffs
US businesses and diplomats are pressing India to cut tariffs...
UAE Inflation  to Rise to 3.3%
Inflation is expected to rise to 3.3% in the UAE as the 5%...
Turkey will have the widest current account deficit this year at 4.5% of GDP, followed by Argentina and Colombia.
As the US and European countries embark on a monetary...
The ECB expressed more confidence that inflation would converge over time to its 2% target.
Released within 24 hours of each other this week, the minutes...
Europe’s main London, Frankfurt and Paris markets barely budged in early moves.
A stronger dollar and slightly higher global borrowing costs...
Fitch in November affirmed the country’s BB+ stable outlook rating.
Fitch, the ratings agency that cut South Africa’s sovereign...

Trending

Googleplus