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 ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...

Trending

Googleplus