ASEAN larger economy than India

United Overseas Bank (a Singporean Bank) estimates that by 2025, China's economy will be worth $28 trillion, just behind the US at $29 trillion but well ahead of the euro zone at $20 trillion. The bank projections show that even by growing annually at just about two-thirds of the pace that it was used to between 2001 and 2013, the size of the 10-member Asean economy could exceed $4 trillion by 2020, which is roughly the size of Germany last year and would be nearly four times larger by 2030 at $9 trillion, equal to China's economy in 2013.

ASEAN is a larger economy than India now and should stay larger than India into the 2020s. ASEAN should pass the size of Japan's economy in the 2020s. ASEAN could catch up to the size of the EU economy by 2050.

The Asian Development Bank (ADB) has estimated that by 2030, 500 million people in Southeast Asia will be classified as middle-income, representing nearly 65% of the population, compared with 29% in 2010.

The projections for Southeast Asia are achievable, going by recent developments in the region including the opening up of Myanmar, the presidential election in Indonesia and the return of stability in Thailand after the recent military coup," UOB said. "In addition, less-developed members such as Myanmar, Cambodia, Laos and Vietnam have plenty of room for growth and to catch up given their low starting base.


Read more »