Same arguments apply to ASEAN. Levels of economic development differ even more than within Europe. The ASEAN countries that have a higher share of services and manufactured goods in their GDP have very different business cycles than those countries that rely more on the production of raw materials. Most countries in ASEAN have not yet reached economic maturity. For some countries there is a lot of room for growth, and some are already growing very rapidly. Such take-off growth periods are not that of stability.