Released today, the report noted that continued efforts to implement economic integration initiatives embodied in the AEC will have a significant, positive influence on trade and foreign direct investment, promoting overall economic growth in the region as well as stimulating structural transformation across Asean economies.
It noted that the region remains relatively robust and better than the global average. Against the global growth forecast of 3.3 per cent in 2015, Asean’s economic performance remained resilient in 2014 at 4.6 per cent and the region is projected to sustain its growth momentum in 2015 before accelerating to 4.9 per cent in 2016. The relatively slower regional output growth in 2014 largely reflected lower growth by most of the larger economies in Asean (Indonesia, the Philippines, Singapore and Thailand) while Malaysia, Myanmar and Vietnam recorded higher growth rates in 2014 compared to 2013.