A fast-growing consumer market
The story of the ASEAN has been one of robust economic growth.
Between 2000 and 2014, the ASEAN’s real GDP growth rates averaged 5.3% per year, compared to the global average of 3.9% per year. Even during
the global financial crisis of 2008–2009, the ASEAN economy was resilient: its annual real GDP growth slowed to 2.2% in 2009, but this bounced back to 7.7% in 2010.
As a consumer market, the ASEAN is a growing hub of consumer demand, with total consumer expenditure rising by 115% between 2000 and 2014, equivalent to an average annual growth of 5.6% in real terms. As of 2014, the ASEAN market was worth over US$1.4 trillion in total consumer expenditure.