Asean economy poised to grow 6% annually in next five years

KUALA LUMPUR: The Asean economy has bright prospects and has the potential to grow at 6% per cent annually in the next five years, inspite of the global geopolitical issues, said Khazanah Nasional Bhd board member Tan Sri Andrew Sheng.

He said the Asean economic growth was discussed in a special session at the Khazanah Megatrends Forum 2017 held here yesterday, adding the digital economy was one way to advance the development in the region.

“Everybody has confidence about Malaysia and are very comfortable on Asean.

The industry participants were also confident that the maritime route, which will go through the Straits of Malacca, will be very good (to the region’s economic growth),” he told reporters on the sidelines of the two-day forum.

Sheng, who is also distinguished fellow of the Asia Global Institute at The University of Hong Kong, said the forum had anticipated the Asean economy to grow by more than 6% in the next five years.

This was in line with the optimism over a better global economy inspite of the worries about the geopolitical tensions, said Sheng.

“People think Asean is a very young economy.

“The potential for Asean to grow is huge,” he said.

Sheng noted that the inclusive small and medium enterprises development, which could help spur job creation, should be highlighted while implementing the digital strategy to boost the Asean economy.