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As supply chain management strategies shift from “just in time” to “just in case,” a growing number of companies from East Asia, the United States, and Europe are recalibrating their global sourcing and manufacturing footprints, ranging from consumer electronics to fashion apparel to automotive parts and other fields. mechanical. As a result, Boston predicts ASEAN exports will surge nearly 90% by 2031, to about $3.2 trillion per year. At the same time, overall global trade growth will be less than 30%.
ASEAN’s huge market with a total population of 685 million and a nominal GDP of US$3.6 trillion is another strong attraction. More than two-thirds of the region’s population is of working age, and the number of middle-income and wealthy households is expected to grow at around 5 percent a year over the next decade. ASEAN’s combined GDP is expected to grow by nearly 4.6% annually during this period. As a single economy, the trading bloc will become the world’s fourth largest by 2030.
(Source: Boston Consulting Image source: freepik)
