ASEAN economy has proven itself to be resilient, but there are lingering challenges and risks, including the sovereign debt crisis and fiscal problems in some developed markets, rising food and commodity prices, and continued financial market stresses.
The ASEAN Economic Ministers made the observation and reminder at the 43rd ASEAN Economic Ministers (AEM) meeting here on August 10 and 11, 2011.
According to the ASEAN secretariat’s press release received here yesterday, ASEAN’s recovery as a whole has matured as both exports and domestic demand fueled growth to expand by 7.5 per cent last year.
Intra-regional trade and investment flows also showed an upward momentum and are likely to support domestic growth this year, which is projected between 5.7 per cent and 6.4 per cent.
ASEAN`s merchandise trade grew at 32.9 per cent last year, as trade value jumped from USD 1.54 trillion in 2009 to USD 2.04 trillion last year, after the 19 per cent decline in 2009,” according to ASEAN`s high ranking officials as quoted by the secretariat.
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As an attractive foreign direct investment (FDI) destination, ASEAN has maintained its allure.
FDI into ASEAN reached USD 75.8 billion last year, doubling the 2009 level, and surpassing the pre-global crisis peak in 2007 of USD 75.7 billion.
Over the last ten years, FDI flows in ASEAN grew at an annual average rate of 19 per cent.
The week-long Economic Meetings in Manado this week also included the 25th ASEAN Free Trade Area (AFTA) Council and the 14th ASEAN Investment Area (AIA) Council Meetings, both held annually.
… contd. –http://www.indianexpress.com/news/ASEAN-economy-grows-by-7-5-per-cent/832635/
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