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ASEAN conveys positive outlook at World Economic Forum 2023


The Association of Southeast Asian Nations (ASEAN) conveyed a positive outlook for the region at the recently concluded World Economic Forum (WEF) 2023 in Davos, Switzerland. ASEAN recorded a total gross domestic product (GDP) of USD3.3tr in 2021, making it the fifth-largest economic region in the world and the third-largest in Asia. ASEAN is well on track to become the fourth-largest economy by 2030. Studies have shown that ASEAN, as a neutral bloc, is a net beneficiary of China’s reopening. Foreign direct investment (FDI) inflows into ASEAN reached its highest-ever level in 2019 at USD182bn, making ASEAN the largest recipient of FDI in the developing world. There was a robust rebound in FDI inflows in 2021, which surged 42% to USD174bn.

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