In 2022, Malaysia's real gross domestic product (GDP) grew by 8.7 percent. In comparison, Brunei experienced a negative GDP growth of 1.5 percent that year. In contrast to GDP growth rates for East Asia, Southeast Asian countries' annual GDP growth rates increased in 2022, except for Singapore.
Southeast Asia, a tapestry of economic and cultural complexity
Historically a critical component of global trade, Southeast Asia is a diverse region with heterogeneous economies. The region comprises 11 countries in total. While Singapore is a highly developed country economy and Brunei has a relatively high GDP per capita, the rest of the Southeast Asian countries are characterized by lower GDPs per capita and have yet to overcome the middle-income trap. Malaysia is one of these countries, having reached the middle-income level for many decades but yet to grow incomes proportionally to its economic development. Nevertheless, Southeast Asia’s young population will further drive economic growth across the region’s markets.
ASEAN’s economic significance
Aiming to promote economic growth, social progress, cultural development, and regional stability, all Southeast Asian countries except for Timor-Leste are part of the political and economic union Association of Southeast Asian Nations (ASEAN). Even though many concerns surround the union, ASEAN has avoided trade conflicts and is one of the largest and most dynamic trade zones globally. Factors such as the growing young population, high GDP growth, a largely positive trade balance, and exemplary regional integration hold great potential for future economic development in Southeast Asia.
Growth rate of the real gross domestic product (GDP) in Southeast Asia from 2017 to 2022, with forecasts to 2024, by country
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IMF. (April 11, 2023). Growth rate of the real gross domestic product (GDP) in Southeast Asia from 2017 to 2022, with forecasts to 2024, by country [Graph]. In Statista. Retrieved September 20, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/621011/forecasted-gross-domestic-product-growth-rate-in-southeast-asia-2017/
IMF. "Growth rate of the real gross domestic product (GDP) in Southeast Asia from 2017 to 2022, with forecasts to 2024, by country." Chart. April 11, 2023. Statista. Accessed September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/621011/forecasted-gross-domestic-product-growth-rate-in-southeast-asia-2017/
IMF. (2023). Growth rate of the real gross domestic product (GDP) in Southeast Asia from 2017 to 2022, with forecasts to 2024, by country. Statista. Statista Inc.. Accessed: September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/621011/forecasted-gross-domestic-product-growth-rate-in-southeast-asia-2017/
IMF. "Growth Rate of The Real Gross Domestic Product (Gdp) in Southeast Asia from 2017 to 2022, with Forecasts to 2024, by Country." Statista, Statista Inc., 11 Apr 2023, https://www-statista-com.ezproxy.canberra.edu.au/statistics/621011/forecasted-gross-domestic-product-growth-rate-in-southeast-asia-2017/
IMF, Growth rate of the real gross domestic product (GDP) in Southeast Asia from 2017 to 2022, with forecasts to 2024, by country Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/621011/forecasted-gross-domestic-product-growth-rate-in-southeast-asia-2017/ (last visited September 20, 2024)
Growth rate of the real gross domestic product (GDP) in Southeast Asia from 2017 to 2022, with forecasts to 2024, by country [Graph], IMF, April 11, 2023. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/621011/forecasted-gross-domestic-product-growth-rate-in-southeast-asia-2017/