The ASEAN 2024 business report by Dezan Shira & Associates addresses the impact of COVID-19 and the Russia-Ukraine crisis on the region’s economy. It also expects a 4.6 percent growth driven by demand from China and the United States.
Introduction to Doing Business in ASEAN 2024
The latest publication from Dezan Shira & Associates, Introduction to Doing Business in ASEAN 2024, is now available for download through the Asia Briefing Publication Store. The onset of the COVID-19 pandemic and the Russia-Ukraine crisis severely impacted ASEAN economies through rising inflation, with economies in the region growing at an average of 4.2 percent in 2023. In response, ASEAN members have quickened the pace of key reforms to improve the ease of doing business and attract foreign investment in new areas, such as high-value manufacturing capabilities and digital technology.
Impact on ASEAN Economies
For 2024, the ASEAN-6 economies are expected to show collective growth of 4.6 percent, driven by rising demand from China and the gradual pick-up in consumption in the United States. Despite the gloomy headlines surrounding China’s economy, manufacturing continues to slowly grow, which will have a positive spillover effect in Southeast Asia.
Reforms and Attracting Foreign Investment
In response to the economic challenges, ASEAN members have focused on improving the ease of doing business and attracting foreign investment in new areas, such as high-value manufacturing capabilities and digital technology. These reforms are aimed at driving growth and recovery in the ASEAN region.
Read the original article : An Introduction to Doing Business in ASEAN 2024 – New Publication from Dezan Shira & Associates
This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].
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ASEAN Briefing features business news, regulatory updates and extensive data on ASEAN free trade, double tax agreements and foreign direct investment laws in the region. Covering all ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam)