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Economic Rejuvenation and ASEAN Model

World Affairs December 1, 2022

By NewsChina Updated Mar.1

A new economic growth point is on the horizon among Southeast Asian nations, where important international conferences, such as the ASEAN and East Asia Summits, the G20 and the APEC meeting were hosted in 2022. ASEAN is expected to become the world’s fourth-largest economic grouping by 2030 if its GDP growth, 5.2 percent last year, keeps its momentum. ASEAN enjoys free trade. Once the Regional Comprehensive Economic Partnership (RCEP) fully implemented, over 90 percent of goods will be tariff-free. However, challenged by a vicious inflation unseen in 40 years following price hikes and interest rate increase, ASEAN countries are blazing a new trail to counteract it by developing a digital economy and new energy vehicles for its fast-growing market.