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Asian Economy

Economic Outlook for Southeast Asia, China and India 2019 - TOWARDS SMART URBAN TRANSPORTATION

Date of Editorial Board meeting: 
Publication date: 
Thursday, December 20, 2018
Abstract in English: 
The Economic Outlook for Southeast Asia, China and India is a bi-annual publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region.
The Outlook comprises four main parts, each highlighting a particular dimension of recent economic developments in the region. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second part consists of a special thematic chapter addressing a major issue facing the region. The 2019 edition of the Outlook looks at smart cities, with a special focus on transportation. Addressing traffic congestion, in particular, is critical in realising the potential benefits of urbanisation for growth. The third part of the report includes structural country notes offering specific recommendations for each country, and the fourth part discusses the recent progress made in key aspects of regional integration.
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Number of pages: 
279
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ASEAN 2030: Toward a Borderless Economic Community

Date of Editorial Board meeting: 
Publication date: 
Friday, July 18, 2014
Abstract in English: 
This book examines development issues for members of the Association of Southeast Asian Nations and concludes that they have the potential to reach by 2030 the average quality of life enjoyed today in advanced economies. This book investigates long-term development issues for members of the Association of Southeast Asian Nations (ASEAN). It finds that with a proper policy mix including domestic structural reforms and bold initiatives for regional integration, by 2030 ASEAN has the potential to reach the average quality of life enjoyed today in advanced economies and fulfill its aspirations to become a resilient, inclusive, competitive, and harmonious (RICH) region.Key challenges moving forward are to enhance macroeconomic and financial stability, support equitable growth, promote competitiveness and innovation, and protect the environment. Overcoming these challenges to build a truly borderless economic region implies eliminating remaining barriers to the flow of goods, services, and production factors, and strengthening competitiveness and the institutional framework, while updating some governing principles. But ASEAN should not copy the European Union. It must maintain its flexibility and pragmatism, without creating a fat regional bureaucracy.
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340
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Tomorrow’s Silk Road: Assessing an EU-China Free Trade Agreement – 2nd edition

Date of Editorial Board meeting: 
Publication date: 
Monday, June 25, 2018
Abstract in English: 
In developing its international trade strategy since 2006, the EU has placed a strong emphasis on concluding Free Trade Agreements (FTAs) with dynamic East Asian economies. Until very recently, however, no explicit mention has been made of China – the region’s largest and most dynamic economy – as a possible candidate for an FTA with the EU. This oversight becomes even more glaring if one considers the magnitude of the economic intercourse that already exists today between these two trading partners. China is the logical sequel in the Union’s trade strategy for East Asia. This study attempts to provide a solid analytical basis for negotiations on an EU-China Free Trade Agreement (formally, Free Trade Area treaty). The first official suggestion for such an FTA, made by Chinese President Xi Jin Ping in the spring of 2014, has recently been considered, cautiously and under various conditions, by the EU as well.
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333
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Can India Grow? Challenges, Opportunities, and the Way Forward

Date of Editorial Board meeting: 
Publication date: 
Wednesday, November 16, 2016
Abstract in English: 
Despite India’s impressive economic growth rates in the mid-2000s, the long-term magnitude and sustainability of this progress remains uncertain. India’s rapid population expansion requires that the country sustain long-term growth to enable job creation over time. For the country to achieve this enduring trajectory, India must correctly identify the economic fundamentals behind such growth. This should include both short-term, cyclical barriers and long-term, structural impediments that hold it back. Articulating a set of policy priorities and guiding principles that address these issues is the best way forward for India’s future economic prospects.
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152
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The Future of the World Trading System: Asian Perspectives

Date of Editorial Board meeting: 
Publication date: 
Friday, June 14, 2013
Abstract in English: 
This book looks at how Asia has built a deep network of supply chains and is experimenting with new forms of regional trade governance.
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171
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Silk Road 2.0: US Strategy toward China’s Belt and Road Initiative

Date of Editorial Board meeting: 
Publication date: 
Wednesday, October 4, 2017
Abstract in English: 
The balance in Eurasia is shifting. China’s President Xi Jinping has ambitious visions for Asia, while the rest of the world reshuffles to find its place in the rapidly changing global order. Each nation guesses at the United States’ new role in the world, while China broadcasts its own role across the globe, ready to challenge those who stand in opposition to its vision. China’s impact is global: reaching from the perils of the Korean peninsula; stretching across Asia, the Middle East, and Africa; and influencing regimes along the way. During this historic moment, the importance of Asia to US interests grows all the greater.
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66
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APEC Connectivity Blueprint

Date of Editorial Board meeting: 
Publication date: 
Thursday, January 1, 2015
Abstract in English: 
Connectivity is the high-level framework toward which many APEC work streams will focus their efforts. The Blueprint is a strategic guide for current and future initiatives that will bring the APEC region closer together to strengthen economic integration. Connectivity is an ambitious target for a diverse regional organization such as APEC, but it is precisely that ambition that will drive strong and tangible achievements. Connectivity will be important not only for governments and businesses, but also for the APEC community as a whole. By connecting APEC’s developed and emerging growth centers, the region’s quality of growth will improve, contributing to the Asia-Pacific’s economic prosperity and resilience.
The Blueprint contains existing connectivity-related initiatives, encourages reviving those initiatives that require further progress, and proposes creating future initiatives to lead APEC progress. The Blueprint is also broad in scope and adaptable to the ever-changing conditions in the Asia-Pacific.
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88
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Global Transitions and Asia 2060: Climate, Political-Economy, and Identity

Date of Editorial Board meeting: 
Publication date: 
Wednesday, November 3, 2010
Abstract in English: 
The purpose of this study is to embed a long-term futures-thinking approach in current policy discussions on the future of Asia in academic, governmental, and business arenas. The objective is to explore the future of Asia given current conditions on the planet, expressed in three subthemes: 1) Asia at the carbon and energy crossroads, 2) Asia and new models of economy and governance – toward an Asian Union, and 3) Asian identity in transition and transformation.
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54
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The Future of US Extended Deterrence in Asia to 2025

Date of Editorial Board meeting: 
Publication date: 
Wednesday, October 1, 2014
Abstract in English: 
The Future of US Extended Deterrence in Asia to 2025, by Brent Scowcroft Center Senior Fellow Robert A. Manning, examines the past, present, and future of US extended deterrence in Asia and outlines how the United States, along with its allies and partners in the region, can counter China’s growing military and economic power. The report covers a number of future concerns for the US-South Korea alliance, the US-Japan alliance, and new threats to deterrence in the cyber and space domains.
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32
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Australia in the Asian century

Date of Editorial Board meeting: 
Publication date: 
Monday, October 1, 2012
Abstract in English: 
Asia’s rise is changing the world. This is a defining feature of the 21st century—the Asian century. These developments have profound implications for people everywhere.

Asia’s extraordinary ascent has already changed the Australian economy, society and strategic environment. The scale and pace of the change still to come mean Australia is entering a truly transformative period in our history.

Within only a few years, Asia will not only be the world’s largest producer of goods and services, it will also be the world’s largest consumer of them. It is already the most populous region in the world. In the future, it will also be home to the majority of the world’s middle class.

The Asian century is an Australian opportunity. As the global centre of gravity shifts to our region, the tyranny of distance is being replaced by the prospects of proximity. Australia is located in the right place at the right time—in the Asian region in the Asian century.

For several decades, Australian businesses, exporters and the community have grown their footprint across the region. Today, for Australia, the minerals and energy boom is the most visible, but not the only, aspect of Asia’s rise. As the century unfolds, the growth in our region will impact on almost all of our economy and society.

An increasingly wealthy and mobile middle class is emerging in the region, creating new opportunities. They are demanding a diverse range of goods and services, from health and aged care to education to household goods, and tourism, banking and financial services, as well as high‑quality food products.

Beyond economic gains, there are many valuable opportunities for building stronger relationships across the region, including through closer educational, cultural and people‑to‑people links.

Our nation also has the strength that comes from a long history of engagement with countries in Asia. Australia’s relationships in our region are strong and robust, including with Asian nations like China, Japan, India, Indonesia and the Republic of Korea (South Korea). But in this Asian century we must enter a new phase of deeper and broader engagement.

This White Paper provides a roadmap for the whole of Australia—governments, business, unions, and the broader community—in this next phase. Our goal is to secure Australia as a more prosperous and resilient nation that is fully part of our region and open to the world.

Australia starts from a position of strength. Just as our region has a lot to offer us, we have a lot to offer our region. We have strong, world-leading institutions, a multicultural and highly skilled workforce, and a productive, open and resilient economy, which is one of the strongest in the world. These assets have been reinforced by a series of economic reforms and good decisions made over past decades, including Australia’s world-beating actions to avoid the worst impacts of the Global Financial Crisis.

Our strengths have long been reflected in Australia’s interaction with countries in Asia. Over the past 50 years, Australia’s trade with Asia as a share of our total trade has risen dramatically. Our financial, political and cultural links have deepened. We have strong relationships and close friendships with countries across the region.

But Australia’s success will be based on choice, not chance. In order to succeed, we must sustain the policy settings and pathways that have served us well. We need to reinforce our strong social foundations, including our national institutions, our cultural diversity and our outward-looking society.

We will need to do more than this—we all need to respond to the rapid changes occurring in our region.

Australians need to act in five key areas in order to succeed in the Asian century.

First, irrespective of how the Asian century evolves, Australia’s prosperity will come from building on our strengths. We need to reinforce the foundations of our fair society and our prosperous, open and resilient economy at home. We need to build on areas where we already perform well, in order to extend our comparative advantage. Critical to this will be ongoing reform and investment across the five pillars of productivity—skills and education, innovation, infrastructure, tax reform and regulatory reform.

Second, as a nation we must do even more to develop the capabilities that will help Australia succeed. Our greatest responsibility is to invest in our people through skills and education to drive Australia’s productivity performance and ensure that all Australians can participate and contribute. Capabilities that are particularly important for the Asian century include job‑specific skills, scientific and technical excellence, adaptability and resilience. Using creativity and design-based thinking to solve complex problems is a distinctive Australian strength that can help to meet the emerging challenges of this century. As a nation we also need to broaden and deepen our understanding of Asian cultures and languages, to become more Asia literate. These capabilities are needed to build stronger connections and partnerships across the region.

Third, Australia’s commercial success in the region requires that highly innovative, competitive Australian firms and institutions develop collaborative relationships with others in the region. Australian firms need new business models and new mindsets to operate and connect with Asian markets. We will work to make the region more open and integrated, encouraging trade, investment and partnerships. Firms will adapt their business models to seize the opportunities created in our region.

Fourth, Australia’s future is irrevocably tied to the stability and sustainable security of our diverse region. Australia has much to offer through cooperation with other nations to support sustainable security in the region. We will work to build trust and cooperation, bilaterally and through existing regional mechanisms. We will continue to support a greater role for Asian countries in a rules‑based regional and global order. Australia’s alliance with the United States and a strong US presence in Asia will support regional stability, as will China’s full participation in regional developments.

Fifth, we need to strengthen Australia’s deep and broad relationships across the region at every level. These links are social and cultural as much as they are political and economic. Improving people-to-people links can unlock large economic and social gains. While the Australian Government plays a leading role in strengthening and building relationships with partners in the region—with more intensive diplomacy across Asia—others across a broad spectrum spanning business, unions, community groups and educational and cultural institutions also play an important role. Stronger relationships will lead to more Australians having a deeper understanding of what is happening in Asia and being able to access the benefits of growth in our region. In turn, more of our neighbours in the region will know us better than they do today.

Success in the Asian century requires a whole-of-Australia effort, with businesses, unions, communities and governments being partners in a transformation as profound as any that have defined Australia throughout our history.

It is in the interests of all Australians—and therefore in the national interest—to develop the capabilities and connections that Australia will need, so that we can contribute to, and learn from, the region, and take full advantage of these opportunities.

The challenges ahead require sustained effort; Australians cannot build stronger relationships or learn new skills overnight, or even over five years, especially given the diversity of the countries in our region. Some actions can be taken immediately, but others require further conversation among communities across the nation, detailed planning and careful implementation over a generation.

Chapters 1 to 4 of the White Paper explain the extraordinary rise of Asia over recent decades and its likely future to 2025. They examine Australia’s place in Asia and our outlook to 2025. This sets the scene for a roadmap for Australia in the Asian century.

Chapters 5 to 9 set out an ambitious set of national objectives and pathways to guide Australia to 2025. Advancing and implementing these national objectives sets the agenda for taking full advantage of the Asian century, but achieving these objectives will require a concerted and coordinated effort from the entire community.
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