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Strong 2021 rebound predicted for ASEAN nations

Strong 2021 rebound predicted for ASEAN nations

Strong 2021 rebound predicted for ASEAN nations

ASEAN:

Despite the effects of Covid-19 and the general slowdown in activity this year, both the Asian Development Bank (ADB) and the International Monetary Fund (IMF) have projected a strong rebound for Southeast Asia’s economies in 2021. These range from 4.7% from the ADB to 6.2% according to the IMF World Economic Outlook. The IMF estimates that advanced economies including the US and UK will grow 4.8% in 2021. Southeast Asia, as organised under the Association of Southeast Asian Nation (ASEAN) grouping, comprises Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, Cambodia, Myanmar, Brunei and Laos.

Even though there has been a global economic slowdown, it’s reported that Southeast Asia’s economies will contract to lesser extent. According to the IMF, the world economy will shrink 4.9% in 2020, while Southeast Asia’s economies will contract by only 2%.

Richard Tan, executive director of InfoCommAsia, which organises InfoComm Southeast Asia, said: “The global economy is facing some serious headwinds this year, due to the Covid-19 global pandemic and geopolitical uncertainties. But it has become apparent that Southeast Asia is well-placed to emerge even stronger from these global crises. For businesses that are seeking new markets and growth opportunities in challenging times, the Southeast Asian region is a bright spot which will continue to shine.”

This is reportedly due to the region’s fast-growing middle class which was twice the size in 2020 as it was in 2012, as well as higher spending power, increasing urbanisation and the growth of smart cities, which require cutting-edge technology. Global events have also accelerated interest in digitisation and technology in Southeast Asia.

InfoComm Southeast Asia 2021 will be co-located with a new platform for emerging technologies, NIXT Southeast Asia, which is also organised by InfoCommAsia. NIXT – Next Integrated Experience Technology – aims to leverage next-generation technologies like AI, 5G, robotics, wearables, quantum computing and IoT.

Added Tan: “Due to Covid-19, there has been a collective awakening to the importance of technologies that not only prepare us for similar occurrences in a healthcare context, but also in enabling a new digital lifestyle in a post-pandemic future. The demand for professional audiovisual applications and emerging technologies in the region was already clearly evident in 2019. But global events have taken this up a notch. Amidst increasing challenges to global trade, InfoComm Southeast Asia provides an agnostic platform for brands from all countries around the world to compete in this promising regional market.”

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