ANZ’s forecasts suggest ASEAN is set to become the fourth largest market after the EU, US, and China by 2030. The region’s population of 650 million is expected to grow by seven million a year and the nominal gross domestic product of $US2.7 trillion, a near doubling in the past decade, will continue to rise.
However, ASEAN’s share of total trade with Australia has largely been stagnant in recent years – and while existing trade in goods and services is strong, much of it is concentrated in four out of the ten ASEAN countries.
This points to significant opportunity for growth in the region. As the Australian bank with the strongest presence in ASEAN markets, we bring you our views and insights on what lies ahead.