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Growth in the
Association of Southeast Asian Nations (ASEAN) will accelerate next year,
keeping it above the global average, according to a report Friday on economic
integration in the 10-nation bloc.
Global economic growth
was projected at 3.3 percent this year, slightly down from last year's 3.4
percent, while ASEAN was expected to sustain last year's growth of 4.6 percent
before accelerating to 4.9 percent in 2016, said the ASEAN Integration Report (AIR).
Regional economic
integration would continue to contribute to economic resilience and growth
performance, said the AIR.
"Looking to 2015
and beyond, the macroeconomic landscape of ASEAN will continue to transform to
weather challenging global economic conditions," it said.
"Continued
efforts to implement economic integration initiatives embodied in the AEC
(ASEAN Economic Community) will have a significant, positive influence on trade
and FDI (foreign direct investment), promoting overall economic growth in the
region as well as stimulating structural transformation across ASEAN
economies."
The overall structure
of ASEAN economies has changed since the adoption of the AEC Blueprint in 2007
with the growing importance of the services sector.
The share of the
services sector in the economy steadily rose to 50.2 percent in 2014, while the
industry and the agriculture sectors' share declined to 38 percent and 11
percent respectively.
Growth has been driven
by an increasing share of FDI inflows to the services sector, as well as a
solid performance in the trade sector, contributing to the region's output
expansion.
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