By Dr. Wilson Chew
Global growth outlook continues to be uncertain in 2023.
Changes in international economic conditions have led to a new era of rising costs,
underscoring the need for Singapore and its local enterprises to become more competitive.
Southeast Asia stands out as a bright spot amid global economic uncertainty.
ASEAN’s positive growth momentum can be the tide that lifts all boats,
especially forward-thinking SGEs.
Abstract
The article highlights ASEAN’s resilience and attractiveness as a growth market for Singapore global enterprises (“SGEs”) amid global economic uncertainties. While major economies face slowing growth, ASEAN remains a bright spot.
There are four key drivers that make ASEAN an attractive market. First, the expanding middle class is projected to drive consumer demand. Second, the region’s rapid digital adoption opens doors in e-commerce, AI-powered supply chain solutions, and digital services. Third, ASEAN’s increasing prominence as a global manufacturing hub positions SGEs in electronics, trade, and logistics to benefit significantly. Fourth, the implementation of the Regional Comprehensive Economic Partnership (“RCEP”) enhances ASEAN’s economic integration.
With ASEAN’s continued economic momentum, SGEs have the opportunity to expand strategically by leveraging market trends, adopting innovative business models, and capitalising on regional trade agreements. SGEs need to adapt and evolve their business strategies to fully seize the opportunities presented by ASEAN’s dynamic growth landscape.
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