Open AccessAn Overview on Growth & Development of ASEAN Countries
Author(s) -
Ruchika Gahlot
Publication year - 2019
Publication title -
cross current international journal of economics, management and media studies
Language(s) - English
Resource type - Journals
ISSN - 2663-2462
DOI - 10.36344/ccijemms.2019.v01i01.002
Subject(s) - pace , business , goods and services , manufacturing sector , financial services , international trade , trade in services , economics , international economics , economy , trade barrier , finance , geodesy , geography
The main idea behind this study report is to understand the economic growth as well as the developmental prospects of the ASEAN economy. The study focuses on giving brief information about the ASEAN to the reader and also giving a picture that is as true as possible about the current economic and developmental scenario in the region. The study is entirely based on secondary sources of information. During the study it was found that most of the ASEAN nations which are considered to be manufacturing oriented have been shedding their image. The services sector currently employs more people than the industries sector in most of the countries. The services sector has been growing at a faster pace and can replace the industries and manufacturing sectors as the largest contributor to the ASEAN economy in the coming years. The industries like financial services, consumer goods, telecommunications have been broadening their markets rapidly and extensively due to a large consumer bas that has been formed in the ASEAN.