The six major countries in South East Asia – Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam – have a combined population of 582 million and GDP of USD 3 trillion. If it were a single nation, it would be the third most populous country and the fifth largest economy in the world. It would also have the eighth largest consumption expenditure globally.
The region is among the fastest growing in the world, with ASEAN (Association of Southeast Asian Nations) having witnessed an average annual GDP growth of 5.3% between 2000 and 2018, supported by an increasingly well-educated workforce, abundant natural resources and favorable geographic location at the heart of the Asia-Pacific region. In 2019, it was the fourth largest export destination for the US, after Canada, Mexico and China, receiving USD 108 billion worth of exports originating from the US.
While nearly every sector in the six major South East Asian countries have been adversely affected by the outbreak, the virus is also creating opportunities by realigning supply chains, accelerating digitalization and automation, and driving medical sector innovation.
This report provides an overview of the economic impact and key business trends resulting from the COVID-19 pandemic, as well as specific opportunities for Virginia exporters in SE Asia. For each of the six key markets you will find the following:
- Snapshot of the Digital Landscape
- Digital Education