In a commentary “Growth and Stability in the Storm: Steering ASEAN Economies Together” for the Business Times, SIIA Chairman Mr Simon Tay discusses how Southeast Asia is entering a more uncertain economic and political phase, as global shocks, energy insecurity, inflation, and supply chain disruptions place growing pressure on ASEAN economies.
“Our region is shifting from the politics of expansion – with room to appeal to different interests – to questions of allocation,” Mr Tay writes.
“This means either/or choices over subsidies, wages, and support measures become sharper and more contested. Economic stress may rise faster than political systems can adjust.”
Mr Tay underscores the importance of regional cooperation and resilience, noting that ASEAN’s ability to weather external shocks will depend on stronger integration, trusted partnerships between governments, businesses, and workers, as well as collective action on issues such as energy security, supply chain stability, and macroeconomic surveillance and currency support systems.
“In this deepening storm, ASEAN economies are tied together and should steer together – connected to a wider regional and global system, and needing to act with greater coordination.”
Read the full commentary: https://www.businesstimes.com.sg/opinion-features/growth-and-stability-storm-steering-asean-economies-together
