Southeast Asia is home to eleven beautiful countries and divided into islands and mainland regions. Burma (Myanmar), Laos, Thailand, Vietnam, and Cambodia are the countries that are part of the mainland zones.
On the other hand, Singapore, Malaysia, Philippines, Indonesia, East Timor, and Brunei are countries that are part of the island zones. The diversity of each country belongs at the core of the region’s fast economic growth.
For a long time, Southeast Asia has been an essential part of the world’s trading system, with five percent growth rate annually. The continent also illustrates a growing trade and economy, in spite of facilities and governing challenges. Here, we present the five wealthiest countries in Southeast Asia.
Singapore
Singapore has a robust trade-oriented market economy. This country has one of the most commerce-friendly economies in the global scene. Singapore is also the third wealthiest Asian nation with a Gross Domestic Product per capita of $52,960.7 U.S. dollar.
The efficient investment scheme in this country captivates plenty of global investors. The country’s interest in global investment and trade, as well as its practical and transparent regulatory system, attracts dynamic commercial activities.
Additionally, Singapore’s private sectors are the best source of economic competitiveness and resilience. Shrewd macroeconomic management and a reliable legal and political environment have been the primary factors of Singapore’s lasting success in preserving a dynamic and strong economy.
Investment advisor firms such as Ashe Morgan are also among the driving factors that make Singapore achieve a productive and growing economy. It can be difficult to see the signs of a developing country, that is why these firms are significant.
Brunei
Gas and oil profit helped Brunei to become one of the major oil players in Southeast Asia. However, lasting resolution to update the economic structure only achieved limited success.
Brunei’s economy is small-scale but prosperous, and aspects like government policies, health measures, and a highly conducive environment for running a business increases the growth of the economy of the country.
Brunei is the only existing monarchy among the Asian countries, governed by a sultan. The revenue from oil and gas contribute to at least 90 percent of Brunei’s Gross Domestic Product.
Malaysia
Malaysia’s dominance in the financial market expresses its efforts to locate itself as the prominent center of Islamic economic growth in Asia. The country is also outstanding in dealing with corruption and red tape issues.
The continuous economic changes have improved Malaysia’s competitiveness. Its financial area has gone through plenty of regulatory adjustments that involves alleviating the limits on foreign partnership in financial subareas.
Trading in Malaysia is relatively allowed, but the non-tariff barrier is still employed. Trading is crucial to the country’s economy as the profit of imports and exports equals to approximately 134 percent of the Gross Domestic Product.
Philippines
Regardless of the challenging global economic situation, Philippines has successfully reached a remarkable economic expansion. The country’s robust export efficiency and remittances have strengthened the private expenditure.
Also, the government of the Philippines is in pursuance of an array of legislative changes to improve all the entrepreneurial situation and cultivate a more stable private sector that is necessary to create continuous job growth.
The Philippines is a top competitor among the countries with the fastest growing economy all over the Asian region. The World Bank forecasted a 6.9% increase in the Gross Domestic Product this year. Plus the public infrastructure will hit a record high of $17.7 billion, which exceeds 5% of the GDP.
Numerous trades, investments, and tourism helped the economy of the country.Just this year, the Philippines has exceeded Vietnam’s and Indonesia’s, concerning their GDP. The industry sector had the fastest growth of 7.7%, so the gross national income grew by 6.5%.
Thailand
The government of Thailand has employed some measures to improve the regulatory effectiveness and incorporate the economy into the worldwide marketplace. The regulatory plan has become more transparent and productive.
The process for business development was streamlined and the financial zone is open for competition. The freedom of trading is rather high, even though non-tariff barriers remain to undermine the profits from trade.
The value of imports and exports equals to 132% of the Gross Domestic Product. The investment in various sectors of Thailand’s economy is limited. Nevertheless, the country made a notable development in economic and social growth. It managed to upgrade its economic ladder from low-income to an upper-income country.
Thailand’s reforms are long-term economic objectives. The reforms are human capital, financial stability, environmental sustainability, efficient government regulatory, just to name a few. The government of Thailand believes that these reforms can make a huge difference in their economy.
Takeaway
Over the past years, Southeast Asian countries made a considerable mark in the global economy. Evaluating the wealth of a country is one way to check its the overall economic health. And the Asian countries above are just a few of the promising nations that we expect to progress for the next ten years.