ACCORDING to the OECD Development Centre's 2010 Southeast Asian Economic Outlook, the six major ASEAN economies have returned to pre-crisis levels. With economic recovery underway across the region, GDP growth will average 6% annually across the ASEAN-6 countries over the 2011-2015 period, or about same level as the 2003-2007 period.

Despite this positive outlook, Kiichiro Fukasaku, an economist in the OECD Development Centre, said that the future growth should be more balanced across the ASEAN countries: ‘The global financial crisis has offered Southeast Asian countries an opportunity to rethink past growth strategies and define new development objectives. Both regional integration and national efforts will help promote more balanced growth in the region.’

To balance regional growth, Southeast Asian countries should take urgent action to improve medium-term fiscal frameworks, enhance external competitiveness by supporting new growth sectors and develop integrated regional transport infrastructure.