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Asia’s rising economies are more than ‘China Plus One’ destinations
- The Philippines, Indonesia, Vietnam, India and Thailand have benefited from global supply chain diversification and are poised to capitalise on their large labour pool and potential consumer market to reach the next level of development
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Janet Pau is executive director of the Asia Business Council.
Asia’s four little dragons have been emblematic of the region’s remarkable economic growth over the last half a century. In this Year of the Dragon, several other emerging regional economies are poised to rise as the new dragons.
The original dragon economies of Hong Kong, Singapore, Taiwan and South Korea achieved rapid growth from the 1960s to the early 1990s largely through export-oriented models, leveraging their competitive advantages in manufacturing and trade, and pursuing a high degree of openness.
China followed in their footsteps when it implemented economic reforms and integrated itself into global supply chains.
Today, the Philippines, Indonesia, Vietnam, India and Thailand, which have large populations but are currently less developed than China in terms of GDP per capita, are set to take flight. They achieved credible average GDP growth in the years before the Covid-19 outbreak and rebounded strongly following the pandemic. Moreover, in recent years, they have garnered interest as “China Plus One” destinations for global supply chains and operations.
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