GDP of ASEAN about to surpass UK

GDP of ASEAN near to surpass United Kingdom

Gross Domestic Product of the 10 ASEAN states, comprised of Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam, has risen to approximately $2.2 trillion in 2012 - putting it very near to the United Kingdom, whose economy stood at $2.4 trillion at the same time. With a per capita income of $61,046, Singapore is the richest in ASEAN, while Myanmar the poorest at $1,405. In the U.K. it was $36,728.

The 10-member ASEAN now have a GDP nearly equal the UK

Average per capita income in the 10 countries roughly doubled from $2,900 in 2000, to $5,600 in 2011. Inward flow of foreign direct investment (FDI) to ASEAN, meanwhile, has increased more than fourfold - from $21.81 billion in 2000 to $114.08 billion in 2011. Population living under poverty in the region, on the other hand, decreased from 29% to 15% from 2000 to 2010.

The ASEAN bloc boasts around 9% of the world’s population with 600 million inhabitants, compared to Britain’s 63 million. Indonesia alone made up 39.5% of the group’s population, and is also the region’s biggest economy at around $950 billion. As a whole, ASEAN beats India ($1.9 trillion) but remains far behind China ($8.2 trillion) and Japan ($6 trillion), the 2 economic giants responsible for 69% of Asia’s GDP.

Despite its robust growth in the past decade however, ASEAN has fallen behind China. In 2000, ASEAN’s per capita income of $2,900 was richer than China’s $2,400. By 2011, the ASEAN figure rose to $5,600 while China grew to $8,400. In Japan it was $36,266 and India $3,851. The region is predicted to record a growth rate of 3.9% this year, bringing its total GDP to $2.3 trillion.

Map of ASEAN and the United Kingdom

In Britain, the economy is heading for its fastest expansion since the onset of the financial crisis, with economists upgrading their forecasts for growth through 2015. The rates though, is nowhere near its ASEAN counterpart. GDP is scheduled to rise 1.3% this year and 2% in 2014, accelerating to 2.4% in 2015. That would be the fastest since 2007.

The United Kingdom is the world’s 6th largest economy after the U.S., China, Japan, Germany and France. In 2011, Brazil notched up a growth of 2.7% and overtook the U.K., but the latter was able to re-overtake Brazil in 2012. The once emerging South American nation is currently suffering a slowdown, growing only a mere 0.9% in 2012, coupled with a plunging currency. If ASEAN were a single entity, it would rank as the eighth largest economy in the world, just behind Brazil.

It is inevitable that ASEAN would overtake the U.K., the only question being when. At the moment some fear Indonesia is heading for crisis. Growth in the second quarter dropped below 6%, deficits in both the current account and trade widened markedly, the rupiah fell some 10% in August to its lowest level against the U.S. dollar in four years, and investor confidence has been shaken. Indonesia is the region’s biggest economy.

Britain was the world’s largest economy from 1830 to 1900

After India, Indonesia has been the Asian economy that has received most scrutiny from markets concerned about its current account deficit and reliance on capital inflows. More fundamentally, market pressure is raising awkward questions about the growth model of an Indonesian economy that has cruised along without laying the policy foundations for sustained development. Last month, the IMF downgraded Indonesia’s growth estimates and advised the Indonesian government to prioritize matters concerning inflation, the current account deficit, and foreign exchange reserves level.

Source: … since-2000 … 6724722794 … -potential … 99124.html … oment.html … conomy.htm … z2fggdhHZk

10 nearly equal to 1 or one trading block equal to one individual economy, isnt it still far ? or am I wrong ?