MANILA, Philippines (AP) – The 10-countries of the Association of Southeast Asian Nations, or ASEAN, could form the world’s fourth largest economy by 2030 though work is needed to help small companies and reduce trade barriers, Malaysia’s Prime Minister Najib Razak said Friday.
Najib told a business forum on the sidelines of a summit of ASEAN leaders meeting in Manila that the combined size of the group’s economies will grow to $9.2 trillion by 2050.
He said more optimistic forecasts see that happening as early as 2030, turning the region into the world’s fourth biggest economy after the U.S., EU and China.
As of Nov. 2015, the region’s combined economy was nearly $2.7 trillion, ranking 7th largest in the world, he said.
Growth is crucial to ensure prosperity can be shared, Najib said. Some ASEAN members, like Singapore, are already affluent, but others, such as Myanmar and Laos, lag far behind.