S'pore sees Asean as bright spot in troubled world: DPM Gan

Asean is more relevant for the global economy than ever and its continued growth will bring considerable benefits to Singapore, noted Deputy Prime Minister Gan Kim Yong on Aug 29.

- Ovais Subhani

He told the Asean Conference 2024 that the world has become a more difficult place for investors amid US-China trade disputes, wars in Ukraine and the Middle East, tensions in the Taiwan Strait and rising protectionism.

"Amid all of this, Asean is a bright spot. It is increasingly becoming even more important going forward." Asean countries have the opportunity to show the world how to manage these challenges by collaborating with one another, added DPM Gan, who is also Trade and Industry Minister.

The nominal gross domestic product of the 10 Asean nations is estimated at around US$3.6 trillion (S$4.7 trillion).

This is expected to hit US$4.5 trillion by 2030, thanks to surging domestic consumption, exportdriven manufacturing and a young workforce, making it the world's fourth-largest economy.

Achieving that milestone means Asean needs to further strengthen its own economic integration, promote sustainability and digitalisation, and broaden trade and investment relations with non-Asean partners, said DPM Gan.