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ASEAN Economic Integration: Addressing Challenges and Embracing Opportunities

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  • Cyn‐Young Park

Abstract

This paper examines the macroeconomic and development policies to spur economic integration and growth in the Association of Southeast Asian Nations (ASEAN). It reviews how economic transformation and integration have fueled growth and job creation in the region. ASEAN's increased participation in global and regional value chains, with the People's Republic of China (PRC) as a regional hub, laid the solid foundation of regional production networks. However, with the changing role of the PRC in global value chains, the region needs to renew policy initiatives to address the development challenges and seize new growth opportunities with its single market goals. The analysis suggests the region requires strategic plans for infrastructure development, digitalization, and greater integration reinforced by the removal of trade barriers, increased labor mobility, and foreign direct investment mobilization. The region's successful future also depends on cooperative policy efforts around developing e‐government and digital value chains, strengthening micro‐, small‐ and medium‐sized enterprises and startups, and building smart cities.

Suggested Citation

  • Cyn‐Young Park, 2024. "ASEAN Economic Integration: Addressing Challenges and Embracing Opportunities," Asian Economic Policy Review, Japan Center for Economic Research, vol. 19(2), pages 172-193, July.
    • Handle: RePEc:bla:asiapr:v:19:y:2024:i:2:p:172-193
    DOI: 10.1111/aepr.12462
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    References listed on IDEAS

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    1. Soyoung Kim & Jong‐Wha Lee & Cyn‐Young Park, 2011. "Emerging Asia: Decoupling or Recoupling," The World Economy, Wiley Blackwell, vol. 34(1), pages 23-53, January.
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    Cited by:

    1. Takatoshi Ito & Kazumasa Iwata & Colin McKenzie & Shujiro Urata, 2024. "ASEAN: Editors' Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 19(2), pages 153-171, July.
    2. Jong‐Wha Lee, 2024. "Comment on “ASEAN Economic Integration: Addressing Challenges and Embracing Opportunities”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 19(2), pages 194-195, July.

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