• Submitted By: BUBBLES1
  • Date Submitted: 06/05/2016 5:57 AM
  • Category: English
  • Words: 1035
  • Page: 5

The Development of ASEAN Economy

【Abstract】 Till the establishment of the 40 anniversary, the ASEAN has made a significant progress and made the region peaceful. With the continuous development of ASEAN as well as the irresistible trend of globalization, ASEAN has rediscovered itself and constantly consolidate the status as a regional organization.

【Key words】 ASEAN, economy, development

The Association of Southeast Asian Nations is a political and economic organization of ten Southeast Asian countries. It was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Since then, membership has expanded to include Brunei, Cambodia, Laos, Myanmar, and Vietnam. Its aims include accelerating economic growth, social progress, and sociocultural evolution among its members, alongside protection of regional stability as well as providing a mechanism for member countries to resolve differences peacefully.
ASEAN covers a land area of 4.4 million square kilometers, 3% of the total land area of Earth. ASEAN territorial waters cover an area about three times larger than its land counterpart. Member countries have a combined population of approximately 625 million people, 8.8% of the world's population. In 2015, the organization's combined nominal GDP had grown to more than US$2.6 trillion. If ASEAN were a single entity, it would rank as the seventh largest economy in the world, behind the USA, China, Japan, Germany, France, and the United Kingdom. ASEAN shares land borders with India, China, Bangladesh, East Timor, and Papua New Guinea, and maritime borders with India, China, and Australia.
ASEAN is built on three pillars: the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC), and the ASEAN Socio-Cultural Community (ASCC).
ASEAN seeks economic integration by creating the AEC by the end of 2015. This established a common market. The average economic growth of ASEAN's member nations during 1989–2009 was...

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