KUALA LUMPUR, Nov 22 — With the signing for a formal Asean Community here today, Prime Minister Datuk Seri Najib Razak voiced confidence in Southeast Asia becoming collectively the world’s fourth largest market in the next 15 years.
Najib said the Community, which will be take effect from December 31, will turn the region into an economic powerhouse, adding that the combined gross domestic product (GDP) of its 10 nations is expected to generate US$4.7 trillion (RM20.1 trillion) by 2020.
“According to one forecast, Asean has the potential to be the fourth largest economy in the world as early as 2030 — only 15 years from now," he said during his speech before signing the declaration on the establishment of the Asean Community with nine other countries.
By 2030, Asean is forecasted to have a combined GDP of US$5.2 trillion.
Najib said the Community will be able to create a single market and production base, with freer movement of goods and services, which he added will boost growth for each member country.
Malaysia is currently the third biggest economy in the region, behind Indonesia and Thailand.
