Southeast Asia's Long Transition

Ian Coxhead

Staff Paper Series from University of Wisconsin, Agricultural and Applied Economics

Abstract: Southeast Asia's 620m people are experiencing a remarkable transition from widespread poverty to comparative wealth. The region's long-run GDP growth rate is second only to that of East Asia, far ahead of average rates for other developing regions. This rate of economic expansion has been sustained in spite of internal shocks and global market volatility. Tens of millions have been lifted out of poverty as a result. This impressive record contradicts pessimistic predictions from many global growth models. Is Southeast Asia different, and if so in what ways? In the early 21st century the region is undergoing broad and deep regional and global integration with relatively stable macroeconomic conditions. Nevertheless, numerous old problems remain, and new issues have arisen. Sustaining growth and reducing vulnerability to shocks remains a daunting challenge for the future.

Date: 2014-07
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