Asean+3 countries—the ten member states of the Association of Southeast Asian Nations plus China, Japan, and South Korea— can be proud of their accomplishments.The region’s economic transformation has been breathtaking, from its rising per capita income and share of global gross domestic product to its human capital development and rapid ascent of global business competitiveness rankings.The region has become the “factory of the world," with highly efficient and cost-effective supply chains.
Its success hinges on individual economies benefiting from cost efficiencies by specializing in the production of key components of increasingly complex products, supported by global demand resulting from trade-driven growth.