The economies of countries in Southeast Asia have been growing rapidly in recent years, even during the pandemic. However, there is a worry that this growth is not sustainable in the long term. To sustain their growth, countries in Southeast Asia need to make some changes. Here are three changes that need to be made:
Improve Infrastructure and Housing
One of the main reasons why countries in Southeast Asia have been able to grow so rapidly is because of the improved infrastructure. This improved infrastructure has allowed for better transportation and communication, making it easier for businesses to operate. However, the infrastructure in Southeast Asia is not yet at the level of developed countries such as the United States or Japan. Therefore, to sustain their growth, countries in Southeast Asia need to continue to improve their infrastructure.
Another thing that Southeast Asian countries need to improve is shelter. Many of these countries are still developing and do not have enough housing for their growing populations. This means that many people live in makeshift shelters or even tents. To sustain growth, governments need to work with the private sector to improve housing conditions for their citizens. Three countries must concentrate on these two things: the Philippines, Indonesia, and Malaysia.
The Philippines
The Philippines is one of the fastest-growing populations in the region and the world. This has put a lot of pressure on the country’s infrastructure, housing, and other resources. To sustain its growth, the Philippines needs to improve its infrastructure and shelter.
The government is already making some efforts in this direction, such as building new roads and improving public transit systems. In addition, certain cities, not just Metro Manila, are improving. For example, Davao, a recently developing city, is building all sorts of residential areas. Because of this, there is now an affordable condo for sale in Davao City. These condos provide a cheaper option for Filipino people who want to live in a city. In addition, this makes it easier for them to commute to work, improving the economy.
Indonesia
Like the Philippines, Indonesia has experienced rapid economic and population growth in recent years. This has been driven by improved infrastructure and increasing investment from foreign companies. However, there is still a long way to go. Indonesia must continue investing in infrastructure and housing, especially in its cities, such as Jakarta.
One way it does this is by working with foreign companies to build new roads and transit systems. For example, Indonesia recently agreed with China to construct a high-speed rail connecting Jakarta and Bandung. This will make travel much easier for people and goods, further boosting Indonesia’s economy.
Malaysia
Like its neighbors in Southeast Asia, Malaysia has also experienced rapid growth in recent years. However, there are concerns that this may not be sustainable over the long term. To sustain its growth, Malaysia needs to focus on improving its housing and infrastructure.
One way it does this is by investing in new development projects, such as building new roads and transit systems. For example, the government has recently announced plans for a Light Rail Transit (LRT) line in Kuala Lumpur. This will allow people to travel more easily within the city and will also help reduce congestion. In addition, the government is working with foreign companies to renovate existing buildings and build new residential areas. It will ensure that there are enough homes for Malaysia’s growing population.
Promote Economic Integration
Another reason why countries in Southeast Asia have been able to grow rapidly is because of the economic integration that has taken place. The Association of Southeast Asian Nations (ASEAN) has been working to promote economic integration among its member states. It has led to increased trade and investment within Southeast Asia. However, to sustain their growth, countries in Southeast Asia need to continue to promote economic integration.
Increase Human Capital
A third reason why countries in Southeast Asia have been able to grow rapidly is because of the increase in human capital. Countries in Southeast Asia have been investing heavily in education and training. This has led to a rise in workforce skills and knowledge. Various countries are leading this front, but one notable country is Singapore.
Singapore
No other country is as prosperous in the region as Singapore. It is known as the economic powerhouse of Southeast Asia thanks to its strong focus on human capital development. There are several reasons why Singapore has been able to grow so rapidly in recent years.
One of these reasons is that the country invests heavily in education and skills training for its citizens. This means that many skilled workers are available to fill the needs of growing industries, such as technology and finance. Another reason is that Singapore’s strategic location makes it an ideal hub for trade within Southeast Asia. It also has a robust infrastructure, including roads and transit systems, which allows businesses to operate efficiently.
Southeast Asia has a fast-growing economy and population, but many challenges still exist. To continue down this path of growth and prosperity, countries in the region must aim for sustainable growth. Only then will they achieve truly sustainable development over the long term.
