2020 Economic Outlook for Southeast Asia, China and India 2020

Rethinking Education for the Digital Era

image of Economic Outlook for Southeast Asia, China and India 2020

The Economic Outlook for Southeast Asia, China and India is a bi-annual publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region.

The Outlook comprises three main parts, each highlighting a particular dimension of recent economic developments in the region. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second part consists of a special thematic chapter addressing a major issue facing the region. The 2020 edition of the Outlook looks at human capital development, with a special focus on education for the digital era. The digital era is bringing important new developments for businesses and the workforce. As success in the digital era will require a new set of skills, education systems will need to adapt. Emerging Asian countries need to address certain challenges including improving ICT infrastructure, enhancing capacity of teachers, adapting curricula, as well as enhancing the role of TVET and lifelong learning. The third part of the report includes structural country notes offering specific recommendations for each country.



Macroeconomic assessment and economic outlook

Emerging Asian economies – Southeast Asia, China and India – experienced further moderation of economic growth midway through 2019. The resilience of private consumption anchored the growth push, as in the past. However, exports continued to reel from trade tension headwinds accompanied by a softening of fixed investment. Moving forward, beyond tariff-related uncertainties, the grimmer growth picture in advanced economies is dampening external prospects despite historic low interest rates. Monetary tools have been used within and outside the region to ease economic frictions. The challenge for Emerging Asian economies is to reinforce the effectiveness of these policies. Strengthening local government involvement in disaster resilience initiatives to address environmental and climate risks is also vital.



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