Doha, June 02 (QNA) - Southeast Asian countries have emerged as one of the regions most capable of sustaining growth momentum and achieving remarkable economic performance, despite mounting challenges facing the global economy, including slowing growth, supply chain disruptions, and escalating geopolitical tensions.

The economies of member states in the Association of Southeast Asian Nations (ASEAN) have successfully built a development model based on trade openness, capitalizing on global shifts in investment and manufacturing, while also leveraging their demographic advantages and rapid digital transformation.

ASEAN's six largest economies, known as ASEAN-6, comprising Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines, have ranked among the world's fastest-growing economies, with Singapore having already attained advanced-economy status.

Economic expert at the National Analytical Center of Kazakhstan's Nazarbayev University, Rassul Rysmambetov believes that the continued strong growth of ASEAN-6 economies is not a departure from global trends but rather a natural outcome of a set of structural factors that have strengthened the region's resilience in the face of growing international challenges.

Rysmambetov told Qatar News Agency (QNA) that many regions around the world have experienced a slowdown in global trade in recent years, increasing geopolitical uncertainty, rising inflation, and tighter financial conditions, yet despite that, Southeast Asian countries have managed to maintain their growth momentum thanks to a range of complementary advantages that reinforce one another.

Demographics represent one of the region's most significant strengths, as countries such as Indonesia, the Philippines, and Vietnam enjoy relatively young workforces and expanding middle classes, he pointed out, adding that young populations serve as a key driver of productivity, while the growth of the middle class boosts domestic demand and consumption levels, underscoring that many advanced economies are grappling with aging populations and slower consumer spending.

It is worth noting that Qatar National Bank (QNB) has recently projected that Vietnam's economy will grow by approximately 7 percent this year, supported by strong foreign direct investment inflows, a robust manufacturing sector, and solid domestic consumption.

Indonesia's economy is expected to grow by 4.9 percent, driven by strong domestic demand and fiscal stimulus measures, while Malaysia is forecast to maintain growth of 4.7 percent, supported by substantial digital investments and its strategic position in the global semiconductor supply chain.

QNB also expects Singapore to continue attracting high-value capital inflows thanks to its advanced institutional framework and global investments in artificial intelligence infrastructure. Meanwhile, Thailand faces the most challenging outlook, with growth projected at around 1.5 percent in 2026. Thailand has the highest household debt level among ASEAN countries, which is reducing consumer spending at a time when energy costs are rising.

The Philippines is also facing significant inflationary pressures due to higher oil prices and increases in electricity and transportation costs, which are keeping growth relatively subdued, although it is still expected to reach 4.1 percent.

Economic expert at the National Analytical Center of Kazakhstan's Nazarbayev University, Rassul Rysmambetov believes that the ASEAN-6 countries have become among the biggest beneficiaries of the ongoing restructuring of global supply chains, as multinational corporations seek to reduce the risks associated with relying on a single production hub.

Speaking to QNA, Rysmambetov cited Vietnam's success, having attracted massive investments in the electronics and technology industries while also developing production capabilities in the electric vehicle sector.

He added that Indonesia, meanwhile, has leveraged its natural resources and industrial policies to improve its position within global value chains.

These countries have maintained a pragmatic economic approach focused on macroeconomic stability, attracting foreign direct investment, developing infrastructure, and preserving trade openness, Rysmambetov said, noting that this strategy has strengthened investor confidence even during periods of global economic turbulence.

The economic expert also noted that regional economic integration has played a significant role in enhancing the resilience of ASEAN economies, as ASEAN is no longer merely an export-oriented production platform but has evolved into a growing regional market, driven by expanding intra-regional trade and cross-border investment.

Rising demand within the region has also helped reduce the impact of external shocks and lessen the traditional dependence on European and US markets, he said.

Rysmambetov pointed out that rapid urbanization is another factor supporting economic growth, with millions of people are moving to cities, something that is increasing demand for housing, transportation, banking and financial services, fintech, healthcare, and digital infrastructure.

These developments create broad investment opportunities and contribute to higher productivity over the long term, he said.

The economic expert stressed that digital transformation has become one of the primary drivers of growth in Southeast Asia, as the region is among the fastest-growing digital economies in the world, with significant expansion in e-commerce, digital payments, fintech services, and various online services.

He explained that these sectors improve economic efficiency and broaden business opportunities, particularly for small and medium-sized enterprises.

Despite ongoing risks such as weak global demand and geopolitical tensions, Rysmambetov believes that ASEAN countries are entering the next phase from a position of relative strength compared to many other regions.

This strength is based on a combination of favorable demographics, advanced manufacturing, infrastructure investment, and digital progress, he highlighted.

Rysmambetov noted that the ASEAN experience offers an important model from which the five Central Asian countries: Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, and Turkmenistan, as well as countries in the Middle East, could learn.

This can be achieved through strengthening regional economic cooperation, investing in digitalization, leveraging demographic advantages, and expanding intra-regional trade, all of which would help build economies that are more capable of achieving sustainable and inclusive growth in the years ahead, he noted. (QNA)