Economic Integration in Asia: Progress and … · Economic Integration in Asia: Progress and...

Economic Integration in Asia: Progress and Challenges

Cyn‒Young Park Director, Regional Cooperation and Integration Division Economic Research and Regional Cooperation Department (ERCD) Asian Development Bank

4th IMF-Hitotsubashi Seminar on Macroeconomic and Financial Issues Advances and Challenges in Regional Integration March 3-4, 2016, Tokyo

2

Outline

•  Progress of Regional Economic Integration •  Business Cycles and Growth Spillovers

•  Trade Integration and Regional Value Chain

•  Trade slowdown and PRC Factors •  Global trade slowdown: Cyclical and Structural factors

•  Structural transformation in PRC

•  Financial integration and volatility •  Structural patterns of capital flows to Asia

•  FDI vs. Portfolio and other investment

Progress of regional economic integration

Growth of ASEAN+3 less correlated with the US

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

2006

Q1

2006

Q3

2007

Q1

2007

Q3

2008

Q1

2008

Q3

2009

Q1

2009

Q3

2010

Q1

2010

Q3

2011

Q1

2011

Q3

2012

Q1

2012

Q3

2013

Q1

2013

Q3

2014

Q1

2014

Q3

2015

Q1

2015

Q3

ASEAN-4 NIE-3 PRC JPN

ASEAN+3 Business Cycle Correlation with US

Note: ASEAN-4 includes Indonesia, Malaysia, Philippines, and Thailand. NIE-3 includes Hong Kong, China; Republic of Korea; and Singapore. Three-year moving correlations based on cyclical Hodrick-Prescott filtered seasonally-adjusted gross domestic product at constant prices. Source: ADB calculations using data from Haver Analytics and national sources.

Growth of ASEAN+3 more correlated with Japan recently

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2006

Q1

2006

Q3

2007

Q1

2007

Q3

2008

Q1

2008

Q3

2009

Q1

2009

Q3

2010

Q1

2010

Q3

2011

Q1

2011

Q3

2012

Q1

2012

Q3

2013

Q1

2013

Q3

2014

Q1

2014

Q3

2015

Q1

2015

Q3

ASEAN-4 NIE-3 PRC

ASEAN+3 Business Cycle Correlation with Japan


Growth of ASEAN+3 also more correlated with PRC recently

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2006

Q1

2006

Q3

2007

Q1

2007

Q3

2008

Q1

2008

Q3

2009

Q1

2009

Q3

2010

Q1

2010

Q3

2011

Q1

2011

Q3

2012

Q1

2012

Q3

2013

Q1

2013

Q3

2014

Q1

2014

Q3

2015

Q1

2015

Q3

ASEAN-4 NIE-3 JPN

ASEAN+3 Business Cycle Correlation with the PRC


AEIR 2015: Progress of Regional Economic Integration 7

Share of Asian output variance due to external and local factors (%, x-axis = # of quarters)

Pre-GFC = 2001Q1 to 2008Q1; Post-GFC = 2009Q1 to 2015Q2. Average for sample economies. Source: ADB calculations.

Asian economies more vulnerable to growth shock from PRC and their own domestic shocks

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

Jan-

90

Apr

-91

Jul-9

2

Oct

-93

Jan-

95

Apr

-96

Jul-9

7

Oct

-98

Jan-

00

Apr

-01

Jul-0

2

Oct

-03

Jan-

05

Apr

-06

Jul-0

7

Oct

-08

Jan-

10

Apr

-11

Jul-1

2

Oct

-13

Jan-

15

ASEAN+3 US non-oil imports Correlation (RHS)

Note: ASEAN+3 refers to ASEAN including PRC; Hong Kong, China; Japan; and Korea, Rep. of. US non-oil imports computed by subtracting imports of energy-related petroleum products and crude petroleum. Source: ADB calculation using data from CEIC: (US Census Bureau) and Direction of Trade Statistics, International Monetary Fund (IMF).

Correlation between growth in ASEAN+3 exports and US non-oil imports

0.35

0.91

0.76

1990s

2000s

2010s

9

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9

-60.0 -40.0 -20.0

0.0 20.0 40.0 60.0 80.0

100.0 Ja

n-90

Feb-

91

Mar

-92

Apr

-93

May

-94

Jun-

95

Jul-9

6

Aug

-97

Sep

-98

Oct

-99

Nov

-00

Dec

-01

Jan-

03

Feb-

04

Mar

-05

Apr

-06

May

-07

Jun-

08

Jul-0

9

Aug

-10

NIE-3 PRC non-oil imports Correlation (RHS) NIE-3 = Hong Kong, China; Korea, Rep. of; and Singapore. Note: non-oil imports computed by subtracting mineral fuel, lubricants, and related materials imports from the sum of total primary, manufactures, and commodities n.e.s based on SITC. Source: ADB calculation using data from CEIC and Direction of Trade Statistics, International Monetary Fund (IMF).

Correlation between growth in NIE-3 exports and PRC non-oil imports

0.54

1990s

2000s

2010s

0.85 0.82

10

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9

-60.0 -40.0 -20.0

0.0 20.0 40.0 60.0 80.0

100.0 Ja

n-90

Feb-

91

Mar

-92

Apr

-93

May

-94

Jun-

95

Jul-9

6

Aug

-97

Sep

-98

Oct

-99

Nov

-00

Dec

-01

Jan-

03

Feb-

04

Mar

-05

Apr

-06

May

-07

Jun-

08

Jul-0

9

Aug

-10

ASEAN PRC non-oil imports Correlation (RHS) Note: non-oil imports computed by subtracting mineral fuel, lubricants, and related materials imports from the sum of total primary, manufactures, and commodities n.e.s based on SITC. Source: ADB calculation using data from CEIC and Direction of Trade Statistics, International Monetary Fund (IMF).

Correlation between growth in ASEAN exports and PRC non-oil imports

0.52

1990s

2000s

2010s

0.80 0.73

Value-added export decomposition = Domestic value-added + Returned domestic value Source: Asia Regional Integration Center (ARIC) calculations using data from World Input-Output (IO) Tables and ADB Multiregional Input-Output tables (ADB-MRIO), and methodology from Z. Wang, S-J. Wei, and K. Zhu. 2014. Quantifying International Production Sharing at the Bilateral and Sectoral Levels. NBER Working Paper No. 19677. Cambridge, MA: NBER. Note: Except for Bangladesh, Malaysia, the Philippines, Thailand and Viet Nam IO tables, which were constructed by ADB, the rest were sourced from the World Input-Output Database (WIOD). While the WIOD and ADB IO tables have been constructed in a clear conceptual framework on the basis of officially published input-output tables in conjunction with national accounts and international trade statistics, level numbers are likely to remain different from those officially released by the respective economies.

Value-Added Export Decomposition, 2000

ASEAN+3 ROW

ASEAN+3100%

ASEAN+326.8%[5.9%]

RestoftheWorld73.2%

FinalDemand8.7%[1.4%]

Production18.1%[4.4%]

Production40.1%

FinalDemand33.1%

11.5%[3.3%]

6.6%

26.1%

14.0%

Totalfinal

demand34.2%

G239.9%

Totalfinal

demand65.8%

Others26.0%



ASEAN+3 ROW

ASEAN+3100%

ASEAN+328.9%[8.5%]

RestoftheWorld71.1%



Production40.6%

FinalDemand30.5%

11.9%[4.2%]

8.0%

25.7%

14.9%

Totalfinal

demand35.8%

G241.4%

Totalfinal

demand64.2%

Others22.8%



ASEAN+3 ROW

ASEAN+3100%

ASEAN+328.4%[9.5%]

RestoftheWorld71.6%



Production40.7%

FinalDemand30.9%

13.1%[5.3%]

6.8%

26.8%

13.9%

Totalfinal

demand35.6%

G232.6%

Totalfinal

demand64.4%

Others32.8%

Source:AsiaRegionalIntegrationCenter(ARIC)calculationsusingdatafromWorldInput-Output(IO)TablesandADBMultiregionalInput-Outputtables(ADB-MRIO),andmethodologyfromZ.Wang,S-J.Wei,andK.Zhu.2014.QuantifyingInternationalProduction

Trade slowdown and PRC factors

15

Asia’s overall trade growth slows

-15 -10

-5 0 5

10 15 20 25

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

GDP Total Trade

Asia

-15 -10

-5 0 5

10 15 20 25

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

GDP Total Trade

World

Trade and GDP Growth (%)

Fall in trade growth due to: •  Sluggish demand recovery in advanced economies.

•  Growth moderation in PRC.

•  Slower pace of expansion in global and regional value chains.

16

G-7 share is declining while PRC share rising

5.1 5.2 4.9

2.0 3.4 11.5 13.4 13.8

6.5 8.7 12.4 12.8 12.8 2.4 3.4 4.3 4.6 4.6

0 10 20 30 40 50 60 70 80 90

100

1981 1990 2000 2010 2014 2015e

G-7 BRICS ex PRC PRC NIES ASEAN ex SIN ROW

Shares in world trade volume (% of world trade volume)

G-7 = UK, US, France, Germany, Japan, Italy, and Canada. Note: Trade volume is estimated by using annual trade volume growth rates on 2001 trade values and extending the series in the specified years. 2015 trade estimates using 3-year compounded average growth rate. Source: ADB calculations using data from World Trade Organization Trade Statistics.

17

G-7 and PRC contribute around a half of world trade growth

0.2

4.1

10.9

13.9

2.5 2.8

0 2 4 6 8

10 12 14 16

1981 1990 2000 2010 2014 2015e G-7 BRICS ex PRC PRC NIES ASEAN ex SIN ROW World

Contribution to world trade volume growth (% of world trade volume growth)

G-7 = UK, US, France, Germany, Japan, Italy, and Canada. Note: Trade volume is estimated by using annual trade volume growth rates on 2001 trade values and extending the series in the specified years. 2015 trade estimates refers to WTO's latest forecast last September 2015. Source: ADB calculation using data from WTO Trade Statistics.

Significant trade links within and across subregions

18

Central Asia

East Asia

South Asia

Southeast Asia

The Pacific & Oceania

Intrasubregional trade All goods 4.3** 3.3** 0.9** 4.3** 0.7 Capital 3.7** 1.2** 1.7** 2.5** 0.2 Consumption 4.5** 2.5** 1.1** 3.6** -0.5 Intermediate 3.4** 3.7** 0.6 5.0** -0.2

Intersubregional trade All goods 0.7* 0.6* 3.8** 0.8** 1.7** Capital 0.0 0.1 0.7 0.4 1.0** Consumption 0.8* 0.8** 3.5** 0.7* 2.2** Intermediate -0.1 -0.1 3.8** 0.4 0.7*

Gravity Model Results

19

Asia’s Trade Linkage, 2014 (Numbers in parentheses = 2010)

Asian Subregional Trade Linkages, 2014 (Numbers in parentheses = 2010)

Note: Based on trade intensity (or trade bias), which is the ratio of the trading partner’s share to a country/region, and the share of world trade with the same trading partner. It is calculated as (Tij/Ti)/(Tj/Tw), where Tij is the dollar value of total trade of i with j; Ti is the dollar value of total trade of i with world; Tj dollar value of total trade of j with world; and Tw total world trade. Source: ADB calculation using data from Direction of Trade Statistics, International Monetary Fund.

20

Trade Links with the rest of the World─East Asia and Southeast Asia, 2014 (Numbers in parentheses = 2010)

Note: Based on trade intensity (or trade bias), which is the ratio of the trading partner s share to a country/region, and the share of world trade with the same trading partner. It is calculated as (Tij/Ti)/(Tj/Tw), where Tij is the dollar value of total trade of i with j; Ti is the dollar value of total trade of i with world; Tj dollar value of total trade of j with world; and Tw total world trade. Source: ADB calculation using data from Direction of Trade Statistics, International Monetary Fund.

Regional value chains are deepening

21

DVA = domestic value added, FVA = foreign value added, RDV = returned domestic value added, PDC = pure double counting component.

22

PRC’s structural transformation presents both challenges and opportunities

Top 20 Asian Exporters to the PRC (% of country’s total exports, 2014)

PRC’s imports from Asia ($ billion)

23

0

50

100

150

200

250

300

Jan-

00

Sep

-00

May

-01

Jan-

02

Sep

-02

May

-03

Jan-

04

Sep

-04

May

-05

Jan-

06

Sep

-06

May

-07

Jan-

08

Sep

-08

May

-09

Jan-

10

Sep

-10

May

-11

Jan-

12

Sep

-12

May

-13

Jan-

14

Sep

-14

May

-15

Jan-

16

Energy Agriculture Fertilizers Metals & Minerals Precious Metals

Note: Monthly indexes based on nominal US dollars, 2010=100. Source: World Bank Commodity Price Data (the Pink Sheet)

Commodity Prices (nominal monthly, 2010=100)

Commodity prices have declined (again) since 2012

0

50

100

150

200

250

2000

20

01

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11

2012

20

13

2014

20

15

Energy Agriculture Fertilizers Metals & Minerals Precious Metals

Note: Annual indexes, 2010=100, 1960 to present, real 2005 US dollars. Source: World Bank Commodity Price Data (The Pink Sheet).

Real Commodity Prices (2010=100, annual, based on 2005 US$)

24

Some countries heavily dependent on commodity exports are hit by “double whammies”

0 10 20 30 40 50 60 70 80 90

100

SLE

CA

F

MS

R

QAT

MO

N

MW

I

PR

Y

BR

U

MR

T

NE

R

ZWE

AU

S

MO

Z

AR

M

RW

A

BE

N

PE

R

GIN

CH

L

BH

S

TZA

BR

A

MN

E

PRC Rest of the World

ARM=Armenia; AUS=Australia; BEN=Benin; BHS=Bahamas; BRA=Brazil; BRU=Brunei Darussalam; CAF=Central African Rep.; CHL=Chile; GIN=Guinea; MNE=Montenegro; MON=Mongolia; MOZ=Mozambique; MRT=Mauritania; MSR=Montserrat; MWI=Malawi; NER=Niger; PER=Peru; PRY=Paraguay; QAT=Qatar; RWA=Rwanda; SLE =Sierra Leone; TZA=United Rep. of Tanzania; ZWE=Zimbabwe. Note: Includes economies with commodity exports as % of total exports of more than 30%. Data based on SITC Rev 3. Commodity items include primary consumption goods (primary food and beverages for household consumption ) and selected intermediate goods (primary food and beverages for industry, primary industrial supplies, and primary and processed fuels and lubricants) as defined under Broad Economic Categories. Source: ADB calculations using data from UN Commodity Trade Database.

Top Commodity Exporters' Commodity Export Share ‒ 2014 (% of economy's total exports)

25

Overall trade costs need to be lowered

37.6

23.1

19.8

18.3

18.5

10.6

7.7

30.5

19.0

18.7

17.6

16.7

11.6

7.0

0 5 10 15 20 25 30 35 40

Sub-SaharanAfrica

MiddleEast&NorthAfrica

EastAsia&Pacific

Europe&CentralAsia

LaHnAmerica&Caribbean

EuropeanUnion

NorthAmerica

Timetoexport Timetoimport

TimetoExportandImportbyRegion(2014,days)

11.1

9.6

6.9

8.4

4.2

5.3

9.5

7.0

9.1

7.1

5.3

4.2

0 2 4 6 8 10 12

CentralAsia

SouthAsia

Oceania

ThePacific

EastAsia

SoutheastAsia

Documentstoexport Documentstoimport

NumberofDocumentstoExportandImportinAsiaandthePacificbySubregion(2014)

Source: World Development Indicators, World Bank.

Financial integration and volatility

27

-4

-3

-2

-1

0

1

2

3

4

5

6

Jan-

95

Oct

-95

Jul-9

6

Apr

-97

Jan-

98

Oct

-98

Jul-9

9

Apr

-00

Jan-

01

Oct

-01

Jul-0

2

Apr

-03

Jan-

04

Oct

-04

Jul-0

5

Apr

-06

Jan-

07

Oct

-07

Jul-0

8

Apr

-09

Jan-

10

Oct

-10

Jul-1

1

Apr

-12

Jan-

13

Oct

-13

Jul-1

4

Apr

-15

Financial Stress Index—ASEAN+3

Mexico crisis

Asian crisis, Russian default, and Brazil crisis

Turkish stock

market crash Argentine

crisis

Economic impact of SARS outbreak, and Latin America crisis

Global financial crisis

1st Greek bailout

Euro crisis, Egypt and

Indian economic

woes Taper

Tantrum

PRC currency devaluation, and

stock market crash

US Policy Normalization

Note: Based on principal components analysis. Includes People's Republic of China; Hong Kong, China; Indonesia; Japan; Rep. of Korea; Malaysia; Philippines; Singapore; Thailand; Viet Nam Source: ADB staff calculation using Bloomberg, Yahoo! Finance and CEIC

Dec

-15

28

0 50 100 150 200 250 300 350 400 450

PRC

PHI

KOR

THA

VIE

INO

MAL

JPN

HKG

SIN

2010 2014

Note: Data used for 2010 for PHI is 2012 and 2011 for THA. Source: ADB calculations using data from International Financial Statistics, IMF; and national sources.

Short-term external debt (% of reserves)

29

-50 0 50 100 150 200 250 300 350

INO

THA

PHI

MAL

KOR

PRC

JPN

SIN

HKG

2013 2015

Net International Investment Position (% of GDP)

Note: Based on BPM-6 data (assets less liabilities). Includes foreign direct investment, portfolio investment, other investment, and foreign reserves. 2015 refers to end Q3-2015 for all, except for INO (Q1-2015) and MAL (Q2-2015). Source: ADB calculations using data from International Financial Statistics, IMF; and national sources.

30

-20 -15 -10 -5 0 5 10

Russian Federation

Mexico

Peru

Canada

Korea, Rep. of

People's Republic of China

Papua New Guinea

Chile

Philippines

Hong Kong, China

Australia

Indonesia

Viet Nam

Thailand

New Zealand

Brunei Darussalam

Singapore

Malaysia

Japan

Change in Foreign Exchange Rate (%)

3 months ending 9 Nov 2015 (% change)

3 months ending 9 Feb 2016 (% change)

Note: Based on US$ value of local currency. An increase means appreciation, decrease means depreciation. Source: ADB calculation using Bloomberg.

Net capital flows turned negative in 2014 and 2015

31

-200

-150

-100

-50

0

50

100

150

200

250

2012Q1 2012Q4 2013Q3 2014Q2 2015Q1 Other Investment Debt Equity FDI Net Capital Flow

Net Capital Flows to Asia ($ billion)

Note: Includes the People's Republic of China; Hong Kong, China; India; Indonesia; Japan; Republic of Korea; Philippines; and Thailand. Source: ADB calculations using data from International Financial Statistics, IMF; and national sources.

Sources of Financial Flows – Asia

32

FDI = foreign direct investment, EUA = euro area, ROW = rest of the world, US = United States Source: ADB staff calculations using data from ASEAN Secretariat, BIS, IMF, CPIS, OECD, and UNCTAD

FDI,2216,42%

BankLending,900,17%

Debt,923,17%

Equity,1248,24%

Asia,216,17%

US,577,46%

EUA,249,20%

ROW,206,17%

Asia,332,36%

US,161,17%

EUA,144,16%

ROW,286,31%

Asia,509,49% US,206,

20%

EUA,-72,-7%

ROW,257,24%

Asia,1135,51%

US,78,4%

EUA,217,10%

ROW,786,35%

Total Inflows to Asia (cumulative, 2010-2014, $ billion)

FDI,2086,42%

BankLending,1061,21%

Debt,462,9%

Equity,1384,28%

Asia,216,16%

US,369,27%EUA,

168,12%

ROW,631,45%

Asia,332,40%

US,310,38%

EUA,-32,-4%

ROW,-148,-18%

Asia,509,48%US,

444,42%

EUA,11,1%

ROW,97,9%

Asia,1135,54%

US,160,8%

EUA,722,35%

ROW,69,3%

Sources of Financial Flows – Asia

33

FDI = foreign direct investment, EUA = euro area, ROW = rest of the world, US = United States Source: ADB staff calculations using data from ASEAN Secretariat, BIS, IMF, CPIS, OECD, and UNCTAD

Total Outflows to Asia (cumulative, 2010-2014, $ billion)

Asia has become an important source of FDI

34

Total FDI Flows─Asia ($ billion)

FDI = foreign direct investment, LHS = left-hand scale, RHS = right-hand scale.

Key Messages

•  PRC slowdown, financial volatility, and weak commodity prices are key downside risks to the outlook

•  PRC business cycle exerts increasingly large influence Asian business cycles

•  Trade growth in Asia slows; (a) Cyclical and structural factors (b) Regional value chain reached its maturity

•  PRC’s structural transformation presents both opportunities & challenges for Asia:

• Renewed financial vulnerabilities underscored by the structural patterns of capital flows to the region:

•  FDI is mostly intra-regional •  Portfolio and other investments are inter-regional

35

Spare Slides

36

Gross Exports Decomposition, 2011

Source: Asia Regional Integration Center (ARIC) calculations using data from World Input-Output (IO) Tables and ADB Multiregional Input-Output tables (ADB-MRIO), and methodology from Z. Wang, S-J. Wei, and K. Zhu. 2014. Quantifying International Production Sharing at the Bilateral and Sectoral Levels. NBER Working Paper No. 19677. Cambridge, MA: NBER. Note: Except for Bangladesh, Malaysia, the Philippines, Thailand and Viet Nam IO tables, which were constructed by ADB, the rest were sourced from the World Input-Output Database (WIOD). While the WIOD and ADB IO tables have been constructed in a clear conceptual framework on the basis of officially published input-output tables in conjunction with national accounts and international trade statistics, level numbers are likely to remain different from those officially released by the respective economies.

ASEAN+3100%

ASEAN+329.0%[10.0%]

RestoftheWorld71.0%



Production41.5%

FinalDemand29.5%

10.4%[4.2%]

10.2%

21.7%

19.8%

Totalfinal

demand38.6%

G233.3%

Totalfinal

demand61.4%

Others28.1%



ASEAN +3 100%

ASEAN +3 29.1% [8.5%]

Rest of the World 70.1%

Final Demand 8.9% [1.7%]

Production 20.2% [6.8%]

Production 41.2%

Final Demand 29.8%

9.5% [3.3%]

10.7%

20.8%

20.4%

Total final

demand

38.8%

G2 41.3%

Total final

demand 61.2%

Others 19.9%

ASEAN+3100%

ASEAN+329.1%[8.5%]

RestoftheWorld70.9%



Production41.2%

FinalDemand29.8%

9.5%[3.3%]

10.7%

20.8%

20.4%

Totalfinal

demand38.8%

G241.3%

Totalfinal

demand61.2%

Others19.9%



ASEAN+3100%

ASEAN+327.6%[6.0%]

RestoftheWorld72.4%



Production40.2%

FinalDemand32.2%

9.6%[2.6%]

8.9%

22.0%

18.3%

Totalfinal

demand36.9%

G240.0%

Totalfinal

demand63.1%

Others23.1%

40


Value-added export decomposition = Domestic value-added + Returned domestic value + Foreign value-added Source: Asia Regional Integration Center (ARIC) calculations using data from World Input-Output (IO) Tables and ADB Multiregional Input-Output tables (ADB-MRIO), and methodology from Z. Wang, S-J. Wei, and K. Zhu. 2014. Quantifying International Production Sharing at the Bilateral and Sectoral Levels. NBER Working Paper No. 19677. Cambridge, MA: NBER. Note: Except for Bangladesh, Malaysia, the Philippines, Thailand and Viet Nam IO tables, which were constructed by ADB, the rest were sourced from the World Input-Output Database (WIOD). While the WIOD and ADB IO tables have been constructed in a clear conceptual framework on the basis of officially published input-output tables in conjunction with national accounts and international trade statistics, level numbers are likely to remain different from those officially released by the respective economies.

ASEAN+3100%

ASEAN+328.3%[9.7%]

RestoftheWorld71.7%



Production41.7%

FinalDemand30.0%

13.0%[5.2%]

7.0%

27.0%

14.7%

Totalfinal

demand36.0%

G232.4%

Totalfinal

demand64.0%

Others31.6%


ASEAN+3100%

ASEAN+328.9%[8.5%]

RestoftheWorld71.1%



Production41.5%

FinalDemand29.7%

12.0%[4.2%]

8.1%

26.0%

15.4%

Totalfinal

demand36.2%

G241.2%

Totalfinal

demand63.8%

Others22.6%



ASEAN+3100%

ASEAN+326.8%[5.8%]

RestoftheWorld73.2%



Production40.9%

FinalDemand32.3%

11.6%[3.2%]

6.7%

26.5%

14.4%

Totalfinal

demand34.5%

G239.8%

Totalfinal

demand65.5%

Others25.7%


Economic Integration in Asia: Progress and … · Economic Integration in Asia: Progress and...

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