Three megatrends for Asean growth

Myanmar President Thein Sein (centre) crosses arms and holds hands with China Premier Li Keqiang (6th frm right), Japanese Prime Minister Shinzo Abe (5th from left) talks to South Korean President Park Geun-hye and the other leaders including Najib during photo call sessions of the 17th Asean-Plus Three Summit at the Myanmar International Convention Centre in Naypyitaw. – EPA

JUST as Asean leaders met in Myanmar’s capital of Nay Pyi Taw together with their partners from China, India, Japan and the United States this past week, the McKinsey Global Institute (MGI), the research arm of management consultancy McKinsey & Co, released a report on South-East Asia titled Southeast Asia at the crossroads: Three paths for prosperity.

The report’s authors say low productivity and low output per worker remain the most serious issues in the region, which is trying to integrate under the Asean Economic Community (AEC) framework.