The recent McKinsey research shows that COVID-19 accelerated 5 trends in the ASEAN region. These 5 key levers – manufacturing hubs, green infrastructure, investments in digital, talent reskilling, and high-value food industries – could both speed up the economic recovery and lay the foundation for extended growth.

Emerging ASEAN (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) began the crisis at a disadvantage, and COVID-19 exposed and often heightened their challenges. Larger, developed nations generally have the resources and infrastructure to weather the pandemic’s impact. Some emerging ASEAN countries were unable to mount  stimulus programs of the same magnitude to cushion the pandemic’s blow. Forecasts suggest that these countries could take a bigger hit to growth and face greater uncertainty in the coming years.

Recent McKinsey research explores a series of trends that the pandemic has caused or accelerated. Within these trends lie the potential recipe for recovery, but stakeholders must be prepared to reimagine their country’s economy. Five key levers – manufacturing hubs, green infrastructure, investments in digital, talent reskilling, and high-value food industries – could both speed up the economic recovery in these countries and lay the foundation for extended growth.

 

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