Former US Ambassador of the Asian Development Bank Curtis Chan said in an interview for Yale Insights that in order for the Southeast Asian region to reach its potential of becoming the next global economic superstar, the region must first focus on what he calls the ‘little BRIC’—bureaucracy, regulation, interventionism by government, and corruption.
“Clearly, government structures and regulation are necessary, but when does it go too far and reduce the incentives to start a company or hire more people? When is there too much government interventionism in an economy? When is corruption out of hand? For me, the little BRIC is the true economic constraint on growth in Southeast Asia, in ASEAN, and the world,” Chan said in the interview.
Prosperity for All has been an ongoing mantra for the business sector during the 50th year of ASEAN. In the upcoming ASEAN Business & Investment Summit on November 13-14, many world leaders in both the private and public sector will come together to discuss the “Roadmap Towards Prosperity For All.” Thus, many are wondering what issues should these leaders prioritize?
In an article released by the World Bank last Mayfollowing the World Economic Forum on ASEAN, Nicholas Fang and Simon Tay said that a people-focused economy is rising. In the next 50 years, the development of small business are said to be “the most effective and sustainable solution for creating more inclusive growth.” Furthermore, WEF said that the ASEAN needs to adopt a multi-stakeholder approach, raising awareness of ASEAN, and leverage the potential of its people.
What do you think leaders should prioritize to achieve prosperity for all?